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A new risk management method, the System Integrated Life Cycle Risk Management Methodology (SILC RMM), is based on systems engineering principles and is compatible with current standards. The SILC method, created by automotive engineers, addresses shortcomings with FMEA and other risk management (RM) methods, and integrates the FMEA and risk management functions into day-to-day engineering project activities. The SILC approach accommodates technology, cost, schedule, environmental and safety risks throughout the systems engineering project life cycle - from conception to recycle. It allows direct integration of RM information with system and project information for more efficient and effective utilization of resources and optimal overall risk management.