Advanced small modular reactors (AdvSMRs) can contribute to safe, sustainable, and carbon-neutral energy production. The economics of small reactors (including AdvSMRs) will be impacted by the reduced economy-of-scale savings when compared to traditional light water reactors. The most significant controllable element of the day-to-day costs involves operations and maintenance (O&M). Enhancing affordability of AdvSMRs through technologies that help control O&M costs will be critical to ensuring their practicality for wider deployment.A significant component of O&M costs is the management and mitigation of degradation of components due to their impact on planning maintenance activities and staffing levels. Technologies that help characterize real-time risk of failure of key components are important in this context. Given the possibility of frequently changing AdvSMR plant configurations, approaches are needed to integrate three elements – advanced plant configuration information, equipment condition information, and risk monitors – to provide a measure of risk that is customized for each AdvSMR unit and support real-time decisions on O&M. This article describes an overview of ongoing research into diagnostics/prognostics and enhanced predictive risk monitors (ERM) for this purpose.