Replace a defective component in an FG which has been shipped to customer

Summary:

Looking for suggestion:
We are building the FG using Work order, BOM and maintaining the on-hand for FG. Both components and FG are serial controlled to record genealogy.
After we have shipped the FG to customer, during installation, if one of the component used in the FG is found defective, we need to replace that specific component.
The option we see now is to

• Create a replacement order
• Bring FG back
• Create a rework order
• Negative issue defective component and issue another
• Complete the WO
• Ship the reworked FG
  

Are there any other options? Like just returning defective component, replace it and still maintain Genealogy?