This document outlines essential elements for effective risk assessment of pipelines and pipeline segments. It discusses elements in three main categories: (1) proper probability of failure assessment grounded in engineering principles, including estimating exposure, mitigation, and resistance; (2) fully characterizing potential consequences; and (3) fully integrating available pipeline knowledge. The goal is for risk assessments to produce profiles of changing risk along pipelines using unbiased, granular methods and proper aggregation, leading to optimized safety and integrity decision-making.