Continued growth of PV system deployment would be enhanced by quantitative, low-uncertainty predictions of the degradation and failure rates of PV modules and systems. The intended product lifetime (decades) far exceeds the product development cycle (months), limiting our ability to reduce the uncertainty of the predictions for this rapidly changing technology. Yet, business decisions (setting insurance rates, analyzing return on investment, etc.) require quantitative risk assessment. Moving toward more quantitative assessments requires consideration of many factors, including the intended application, consequence of a possible failure, variability in the manufacturing, installation, and operation, as well as uncertainty in the measured acceleration factors, which provide the basis for predictions based on accelerated tests. As the industry matures, it is useful to periodically assess the overall strategy for standards development and prioritization of research to provide a technical basis both for the standards and the analysis related to the application of those. To this end, this paper suggests a tiered approach to creating risk assessments. Recent and planned potential improvements in international standards are also summarized.