Risk assessment in the design of control command and signaling devices (CCS) is one of the elements required by law. These analyses should be carried out at many stages of investment with the participation of various teams. This article presents a risk analysis method based on fuzzy sets, which can support and increase the safety of investment processes involving the railroad traffic control industry. The article analyzes hazards identified in CCS design. These risks were identified using a survey method based on a set of questions prepared by the authors and by conducting interviews among experts from design offices. As part of the survey, responses were obtained from 28 respondents who are specialists in the railway traffic control industry. Workshop meetings were held in six different design offices and at manufacturing plants of motion control systems. The identified risks were analyzed using the FMEA (failure mode and effect analysis) method and the fuzzy set method, as well as various methods of fuzzification and defuzzification. The results of all of the methods were compared with each other. The best solution from the analyzed ones was proposed.