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 opera-tions due the COVID-19 pandemic and resulting decreases in revenues for transportation funding further empha-size 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 de-velop 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 busi-ness, but only a few have implemented risk management agency-wide. Other agencies have piloted risk manage-ment 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:
• Identify and evaluate potential barriers to adoption and sustained implementation of formal risk-management practices and a risk-informed culture in state DOTs.
• Identify best practices of risk management from the private sector that can translate to state DOTs.
• 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.
Direction from the AASHTO Committee on Research & Innovation: this research should build on NCHRP Project 08-113, “Integrating Effective Transportation Performance, Risk, and Asset Management Practices.”