The condition of drinking water services in Gresik Regency based on the Department of Public Works and Spatial Planning (DPUTR) in 2018 only reached around 48.15% which was served by the Regional Water Supply Company (PDAM) and the Drinking Water Supply Facility Management Group (KPSPAM). A small portion of Manyar Subdistrict is served by PDAM and the majority is served by KPSPAM. Manyar Subdistrict which is served by KPSPAM uses supply water sources that come from deep ground water taken by pump or better known as bore wells. most of the groundwater used is also brackish. In 2019 the Bendung Gerak Sembayat’s Water Treatment Plant (WTP) will be built with a capacity of 1,000 lps to serve industrial and residential areas in the North Gresik Region, especially in Manyar District. The supply water from the WTP is taken from the Bengawan Solo River, but it will be met in the dry season in 2019 and the quantity will decrease drastically and dry up. This condition also caused water crisis at the village around the Bengawan Solo watershed. “The dry season is common. But this time it seems the worst. ” said the Head of Baron Village, Shaman District (https://www.jawapos.com/ surabaya / 10/10/2019 / drought – long – river – bengawan – solo – even – dried up /). In addition, population growth that continues to increase every year will also have an impact on increasing drinking water needs so that its capacity is insufficient. Therefore, another alternative to raw water is needed to meet drinking water needs. Brackish water or sea water can be used as alternative raw water with an appropriate drinking water treatment plant (WTP). Every infrastructure development of a drinking water treatment plant (WTP) requires a pre-feasibility study, namely legal and institutional studies, technical studies, environmental studies, economic and financial studies, social studies. Each of these studies has risks that need to be analyzed to minimize investment failures that might occur. Therefore, a Risk Analysis in Investment Study was prepared using the Failure Mode And Effect Analysis (FMEA) method. The FMEA method is one of the risk management methods for identifying potential causes of failure and their impact and root causes. This method was chosen because it is more feasible and effective for operational improvement and is able to analyze risks on a large scale and complex when compared to other risk management methods.Drinking water needs for Manyar District services are 450 l / sec where the supply water comes from brackish water with a drinking water treatment plant (WTP) using RO technology. Financially, investment for the construction of WTP using RO is still feasible where the NPV, BCR, IRR, and PP are in a ccordance with the criteria. But in the investment there is a risk of failure, so we need a strategy to minimize the risk of failure starting from the pre-construction, construction, and post-construction stages. The main strategy used in the pre-construction stage is obtaining suitable land, in the construction stage, which is to collaborate with the private sector related to capital, and in the post-construction stage, which is to carry out maintenance, cleaning, and RO replacement periodically in accordance with the specifications used.