Technology qualification (TQ) has been employed to perform assessments to verify whether a new technology performs within pre-specified functional limits after an application. If a best available technology (BAT) is used in a new environment, it is considered as a new technology. The TQ is vital in the implementation of best available technology (BAT) in a new environment. Risk based technology qualification provides an optimal approach for performing TQ of a BAT when it is necessary to implement in a new environment. This manuscript first demonstrates the standard TQ process. Secondly, it presents development of a risk matrix for failure mode identification and consequence risk ranking (FMI&CRR). Thirdly, it demonstrates the use of FMI&CRR in a risk-based technology qualification process. Finally, it presents use of the risk matrix to perform TQ on moorings solutions that have been selected as a BAT for a floating wind turbine sub-system. Fuzzy inference system has been used to assess the risk rank to minimize the variability that causes due to experts’ performance variability. Illustrative risk based TQ assessment has been performed and presented. The developed risk based TQ process (TQP), fuzzy inference system supported risk rank estimation, and illustrative risk based TQ recommendation are significantly important for practitioners while performing FMI&CRR in larger scale offshore floating wind turbines’ TQ projects.