An elevator device having a computer system associated therewith for determining a risk of failure in the elevator device and for determining an inspection schedule to mitigate the risk. The computer system includes a module for determining an acceptable risk score, a module for determining an inspection schedule based on said risk score, a module for determining an increase in risk score proportional to a time elapsed since an expected inspection in the inspection schedule if the expected inspection has been missed, a module for determining a tolerance within the inspection schedule based on the increased risk, and a module for specifying an inspection schedule and an inspection tolerance based on the determined schedule and the determined tolerance.