Abstract: A method for closed-loop real-time lifecycle risk management identifies, assesses, reviews and mitigates risks. Historically identified data stored in the databases are loaded, one or more users fill out questionnaires and various factors contributing to determination of the risks are calculated. If a risk is classified as an intolerable risk, the risk is notified to interested parties. A user may use the integrated risk management system to systematically and accurately identify a root cause of an error. The user may start from the highest level of the lifecycle of a product and assess the risk, followed by narrowing down the scope of an error by successively going down to lower production levels of the product. The steps may be processed in real time using remote devices connected to a server. The system allows different access levels to various users.