In practical applications, failures in the components of the control system can lead to improper, or even unstable, operation of the control loop. These failures can be associated with the process (abrupt change in the process dynamics), the measuring and manipulating devices (sensors, actuators) or the controller itself. It is therefore desired to design control system capable of handling such events in the sense that stability is guaranteed and performance degradation is minimized. The proposed formulation of the reliable performance problem involves the simultaneous minimization of the performance index for all considered failure scenarios. Employing the fractional representation theory, the reliable performance problem is formulated as a quadratically constrained control problem. The solution to this problem is discussed in this paper and an illustrative example is presented.