One of the novelties brought by 5G is that wireless system design has increasingly turned its focus on guaranteeing reliability and latency. This shifts the design objective of random access protocols from throughput optimization towards constraints based on reliability and latency. For this purpose, we use frameless ALOHA, which relies on successive interference cancellation (SIC), and derive its exact finite-length analysis of the statistics of the unresolved users (reliability) as a function of the contention period length (latency). The presented analysis can be used to derive the reliability-latency guarantees. We also optimize the scheme parameters in order to maximize the reliability within a given latency. Our approach represents an important step towards the general area of design and analysis of access protocols with reliability-latency guarantees.