The semiconductor industry faces the dual challenge of risk assessment and process improvement. This paper introduces a framework that integrates Failure Mode and Effects Analysis (FMEA) and Plan-Do-Check-Act (PDCA) cycle to address these challenges effectively. FMEA serves as the initial step to identify potential risks within the system, followed by applying the PDCA cycle to systematically address and enhance the identified risks. The comparison between the initial Risk Priority Number (RPN) value, determined through FMEA, and the post-RPN in PDCA value gauges the success of the framework. Implementing the system in a semiconductor assembly line yielded a significant 51% improvement in RPN, with additional Lean tools incorporated into PDCA, such as SMART goals, 6M, and multi-voting. This integrated framework amplifies risk management, fosters continuous improvement, optimizes resource utilization, and empowers data-driven decisions, ultimately bolstering organizational growth. However, the study acknowledges limitations such as its single-case focus and potential RPN calculation subjectivity.