Abstract: One embodiment of the present invention provides a system that identifies a failure mechanism for a component. The system first constructs a library of failure signatures from a set of components, wherein each failure signature in the library characterizes a known failure mechanism associated with a component in the set of components. Next, the system receives a telemetry signal which is measured from a component under surveillance. The system then determines if there is an anomaly in the telemetry signal. If so, the system performs pattern-matching operations between the telemetry signal and failure signatures in the library. Next, if a match is found, the system identifies the failure mechanism for the component under surveillance based on the matching failure signature.