This paper describes a design process based on risk-informed probabilistic design methodologies that cover a facility's life-cycle from start of conceptual design through decontamination and decommissioning. The concept embodies use of probabilistic risk assessments to establish target reliabilities for facility systems and components. The target reliabilities are used for system based code margin exchange and performance simulation analyses to optimize design over all phases (design, construction, operation and decommissioning) of a facility's life-cycle. System based code margin exchange reduces excessive level of construction margins for passive components to appropriate levels resulting in a more flexible structure of codes and standards that improves facility reliability and cost. System and subsystem simulation analyses determine the optimum combination of initial system and component construction reliability, maintenance frequency, and inspection frequency for both active and passive components. The paper includes a description of these risk-informed life-cycle design processes, a summary of work being done, and a discussion of additional work needed to implement the process.