The Technical Specification for Interoperability (TSI) legally mandates the prediction and verification process of the Reliability, Availability, Maintainability and Safety (RAMS) in signaling and communication systems. Recently, domestic regulations, including the Railroad Safety Act, have been strengthened in order to better meet the requirements for participating in international projects. To comply with these regulatory requirements, manufacturers and development organizations must prepare verification data pertaining to the reliability and safety of railway components and related systems. This paper aims to analyze the requirements of Failure Mode, Effects and Criticality Analysis (FMECA) through international laws and standards, and subsequently propose a compliant FMECA system for the domestic railway industry. The proposed FMECA system is then compared with the analysis results of actual failure data to determine its suitability for establishing a Reliability, Availability, Maintainability (RAM) verification standard for railway products in relation to conformity assessment.