Abstract | Conditional Spectra (CS) based record selection is a state-of-the-art approach to select sets of records for performing nonlinear response time history analysis consistent with the seismic hazard at a specific site. So far this method has been developed and applied mainly to select horizontal components of the ground motion. There are many structural or nonstructural building components, however, and entire structures that are also sensitive to the vertical component of ground motion, e.g., due to concurrent vertical and horizontal deformability, uplifting and/or rocking. Thus, we aim here to further extend the CS approach to select a set of hazard consistent 3-component records. The proposed method is applied to the risk assessment of a liquid storage tank located at a site of major oil refineries in Elefsina, Greece. Tanks are prone to uplifting due to horizontal excitations, a behavior that can be exacerbated when the vertical component of the ground motion is considered. Therefore, a realistic seismic assessment of such structures cannot be carried out without simultaneously accounting for all three translational components of the ground motion. To this end in the case study we tested different record selection approaches with and without consideration of the vertical motions, as well as with and without vertical ground motions hazard consistency. Overall, there is a non-negligible dependence of the tank response to the effects of the vertical component, which should be included. Neglecting it typically result to an underestimation of about 20%. In addition, we recommend incorporating the hazard consistency of the vertical component in the record selection because it does have an impact on the tank response.