Systems Engineering is the process that controls the technical system development effort with the goal of achieving an optimum balance of all system elements. FRACAS(Failure Reporting an d Corrective Action System) is one of RAMS(Reliability, Availability, Maintainability, Safety) tasks which is conducted from a manufacturing phase. FRACAS is to determine the basic cause of failure resulting from design or manufacture, and to provide a closed-loop method of implementing corrective action. This paper presents the FRACAS established for assessment of the reliability, the analysis and management of the failure data for Korean High Speed Train and application cases.