A method of managing alarms, the method comprising: a) determining, by an apparatus, a fault in one of a plurality of alarm systems (106A-N), wherein the one of the plurality of the alarm systems is connected to one or more devices (122A-N, 124A-N, 126-N) and is configured to generate an alarm for the one or more devices (122A-N) connected to the one of the plurality of the alarm systems based on alarm conditions defining one or more criteria based on which an alarm is generated for the one or more devices (122A-N, 124A-N, 126A-N), the apparatus and the alarm systems being part of an alarm management system; b) identifying an alternative alarm system (106B-N) to generate an alarm for the one or more devices (112AN, 124A-N, 126A-N) based on alarm conditions of the faulty alarm system, said identifying being based on one or more parameters associated with the alarm systems (106A-N); and c) generating an alarm by the alternative alarm system (106B-N) for the one or more devices (122A-N) associated with the faulty alarm system. d) characterized in that identifying the alternative alarm system (106B-N) further comprises: d1) broadcasting a buffer time period associated with each of the alarm conditions of the faulty alarm system to the plurality of the alarm systems (106B-N); d2) determining by the plurality of the alarm systems (106B-N) if the buffer time period can be accommodated in a pre-defined alarm bandwidth; d3) receiving an acknowledgement from the one or more alarm systems (106B-N) from the plurality of alarm systems (106B-N) which can accommodate the buffer time period; and d4) determining the alternative alarm system (106B-N) based on the acknowledgment. a) determining, by an apparatus, a fault in one of a plurality of alarm systems (106A-N), wherein the one of the plurality of the alarm systems is connected to one or more devices (122A-N, 124A-N, 126-N) and is configured to generate an alarm for the one or more devices (122A-N) connected to the one of the plurality of the alarm systems based on alarm conditions defining one or more criteria based on which an alarm is generated for the one or more devices (122A-N, 124A-N, 126A-N), the apparatus and the alarm systems being part of an alarm management system; b) identifying an alternative alarm system (106B-N) to generate an alarm for the one or more devices (112AN, 124A-N, 126A-N) based on alarm conditions of the faulty alarm system, said identifying being based on one or more parameters associated with the alarm systems (106A-N); and c) generating an alarm by the alternative alarm system (106B-N) for the one or more devices (122A-N) associated with the faulty alarm system. d) characterized in that identifying the alternative alarm system (106B-N) further comprises: d1) broadcasting a buffer time period associated with each of the alarm conditions of the faulty alarm system to the plurality of the alarm systems (106B-N); d2) determining by the plurality of the alarm systems (106B-N) if the buffer time period can be accommodated in a pre-defined alarm bandwidth; d3) receiving an acknowledgement from the one or more alarm systems (106B-N) from the plurality of alarm systems (106B-N) which can accommodate the buffer time period; and d4) determining the alternative alarm system (106B-N) based on the acknowledgment. d1) broadcasting a buffer time period associated with each of the alarm conditions of the faulty alarm system to the plurality of the alarm systems (106B-N); d2) determining by the plurality of the alarm systems (106B-N) if the buffer time period can be accommodated in a pre-defined alarm bandwidth; d3) receiving an acknowledgement from the one or more alarm systems (106B-N) from the plurality of alarm systems (106B-N) which can accommodate the buffer time period; and d4) determining the alternative alarm system (106B-N) based on the acknowledgment.