In light of the cancellation of MIL-STD 1629A on 4 August 1998 with no superseding document, this paper outlines the tailoring of an effective industry tool for risk identification and prioritization that will lead to more reliable weapon systems for the warfighter, with reduced total ownership costs. The canceled MIL-STD 1629A used Failure Mode Effects and Criticality Analysis (FMECA) which is similar in method to FMEA but with an added factor called Criticality for prioritization. In FMEA approach, criticality is addressed by the Risk Priority Number (RPN) and other ways to prioritize risk beyond those single criteria. Tank Automotive Research Development and Engineering Center (TARDEC), Systems Engineering Group (SEG) has tailored the FMEA’s Severity, Occurrence, and Detection ranking tables to suit DOD Systems by developing an additional scale (1 – 5) for severity and occurrence parameters for the existing industry scale (1 – 10). This will facilitate transitioning risks to the DOD risk ranking scale, and for transitioning to the army owned Risk Recon risk management software for mitigation plan implementation and tracking. TARDEC SEG is also involved in an Army working group for the development of a new guidance/handbook for FMEA/FMECA for the Army to replace the cancelled MIL-STD 1629A. This paper also outlines a systematic process used to evaluate and manage contractors’ FMEAs, and provides a recommended FMEA contract language for Technology Development (TD) and Acquisition programs for the sharing of contractors’ FMEAs with Government for review of quality and completeness.