S&K Aerospace (SKA) proposes to develop the Fault Management Assistant (FMA) to aid project managers and fault management engineers in developing better and more cost-effective fault management (FM) for new systems. The Phase I effort involves establishing an FM approach and architecture and designing a tool that supports them. It will also include a feasibility prototype of the tool. The primary source of information for the approach and architecture is the NASA FM Handbook, which represents a collaboration of ideas from a number of NASA and non-NASA centers. SKA also intends to consider risk management, including Risk Informed Decision Making (RIDM) and Continuous Risk Management (CRM). Risk management concepts could help to support the cost-effective allocation of resources to FM options. They should also help with the balancing of costs from development, operations, and adverse outcomes from system failures. A detailed data model will help to ensure that engineers develop a complete description of FM. Specialized views of the FM information will ensure that analyses and questions can be effectively addressed during the course of FM development. SKA intends to build on its success with a risk management system it is currently building for the Human Research Project.