Purpose: The purpose of this study is to suggest a modified approach that compensates some shortcomings of RPN with relevant strength of ASIL for Safety System and suggests systematic and logical approach for FMEA. Methods: By comparing the objectives, determination procedures, and key conceptual differences of RPN and ASIL, a refined method of risk evaluation and a new risk metric are devised. Results: While the traditional FMEA provides only rough evaluation of relative risk for each failure, the proposed method compensates its shortcomings with relevant strength of ASIL and provides a more logical and practical procedure of risk evaluation. Conclusion: The new metric RPM provides not only a comparative priority rank but also the degree of physical seriousness. Besides, it may have even more benefits for various applications if the severity can be expressed as mone tary amount of losses.