The term "monitored natural attenuation" (MNA) refers to a reliance on natural attenuation (NA) processes for remediation through the careful monitoring of the behavior of a contaminant source in time and space domains. In recent years, policymakers are shifting to a risk-based approach where site characteristics are measured against the potential risk to human health and the environment, and site management strategies are prioritized to be commensurate with that risk. Risk-based corrective action (RBCA), a concept developed by the American Society for Testing Materials (ASTM), was the first indication of how this approach could be used in the development of remediation strategies. This paper, which links ASTM's RBCA approach with MNA, develops a systematic working methodology for a risk-based site evaluation and remediation through NA. The methodology is comprised of seven steps, with the first five steps intended to evaluate site characteristics and the feasibility of NA. If NA is effective, then the last two steps will guide the development of a long-term monitoring plan and approval for a site closure. This methodology is used to evaluate a site contaminated with oil from a pipeline spill. The case study concluded that the site has the requisite characteristics for NA, but it would take more than 80 years for attenuation of xylene and ethylbenzene, as these chemicals appear in the pure phase. If fast remediation is sought, then efforts should be made to remove the contaminant from the soil. Initially, the site posed a serious risk to both on-site and off-site receptors, but it becomes acceptable after 20 years, as the plume is diluted and drifts from its source of origin.