Safety Management Systems (SMSs) have been used in many safety-critical industries and are now being developed and deployed in the automated driving system (ADS)-equipped vehicle (AV) sector. Industries with decades of SMS deployment have established frameworks tailored to their specific context. Several frameworks for an AV industry SMS have been proposed or are currently under development. These frameworks borrow heavily from the aviation industry although the AV and aviation industries differ in many significant ways. In this context, there is a need to review the approach to develop an SMS that is tailored to the AV industry, building on generalized lessons learned from other safety-sensitive industries. A harmonized AV-industry SMS framework would establish a single set of SMS practices to address management of broad safety risks in an integrated manner and advance the establishment of a more mature regulatory framework. This paper outlines a proposed SMS framework for the AV industry based on robust taxonomy development and validation criteria and provides rationale for such an approach. Keywords: Safety Management System (SMS), Automated Driving System (ADS), ADS-Equipped Vehicle, Autonomous Vehicles (AV)