The INCASS (Inspection Capabilities for Enhanced Ship Safety) project brings together experienced partners to tackle the issue of ship inspection. The INCASS consortium brings an innovative solution to the integration of monitoring, inspection, data gathering, risk analysis and management and Decision Support for ship structures, machinery and equipment in an efficient and collaborative manner. INCASS project introduces the enhanced inspection of ship structures employing robotic platforms, providing real time data, incorporating Structural and Machinery Risk Analysis (SRA and MRA), enhanced central database and Decision Support System for continuous monitoring and risk analysis. This paper demonstrates the key features of INCASS project methodology and tools development. Furthermore, the paper demonstrates a case study on MRA by taking into account a ship Fuel Oil (FO) pump. The results are assessed on system, sub-system and component levels by considering various probable failure modes