Model‐Based Systems Engineering (MBSE) is gaining popularity in organizations creating complex systems where it is crucial to collaborate in a multi‐disciplinary environment. SysML, being one of the key MBSE components, has a good foundation for capturing requirements, architecture, constraints, views and viewpoints. However, SysML does not provide the necessary constructs to capture safety and reliability information in the system model. A group of industry experts at the OMG has been working since 2016 to define a new specification providing the necessary capabilities. This paper provides an update on the progress of this work. It discusses the proposed specification's use of generic concepts to allow information interchange amongst diverse analyses, its use of existing SysML constructs to provide automation of safety and reliability work in existing modelling tools, and describes several of the supported analysis methods.