No fault found (NFF) is a reported fault for which the root cause cannot be found. An NFF event not only reduces the availability of the equipment to customers but also results in financial losses to the manufacturer. To date, risk due to NFF events is not considered separately in aircraft Maintenance, Repair, and Overhaul (MRO) planning. In this paper, we have studied the NFF event risk identification, distribution, and optimization in an aircraft MRO process based on data collected over three decades of aircraft maintenance. For framework development and formulating the critical NFF risk drivers, this paper applies soft system methodology with detailed semi-structured interviews of industry experts. For NFF risk distribution and optimization, we have used agent-based simulation modeling. The quantitative assessment of more than 5000 NFF cases in an aircraft MRO organization shows that NFF events are significantly non-deterministic during the life cycle of an aircraft. The three identified critical NFF risk drivers in the research are the MRO process stage, aircraft life cycle stage, and human working skills. The MRO process stage is the time of the NFF event during repair activity. The life cycle stage represents the timeline of the NFF event in useful aircraft life. Human working skill represents the role of manpower in the NFF event solution. Further theoretical elaborations of the research lead to the optimized NFF risk break-up at the contract preparation stage and risk driver's sensitivity analysis by the aircraft assembler, operator, and sub-contractor at the commercial bid submission stage.