A system and method are provided for operating and maintaining a wind turbine. Accordingly, a plurality of data inputs are received. The plurality of data inputs represent a plurality of monitored attributes of a component of the wind turbine. A consolidated risk index for the component is determined using the plurality of monitored attributes, and a range of potential risk indices is forecasted. A remaining-useful-life distribution is determined based on the damage potential and an end-of-life damage threshold. The wind turbine is shut down or idled if the remaining-useful-life distribution is below a shutdown threshold.