Introduction Nowadays, healthcare risk managers are in demand due to the necessity to develop safe plans of work, ensure effective patient care, adjust nursing activities, and minimize any possible risks. It is not enough to identify the sources of risk and develop an assessment. It is also necessary to develop a risk management plan and involve all medical staff in this process. Failure mode and effects analysis (FMEA) is a tool to be offered to hospital workers as a means to identify and analyze possible causes of failures (Brixey, Brixey, Saba, & McCormick, 2015). However, not many workers agree with the idea that FMEA is the best solution for their hospital. A risk manager has to investigate the main pros and cons of FMEA in the context of risk management in hospitals, clarify its impact and the possibility to prevent sentinel events, and reflect on the Joint Commission’s requirements to comprehend if staff concerns should be taken into consideration. Risk Management Importance Risk management is a process that cannot be neglected by nurses, managers, and other medical staff. It includes the analysis of the exposure to possible occupational risks and the explanations of the risk sources. Risk management aims at identifying, predicting, reducing, and even avoiding the number of risk sources in regards to patients, visitors, and workers in hospitals (Alexander & Kavaler, 2012). As a rule, there are four main steps in the risk management process. They include the identification of the risk sources, the assessment of probabilities and potentials, the development of risk treatment techniques, and the creation of a risk management plan. Still, some organizations also underline the importance of monitoring the results (Alexander & Kavaler, 2012). This type of management is important for all stakeholders of such fields as healthcare and nursing because it could influence the development of financial concerns, liability risks, health problems, and emotional challenges. Therefore, if there is a chance to minimize or reduce risk outcomes, it should be used in regard to the needs and expectations of patients and the staff. Failure Mode and Effects Analysis Essence James Reason, an expert in human factors, mentioned that people faced a number of difficulties when they had to anticipate failures in the healthcare environment and underlined that the failure mode and effects analysis (FMEA) developed in the 1950s could become a good antidote to human optimism (Oster & Braaten, 2016). FMEA is defined as a widely used technique to identify and underline failure modes in the existing systems and processes before they actually occur in order to eliminate them or, at least, minimize the risks which are associated with them (Liu, Liu, & Liu, 2013). The peculiar feature of this tool is the possibility to be used in different spheres. For example, FMEA was used in the US Apollo space program in order to find out the alternative to the two existing mottoes concerning the mission’s completion (Autry, Goldsby, Bell, & Hill, 2013). With time, this tool was applied in various spheres. There are many risks in different units of healthcare and nursing including ED care, medication administration, blood transfusion, radiology procedures, handoff communication, etc. (Oster & Braaten, 2016). Each unit has its particular risks and failures, and the chosen tool should help to elimina