Integrated circuits (ICs) are used in a wide variety of real-world systems. Interacting ICs (also known as cyber-physical systems or hybrid systems) with physical systems is a common component of many real-world systems used for safety-critical applications. Potentially catastrophic results from even a minor breakdown in any component of the system need cautious deliberation before any action is performed. Safety analysis of integrated circuits is becoming more important as a growing number of systems depend on ICs to meet the functional requirements of safety-critical applications. There has been a shift away from the old method of creating cyber-physical systems, whereby both the digital and physical elements were created separately. In this work, we compile a variety of approaches for efficiently and affordably satisfying functional safety standards at the level of the application.