As a result of the U.S. Chemical Safety and Hazard Investigation Board (CSB) investigation of the 2005 BP Texas City incident, the CSB issued several recommendations including the development of an American National Standards Institute (ANSI) standard that creates "performance indicators for process safety in the refinery and petrochemical industries. Ensure that the standard identifies leading and lagging indicators for nationwide public reporting as well as indicators for use at individual facilities. Include methods for the development and use of the performance indicators."

ANSI/API RP 754 identifies leading and lagging process safety indicators that are useful for driving performance improvement. The indicators are divided into four tiers that represent a leading and lagging continuum. Tier 1 is the most lagging and Tier 4 is the most leading. Tiers 1 and 2 are suitable for nationwide public reporting and Tiers 3 and 4 are intended for internal use at individual sites.

The document was developed for the refining and petrochemical industries, but may also be applicable to other industries with operating systems and processes where loss of containment has the potential to cause harm. Applicability is not limited to those facilities covered by the OSHA Process Safety Management Standard, 29 CFR 1910.119 or similar national and international regulations.