The document summarizes the development of a Blow Out Preventer (BOP) risk model. It was created in response to the 2010 Gulf of Mexico oil spill to help assess risks of continuing operations if a BOP component fails. A team developed a three-dimensional risk model cube that considers component failures, regulations, and operational risks to provide a risk level. The model assists pull/no pull decisions in a consistent, transparent manner for stakeholders. It is a major step towards risk-based BOP management but does not replace human judgment. The goal is to prevent unnecessary BOP pulls and reduce risks of component failures.