Risk-based inspection (RBI) is a well-known method that is used to optimize inspection activities based on risk analysis in order to identify the high-risk components of major facilities such as power plants. RBI, when implemented and maintained properly, improves plant reliability and safety while reducing unplanned outages and repair costs. Risk is given by the product of the probability of failure (POF) and the consequence of failure (COF). A semi-quantitative method is generally used for risk assessment. Semi-quantitative risk assessment complements the low accuracy of qualitative risk assessment and the high expense and long calculation time of quantitative risk assessment. The first step of RBI is to identify important failure modes and causes in the equipment. Once these are defined, the POF and COF can be assessed for each failure. During POF and COF assessment, an effective inspection method and range can be easily found. In this paper, the calculation of the POF is improved for accurate risk assessment. A modified semi-quantitative risk assessment was carried out for boiler facilities of thermal power plants, and the next maintenance schedules for the equipment were decided.