The Royal British Columbia Museum (RBCM), Canada, houses a collection of almost 7 million artifacts, archival records, and natural history specimens. Three comprehensive collection risk assessments over the past decade have resulted in improvements to the physical environments of the collections as well as new policies and procedures to reduce risk. However, there remain ongoing risks that can only be mitigated through major facility renewal. The last collection risk assessment, completed in 2016, was revisited to review the data and build a defensible case for funding to replace the RBCM’s on-site collection storage facilities. Changes to overall collections risk is a complex function of collection development and use trends, evolving risk factors both internal and external to the museum, a growing understanding of the relationship between risks and preservation, in addition to reduction due to risk mitigation projects and building systems aging and wearing out. A defensible method for illustrating the facilities-related risks over time involves estimating the expected loss of individual collection items or loss in value of a group of items that may occur if a major facility upgrade or redevelopment is not realized in the near future. Risk assessment data for representative collection units were reviewed to differentiate risk due to permanent facility characteristics versus more active controls, operations budget controlled risk versus capital budget controlled risk, and collection management-controlled risk versus facility management-controlled risk. This enabled the risk model to isolate risks that could only be mitigated through major facility upgrades. Change in collection value was expressed as Object Equivalents Lost (OEL) and its compliment Object Equivalents Remaining (OER). Projections into the future indicating the effect of varying facility renewal dates could then be clearly shown. Losses, when presented as numbers of items expected to be lost from the collection, become emotionally salient to persons in senior management and governance roles.