Several challenges remain in deploying Machine Learning (ML) into safety critical applications. We introduce a safe machine learning approach tailored for safety-critical industries including automotive, autonomous vehicles, defense and security, healthcare, pharmaceuticals, manufacturing and industrial robotics, warehouse distribution, and aerospace. Aiming to fill a perceived gap within Artificial Intelligence and ML standards, the described approach integrates ML best practices with the proven Process Failure Mode & Effects Analysis (PFMEA) approach to create a robust ML pipeline. The solution views ML development holistically as a value-add, feedback process rather than the resulting model itself. By applying PFMEA, the approach systematically identifies, prioritizes, and mitigates risks throughout the ML development pipeline. The paper outlines each step of a typical pipeline, highlighting potential failure points and tailoring known best practices to minimize identified risks. As an additional contribution, a populated ML FMEA Template is provided. The ML FMEA captures the method into a modified PFMEA framework that connects each pipeline step with failure causes with known mitigations. The ML FMEA Template is designed as a handy tool for development teams to identify, manage, and communicate risk and to enable risk transparency with safety experts.