The resilience of a system can be considered as a function of its reliability and recoverability. Hence, for effective resilience management, the reliability and recoverability of all components which build up the system need to be identified. After that, their importance should be identified using an appropriate model for future resource allocation. The critical infrastructures are under dynamic stress due to operational conditions. Such stress can significantly affect the recoverability and reliability of a system’s components, the system configuration, and consequently, the importance of components. Hence, their effect on the developed importance measure needs to be identified and then quantified appropriately. The dynamic operational condition can be modeled using the risk factors. However, in most of the available importance measures, the effect of risk factors has not been addressed properly. In this paper, a reliability importance measure has been used to determine the critical components considering the effect of risk factors. The application of the model has been shown through a case study.