Radar: I have experienced developing a risk register on projects that is created and maintained separately with periodic updates. This approach tends to be quite static, with several risk items prone to be forgotten or only updated when a reminder or the next review comes up with the Risk Manager.
Whether through the project risk management exercise as above or through the path of construction done in AWP, early identification/discovery of risks and correlating it with the CWPs where applicable puts the risk right upfront on the radar. The visibility by CWP for associated risks adds a dynamic component to actively manage it through the project lifecycle.
Impact: The multi-discipline impact i.e. other CWPs by discipline, or its effect on the costs/schedule can be more clearly communicated for the severity, likelihood of its occurrence and appropriate steps can be taken to not only single out those CWPs that may cause difficulties but also those where there can be opportunities.
Simplification: Acting as a control point, the CWP aligns upstream with the Engineering Work Package and downstream with the Installation Work Package.
Knowledge: Steady state design and build activities is common knowledge and everyone does it. Every risk item identified and tackled effectively from taking a critical risk down to medium, medium risks to low and low risks being eliminated form an important knowledge base that is a competitive advantage for that EPC company.