A method for estimating future risk of failure of a component of an industrial asset. The method includes receiving a plurality of different types of data associated with the industrial asset or a fleet of industrial assets. The plurality of different types of data includes, at least, reliability data (such as time-to-event data). The method also includes generating a failure prediction model for the component based on the reliability data and available time-series measurements. Further, the method includes applying the failure prediction model to the different types of data based on the types of data available in the received data. The applied failure prediction model includes one of a default model, a conditional survival model, or a joint conditional survival model. Thus, the method includes estimating, via the failure prediction model, the future risk of failure of the industrial asset and implementing a control action as needed.