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On my 2000 S70 GLT with 380,000 miles, I've had an SRS fault ever since buying the car 3 years ago. Today I finally decided to dig into it.
My iCarSoft i906 scanner tells me it cannot communicate with the SRS module, so I went into removal and inspection; Easy to get to, under the center console covered by a black plastic shell, just under the center metal cross piece (the shell pops up and slides back easily.) Tight cable, but all we need to do is release the orange lever by pushing in the yellow plastic button that secures it, then lever it out and it removes easily.
There are four tiny Torx screws securing the plate underneath the unit, and one more Torx securing the printed circuit board to the module chassis.
I was surprised to find several capacitors inside, and from the brown residue, I believe several of them were leaking:
I tried cleaning with alcohol, contact cleaner, and I also wiggled each capacitor a bit to try to break away any bridging that might be occurring. I didn't expect this a likely fix, and when I reinstalled, the SRS did go off for a brief moment (1 second) but came back on.
So I went to look for a replacement, and I was pleased to find several available on Ebay, which match the part number exactly (in my case, 8622314 A) and I've ordered a replacement at the fire-sale price of a whopping $17 US
However, I wonder if these cap's are nearing end of life, and if it's likely to fail in any replacement units. So after I fit the replacement module, if this resolves my issue, I am going to assume the caps are the culprit and, just for fun, I'm going to recap this old module & see if I can bring it back to life...