On an increasingly frequent basis, pipeline operators are using risk-based decision making to prioritize cross-company expenditures. Due to the long-term mitigation benefits of Cathodic Protection (CP), when planning external corrosion mitigation activities, pipeline operators typically prioritize mitigation of deeper anomalies for integrity expenditures due to their higher Probability of Failure (PoF). However, anomalies that are not receiving adequate CP or those experiencing electrical interference may remain unaddressed using this rationale. This paper presents both a qualitative and semi-quantitative approach to support the quantification of the risk reduction benefits gained from external corrosion prevention on pipelines. This can help in the efficient prioritization of both pro-active and re-active integrity repair activities. Supporting examples are also discussed to help explain the intended use of the methodology and the interpretation of the results.