Here is what I did for a look see when I had (and still have) a flashing SRS light.
After checking the archives it was suggested to check the contact rings. You can take a look back there and see if there is anything obvious like the contact rings (about $80) or the contact bushings. There are many warnings to proceed with caution and some suggesting not to muck around at all in the steering column and airbag unless you have good manuals. I found one post that described the process as pretty easy so I plunged ahead. Proceed as you would when working on a computer, i.e. make sure you are grounded. Unhook the negative battery lead. Wait 20 minutes. Two #27 Torx screws on the backside of the steering wheel hold the airbag on. The screws are captive so they don't fall out when fully loosened. Lift the airbag up gently. It has one electrical connection on the back to pry off. Set the bag aside (far away!). Remove the 10mm allen bolt holding the steering wheel on. Mine was on there pretty good. A couple of raps and WD40 and a pipe wrench come-a-long finally broke it loose. There was blue resin on the threads, LocTite?. Note the marks on the wheel and the steering shaft before removing wheel. Now you can check out the ring and the copper contact bushings.
1991 300CE, 114k