This paper presents a multi-tier methodology for understanding the cascading impacts of hazards on the internal operations of a facility. Building Information Modeling (BIM) is utilized to create a 3D representation of a facility where each building element is linked with its design, operation, and maintenance data. The building data stored inside BIM is processed by the interdependency model to build an interdependency map. This is linked to a simulation engine built to consider the effect of deterioration of building elements on the processes housed inside a facility. The simulation engine adjusts the likelihood of failure of each building element based on its deterioration rate and the occurrence of hazardous events, if applicable. The output is a risk profile showing the cumulative likelihood of failure for each building element at each time step of the simulation, considering the spatial and operational interdependencies. A case study for a power plant facility in Ontario, Canada, is used to demonstrate and discuss the methodology. Owners, operators, and stakeholders can utilize the methodology to visualize the cascading effects of hazards on capital intensive facilities using an interactive simulation environment.