01551647

Component

Enterprise risk management (ERM) is a management approach that permeates all levels and units of an organization in a holistic fashion to understand the potential consequences of risks. Departments of Transportation (DOTs) are using ERM to formally assess and control risks to achieve their organizations strategic objectives. This paper presents the results of a national survey of 44 DOTs regarding their ERM programs. The paper then presents examples from eight follow- up interviews and four in-depth case studies from the most mature ERM programs. The results provide a detailed discussion of: (1) the processes do highway agencies follow to identify strategic risks; (2) common strategic risks and risk categories in highway agencies that can aid in identification and control; and, (3) example controls agencies are using to manage strategic organizational risks. Due to the limited maturity of ERM in highway agencies and the synthesis research approach employed in this research, this paper cannot present the findings as best practices. However, the authors believe that the new understanding of common strategic risks and controls in this paper will advance research and practice in highway agency ERM.

This paper was sponsored by TRB committee ABC10 Strategic Management.

01550057

15-4851

English

16p

2015

Transportation Research Board 94th Annual Meeting

Digital/other

References; Tables

Organizational factors; Risk management; State departments of transportation; Transportation departments

Administration and Management; Highways; I10: Economics and Administration

Transportation Research Board Annual Meeting 2015 Paper #15-4851

TRIS, TRB, ATRI

Dec 30 2014 1:37PM