Risk Management and Data Needs: A State of the Practice Survey of State Highway Agencies

Abstract

Risk management analysis is one of the new requirements under MAP-21 that separates transportation asset management programs from business as usual for the state departments of transportation (DOTs). Based on this requirement, each agency will discuss the concept of risk and how it should be incorporated into its transportation asset management program as well as how it informs maintenance practices, asset replacement or rehabilitation, and emergency management and response planning. This will require an agency to provide a list of risk exposures and document its system-wide risk management strategy. This paper presents the results of a state of the practice survey of how agencies are developing their risk-based asset management plan and discusses recommendations for future research. The results show that state highway agencies are increasingly adapting the way they do business to include explicit considerations of risks. At the moment, this consideration of risk is not linked to data, and as a result most agencies do not have a data driven way of tracking risk and updating their risk exposures. The significance of the results highlights the need for further research on data driven risk management and to synthesize methodologies for integrating risk assessment into an agency’s decision-making process.