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This handbook provides recommended guidelines for creating and conducting failure review boards (FRBs) and anomaly review boards (ARBs). This includes selecting the right supporting personnel, kicking off the investigation, identifying the undesired or unexpected event, flowing the logic from event to cause, characterizing and dispositioning the risk, and documenting the board activities. For the typical ARB or FRB, many of the formalities discussed herein are not required or are overly burdensome, so discretion should be used, particularly when dealing with failures or anomalies that are not particularly complex or impactful.