Probabilistic risk assessment (PRA) has been widely used in the nuclear fission domain to identify and manage risks associated with nuclear power plants. PRA provides a systematic, scenario-based approach to estimating plant risk by analyzing what can go wrong, how likely it is, and what its consequences are. After the Three Mile Island accident, the Nuclear Regulatory Commission (NRC) developed the risk-informed regulatory framework, where PRA is included as one of the pivotal elements for licensing and regulating the operating fleet as well as advanced reactors. Another advantage of PRA is that it enhances the effectiveness and efficiency of complex technological systems while maintaining safety by risk-informed decision-making and prioritizing resources based on their risk importance ranking. This presentation provides an overview of state-of-the-art PRA research by the Socio-Technical Risk Analysis (SoTeRiA) Research Laboratory at the University of Illinois Urbana-Champaign, aimed at advancing PRA to enable safe, efficient and commercially viable deployment and utilization of nuclear energy systems. Based on extensive PRA research experience collaborating with the nuclear industry and the NRC, the presentation shares some insights regarding the role PRA can play toward developing a fusion risk assessment and management (FRAM) framework to ensure the success of fusion pilot plants, balancing safety, efficiency and cost-effectiveness.