Offshore oil and gas exploitation is principally conducted using dry or wet tree systems, otherwise called the subsea Xmas tree system. Due to the shift to deeper waters, subsea production system (SPS) has come to be a preferred technology with attendant economic benefits. At the centre of the SPS is the subsea control module (SCM), responsible for the proper functioning and monitoring of the entire system. With increasing search for hydrocarbons in deep and ultra-deepwaters, the SCM system faces important environmental, safety and reliability challenges and little research has been done in this area. Analysis of the SCM reliability then becomes very fundamental due to the huge cost associated with failure. Several tools are available for this analysis, but the FMECA stands out due to its ability to not only provide failure data, but also showcase the system’s failure modes and mechanisms associated with the subsystems and components being evaluated. However, the technique has been heavily challenged in various literatures for several reasons. To close this gap, a novel multi-criteria approach is developed for the analysis and ranking of the SCM failures modes. This research specifically focusses on subsea tree-mounted electro-hydraulic (E-H) SCM responsible for the underwater control of oil and gas production. A risk identification of the subsea control module is conducted using industry experts. This is followed by a comprehensive component based FMECA analysis of the SCM conducted with the conventional RPN technique, which reveals the most critical failure modes for the SCM. A novel framework is developed using multi-criteria fuzzy TOPSIS methodology and applied to the most critical failure modes obtained from the FMECA evaluation using unconventional parameters. Finally, a validation of these results is performed using a stochastic input evaluation and SCM failure data obtained from the offshore industry standard reliability database, OREDA.