Building Risk-Management Momentum in Agencies

Formal risk management is becoming a best practice in the private sector. Many federal agencies now have functional risk-management programs as well. The current challenges of disruptive changes to state DOT operations due the COVID-19 pandemic and resulting decreases in revenues for transportation funding further emphasize the need for proactive risk management in order to identify response strategies that will manage potential risks to strategic objectives. Disruptive technologies, a changing workforce, and the ongoing requirement to develop and maintain risk-based asset management plans drive the relevance and requirement of adoption of for-mal risk management within transportation agencies. A few agencies do have effective formal risk-management programs in one or several areas of their business, but only a few have implemented risk management agency-wide. Other agencies have piloted risk management specific purposes but did not implement it fully or sustain it. Many others have not yet attempted formal risk management. The objectives of this research are to: (1) Identify and evaluate potential barriers to adoption and sustained implementation of formal risk-management practices and a risk-informed culture in state DOTs. (2) Identify best practices of risk management from the private sector that can translate to state DOTs. (3) Identify effective approaches to overcome those barriers and increase the momentum among state DOTs in adopting and sustaining the use of formal risk management. The research effort should build on previous efforts and guides and include activities such as CEO and risk practitioner workshops, peer exchanges, and other outreach.

Language

  • English

Project

  • Status: Proposed
  • Funding: $350000
  • Contract Numbers:

    Project 08-151

  • Sponsor Organizations:

    National Cooperative Highway Research Program

    Transportation Research Board
    500 Fifth Street, NW
    Washington, DC  United States  20001

    American Association of State Highway and Transportation Officials (AASHTO)

    444 North Capitol Street, NW
    Washington, DC  United States  20001

    Federal Highway Administration

    1200 New Jersey Avenue, SE
    Washington, DC  United States  20590
  • Project Managers:

    Hartell, Ann

  • Start Date: 20210524
  • Expected Completion Date: 0
  • Actual Completion Date: 0

Subject/Index Terms

Filing Info

  • Accession Number: 01772192
  • Record Type: Research project
  • Source Agency: Transportation Research Board
  • Contract Numbers: Project 08-151
  • Files: TRB, RIP
  • Created Date: May 24 2021 3:13PM