The FMEA (Failure Mode and Effects Analysis) method consists in analysis of failure modes and evaluation of their effects based on determination of cause-effect relationships for formation of possible product or process defects. Identified irregularities which occur during the production process of piston castings for internal combustion engines were ordered according to their failure rates, and using Pareto-Lorenz analysis, their per cent and cumulated shares were determined. The assessments of risk of defects occurrence and their causes were carried out in ten-point scale of integers, while taking three following criteria into account: significance of effects of the defect occurrence (LPZ), defect occurrence probability (LPW) and detectability of the defect found (LPO). A product of these quantities constituted the risk score index connected with a failure occurrence (a so-called “priority number,” LPR). Based on the observations of the piston casting process and on the knowledge of production supervisors, a set of corrective actions was developed and the FMEA was carried out again. It was shown that the proposed improvements reduce the risk of occurrence of process failures significantly, translating into a decrease in defects and irregularities during the production of piston castings for internal combustion engines.