An investment project as an undertaking for the future, more or less foreseeable, is a priori encumbered with the possibility of occurrence of disturbances. In recent years there have appeared significant changes in the scope of execution of construction projects, connected with the investment execution time, manner of financing, investors, and the environment in which the given project is executed. That fact determines the need, or even the necessity, to conduct the research into the issues of risk assessment and its utilitarian aspects. That problem applies also to construction projects, including water supply and sewage projects. An example of the project with all kinds of threats characteristic of such types of investments is the project entitled “Complex protection of the underground waters in the Kielce agglomeration.” The risk factors result from the complexity and specificity of that type of projects. The presented article is an introduction to the discussion on the issues of assessing the risk of execution of water supply and sewage projects. The intention of the authors was to present the specificity of that type of projects and the general identification of the risk factors accompanying them. Keywords: risk management, project management, construction management, civil engineering.