A system and method for monitoring and managing water delivered to users hydraulically connected via a dedicated conduit loop to a water supply source and a water heating unit via a dedicated conduit loop, the system including a mixing valve(s) hydraulically connected to the dedicated conduit loop; a first set of sensing devices operatively coupled to an input and an output of the mixing valve, wherein each sensing device of the first set is adapted to generate and transmit sensed data signals; a recirculation pump hydraulically coupled to the dedicated conduit loop; a second set of sensing devices operatively coupled to selected portions of the dedicated conduit loop, wherein each sensing device of the second set is adapted to generate and transmit sensed data signals; a pressure regulating or balancing device(s) hydraulically coupled to the dedicated conduit loop; a data collection system for receiving and storing sensed data transmitted by the first set of sensing devices and/or the second set of sensing devices; and a system controller for comparing sensed data with rules, data patterns, data signatures, relationships between data, or mathematically calculated values associated with water event anomalies and generating and transmitting a notification, a warning, and/or an alert if the comparison is suggestive of a water event anomaly.