A computerized monitoring system and corresponding method of monitoring the status and health of a blowout preventer. The system includes a graphics display at which a graphical user interface (GUI) displays the health of various sealing elements and control systems by way of “traffic light” indicators. The health indicators are evaluated, by the monitoring system, based on a risk profile for each of the indicated elements and control systems. The risk profiles are evaluated based on inputs such as measurement inputs, feedback signals, mechanical positions, diagnostic results, drilling conditions, and other status information of the blowout preventer at a given time and based on levels of redundancy and levels of deviation from normal conditions. The GUI includes recent history of changes in operating condition, and alarm indications such as poor health, along with the times of those events.