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In the context of Condition Based Maintenance (CBM), this paper presents a risk-based optimization model for system maintenance scheduling problem. It consists on optimizing availability and cost of the system by balancing between system maintenance risk and failure risk. In this paper, system reliability constraint is considered. Reliability of system components is characterized by their failure rate functions. Possible maintenance actions are performed to improve the reliability of the system. Genetic algorithm is used to obtain the sequence of maintenance actions providing desired level of reliability with minimum system risk. Numeral results demonstrate effectiveness of the proposed model.