A component tracking system includes a plurality of devices that each include a device component monitoring subsystem that monitors for and records the addition and/or removal of device components to/from that device. A device component manager system that is coupled to each of the plurality of devices identifies, via a recording by a first device monitoring subsystem in a first device included in the plurality of devices, the removal of a first device component from the first device. The device component manager system then determines, via a recording by a second device component monitoring subsystem in a second device included in the plurality of devices, that the first device component has been added to the second device within a time period and, in response, the device component manager device prevents a removed first device component alarm.