This document discusses lessons learned from recent deepwater riser projects and how risers can become more standardized industrial products. It describes an industrialization process for risers involving a technical hierarchy to systematically organize components. This allows for detailed failure mode and effects analysis (FMECA) and structured engineering. An example FMECA is provided for a hybrid riser tower (HRT) system. The analysis identified 2 high risks related to connections at the top and bottom of the HRT, in line with reliability data. Overall the FMECA found 194 medium risks and 437 low risks. The document advocates standardizing key riser design aspects like materials to improve cost effectiveness while meeting functional requirements.