Today’s fault management requires a sophisticated event management to condense events to meaningful fault reports. This severe practical need is addressed by event correlation which is an area of intense research in the scientific community and the industry. This paper introduces an approach for event correlation that uses a dependency graph to represent correlation knowledge. The benefit over existing approaches that are briefly classified here is that this approach is specifically well suited to instrument an existing management system for event correlation. It thereby deals with the complexity, dynamics and distribution of real–life managed systems. That is why it is considered to provide integrated event management. The basic idea is to connect the event correlator to a given management system and gain a dependency graph from it to model the functional dependencies within the managed system. The event correlator searches through the dependency graph to localize managed objects whose failure would explain a large number of management events received. The paper gives a short overview of existing approaches, introduces our approach and its application. It shows why dependency graphs are suitable, how they can be derived and finally presents the prototype developed so far.