Dynamic risk analysis (DRA) aims to provide updated risk levels during operations of a hazardous facility. One of the main objectives of performing a DRA is to support day-to-day operational decisions, primarily for preventing major accidents. For this reason, many DRA methods have been developed to include information about the status of the safety barriers whose failures can increase the likelihood of a major accident. However, DRA is not widely used in industry, and there is no standard that describes DRA approaches and their applications. It may therefore be of interest to consider similar concepts and methods addressed in the existing standards. This paper focuses on a specific type of safety barriers, safety instrumented systems (SISs), and recognized functional standards IEC 61508 and IEC 61511 that give performance requirements to a SIS. In particular, SIS performance monitoring in the operational phase according to IEC 61508/61511 can provide valuable inputs to DRA applications.