This study aims to propose a risk analysis framework using the FMEA method and system dynamics approach. FMEA is used as a first stage to identify critical equipment/ system based on the highest RPN, then uses the value of the O (Occurrence) as an input to simulate the extent of the effectiveness of the costs incurred and to see the possibility of a decrease in critical system failure occurrences from time to time. The simulation carried out using a system dynamic approach by constructing a structural model of non-linear variables (cause-effect relationships) and considering the system boundary associated with risk management. With this modeling framework, it is expected that the various mitigation actions expected can be simulated with this modeling framework, and policy instruments related to risk management on the identified critical equipment can be evaluated to reduce the failure occurrences. In this paper, the proposed approach will apply to analyze various scenarios of risk management strategies implemented for the critical equipment of fuel gas supply systems (FGSS) on an LNG fueled gas vessel.