This study is a Failure Modes and Effects Analysis (FMEA) focused on ethanol production equipment, specifically ring dryers and Regenerative Thermal Oxidizers (RTOs). Conducted on December 5-6, 2023, the FMEA aimed to identify potential causes and consequences of failures in the equipment and processes. Participants included various stakeholders from Environmental Health and Safety (EH&S), operations, maintenance, Instrumentation and Electrical (I&E), management, and engineering. The study utilized a set of Piping and Instrumentation Diagrams (P&IDs) to guide the review, which was not specific to any facility but applicable to general ethanol plant operations. The objectives included assessing risks, prioritizing corrective actions, and documenting knowledge about failure risks to enhance reliability and safety. The findings resulted in seventeen identified actions aimed at mitigating risks, with a focus on significant financial impacts or business interruptions. The report outlines the methodology, action items, and risk ranking matrix used during the analysis.