The main purpose of the article is to demonstrate how large language models (LLMs) can enhance and automate the Failure Modes and Effects Analysis (FMEA) method to improve the identification, assessment, and management of operational risk in modern technological systems. The study aims to show that integrating AI into FMEA increases the efficiency, precision, and reliability of detecting potential failures and evaluating their consequences, provided that expert supervision and model transparency are maintained. The research combines a literature review with a case study using OpenAI’s model to generate an automated FMEA for a manufacturing process. The methodology defines process components, identifies potential failure modes, and evaluates their risk impact. Five specialized libraries—structure, function, failure, risk, and optimization—serve as structured inputs for the LLM. A feedback mechanism allows the system to learn from previous analyses, improving future risk assessments and supporting continuous process optimization. The developed platform enables engineers to initiate projects, input data, generate and validate AI-based FMEA reports, and export results. Overall, the study demonstrates that the integration of LLMs into FMEA can transform operational risk management, making it more intelligent, adaptive, and data-driven.