Event ID 7031 gets logged when a service crashes. The Service Control Manager logs this event when a service stops unexpectedly. The message says which service failed, how many times it failed and the corrective action that will be taken.
You can change the automatic recovery actions that need to be taken when the service fails to ensure your critical services are always up and running. The recovery option can be set in Control Panel > Administrative Tools > Services
Audit the services that have stopped or failed with EventLog Analyzer with predefined graphical reports and receive instant alerts for the same.