The risk-based approach discussed in this article is built upon from Ref. 6. This methodology attempts to satisfy most of the process safety performance characterization needs. It is a hierarchically structured approach that enables systematic aggregation. It has used expert opinion to develop a set of parameters. These parameters are aggregated to provide a safety performance index (SPI); an analytical hierarchy process is used to estimate the weighting scheme for aggregation. Additionally, it uses a Max–Max operator to transform unit wise risk factor for facility level. The proposed approach requires about 19 lagging indicators and 23 leading indicators. This makes it robust on one side and data incentive on the other. Furthermore, many of its parameters (particularly leading ones) are not readily available. Additional data collection efforts may be required. A detailed data collection protocol is being developed for easy adoption of this approach for any process facility.