Transformer fires are high-risk events affecting safety, equipment reliability, and power continuity. This paper presents a risk based framework for transformer fire prevention, developed by integrating four analytical tools: Descriptive Analysis, Pareto Analysis, Root Cause Analysis (RCA) using a fishbone diagram, and Failure Mode and Effects Analysis (FMEA). Data from six research papers covering eight failure causes were analysed. Pareto Analysis identified electrical faults, overheating, and insulation degradation as the top three risk drivers. FMEA quantified each root cause using Severity, Occurrence, and Detection ratings, producing Risk Priority Numbers (RPN) before and after proposed controls. Mitigation measures including condition-based maintenance, online dissolved gas analysis, thermal imaging, and operator training significantly reduced RPN values. The integrated framework supports earlier fault detection and decision-making aligned with National Fire Protection Association (NFPA) 70B-2023, offering a practical tool for safer transformer operation.