Safety engineers try to ensure that systems are designed, developed, and operated in a manner that is safe, reliable, and compliant with applicable regulations and standards. Safety is defined as the backbone of the aviation industry. To achieve and maintain the desired level of safety, risk analysis stands out as a critical analytical tool. This scientific approach is employed to identify, evaluate, and manage hazards effectively. The primary objective of risk assessment techniques, in addition to ensuring compliance with legal requirements, is to mitigate operational risks and enhance overall safety. Engine failure constitutes a hazardous and emergent situation in aviation and aeronautical engineering, with the potential for uncontrollable consequences. While the aviation safety of modern aircraft is significantly influenced by the low-pressure turbine section, this particular section has not received proportionate consideration. This paper addresses identification and managing risks in the third and fourth stages of the low-pressure turbine in a JT8D engine. A framework is proposed for this purpose, utilizing historical failures' data, failure mode and effect analysis, and event tree analysis techniques. Both economic and technical effects are taken into account during the thorough investigation of hazards. Investigations have shown that blade shroud wear can cause vibration and fatigue, which can eventually result in blade fracture and engine cover rupture. Based on the safety risk assessment, some recommendations as inspection and maintenance procedures are suggested. Regularly inspecting, monitoring vibration, accurately measuring torque, and visiting shops are the recommended actions. Some airlines have conducted this procedure, and the experience shows that it effectively reduces the risk rate in the field.