Sustainably sourced engineered wood products (EWP) such as cross-laminated timber (CLT) floor panels are viable alternatives to conventional concrete and steel, however their inherent natural variability increases perceived risks and limits wide-spread adoption. The reliability index (β) is the metric used by design standards to communicate allowable structural risk. Although not included directly in any structural capacity equations, it governs all the partial resistance factors and load amplification factors that inform those design code calculations. CLT floors have significant partial resistance factors due to the natural variability of the material that effectively penalise the calculated design strength of those products. By exploring their reliability there is the potential to allow these products to be designed more efficiently, leading to increased competitiveness among traditional materials and less waste. A novel statistical capacity prediction model that goes beyond a simple averaged-value strength assumption to include consideration of the variability between individual boards within a panel was validated against experimental data. A CLT database of 237 out-of-plane bending test results was collected for the first time to inform an appropriate model error factor. Monte Carlo simulation (MCS) approaches were adopted to predict the reliability levels of CLT panels by defining the material, geometrical and loading parameters as random variables and assigning each a mean, coefficient of variation and appropriate distribution. The target and calculated reliability levels were compared across both Eurocode 5 and the North American codes ANSI/APA PRG 320 and CSA O86 as the preeminent CLT design codes internationally. This study found that the calculated reliability levels met or exceeded both codes in most scenarios. The impacts of width, load ratio, material strength distribution, and CLT layups on the expected failure probabilities were explored with sensitivity analyses. The MCS framework was also applied to the calibration of an appropriate resistance factor for CLT design to inform the potential creation of an Australian CLT design code. A resistance factor of 0.85 was calibrated which falls between the equivalent European and North American code resistance factors.