What is the purpose of Failure Mode and Effect Analysis?
&quot;What might be the benefit of performing Failure Mode and Effect Analysis(FMEA) on these low-level functions?&quot;
FMEA is not done on a layer but on the system as a whole. The low-level functions might contribute failures, but (in most cases) the higher level functions determine what the (possible) effects are.
A typical FMEA might have two steps:

the persons responsible for each module make a list of failure modes for that module
in a brainstorm session the team determines what effect those FM's can have on the other moduls and what the external effects can be (iteration might be required)