This study proposes a risk assessment in the implementation of AWP (Advanced Work Packaging) as a method of monitoring capital projects of industrial assets by oil and gas operators in a scenario where industrial construction companies execute these projects. Traditional methodologies for managing and monitoring these projects have already brought many advances. However, gaps still translate into delays in time and costs, which, when monetized, represent considerable losses. The AWP is considered a good practice by the CII (Construction Industry Institute) and offers methods for monitoring and executing capital projects focused on the construction, commissioning, and delivery of complex industrial assets, and was born from the union of studies focused on hand productivity construction work in heavy industry industrial projects associated with structured and multidisciplinary planning and management. AWP advocates starting the project with the end in mind, allowing a holistic view of the components that integrate and materialize the project. The lack of risk assessment in the AWP implementation may lead to project failure. As a methodological approach, the authors conducted a field survey with SMEs (Subject Matter Experts) working in different segments. This made it possible to focus the risk study, which used the PFMEA (Process Failure Mode and Effects Analysis), on those with the most significant impact in the context of the study, in addition to identifying additional risks to those already reported in the literature. This contribution is essential since ensuring the successful implementation of the AWP will allow oil and gas operators to monitor and technically supervise the execution of their projects through a standard interface for dialogue between interested parties, focusing efforts on managing work packages, each one focused on a key aspect for the execution of a project stage that, when executed in an integrated manner, guarantees success in the construction of the asset. Although conducted in a specific oil and gas operator, the study can be generalized to other companies affected by risk issues. Despite identifying new risks in the implementation of the AWP, the FMEA matrix of this study limited the analysis to only those described in the literature and indicated by SMEs. Future studies may address these new risks and apply other techniques, such as multicriteria analysis, AHP (Analytic Hierarchy Process) is a good example. The study can change the practice and thoughts of professionals dealing with project risk assessment in AWP implementation.