A gradual move in the electric power industry towards Smart Grids brings several challenges to the system operation such as preserving its resilience and ensuring security. As the system complexity grows and a number of failures increases, the need for grid management paradigm shift from reactive to proactive is apparent and can be realized by employing advanced monitoring instruments, data analytics and prediction methods. In order to improve resilience of the Smart Grid and to contribute to efficient system operation, we present a blueprint of a comprehensive methodology for proactive failure management that may also be applied to manage other types of disturbances and undesirable changes. The methodology is composed of three main steps: (i) continuous monitoring of the most indicative features, (ii) prediction of failures and (iii) their mitigation. The approach is complementary to the existing ones that are mainly based on fast detection and localization of grid disturbances, and reactive corrective actions.