A method and a system for adjusting alarm level of a component in a wind turbine is provided. The method comprises defining an alarm level corresponding to an operational parameter of the component in the wind turbine, monitoring the operational parameter of the component, determining whether the operational parameter exceeds the alarm level, thereby triggering an alarm. In the case when the alarm is triggered, the method further comprises inspecting the component to determine whether the alarm level corresponds to a predetermined remaining useful lifetime of the component, and adjusting the alarm level based on the inspection of the component.