The element of risk presents uncertainty of reaching set goals and objectives. However, different types of risk apply to different areas of expertise. Are you a fleet manager who associates risk with vehicle breakdowns and downtime? Or are you a highway asset management professional more concerned with legislative reforms such as MAP-21 and the health of your highway network?
What does risk mean to you and your job?
This quick guide examines what types of risk you should be considering, risk management and how it affects asset management, and various methods that can be used to transform the potential impact of risks into opportunities for your organization.
As winner of the 2013 #1 Government Fleet award, the City of Sacramento has been recognized as one of the most progressive fleets operating today. Their commitment to green technology and efficient fleet management has been a long-term effort that is paying off both in bottom-line savings and emissions reductions.
For any organization, being exposed to a variety of risks is inevitable, which means, being prepared for the event of a risk occurrence can be extremely critical. Having a disaster recovery or business continuity plan in place can help reduce the impact felt by a risk occurrence and increase the resilience of your…
During an educational webinar last month, guest presenter Larry Redd P.E. joined AssetWorks' Kelly Ernsdorff in discussing how to apply risk management to your organization's asset management plan, key details of risk analysis, as well as how to develop Total Asset Management Planning (TAMP). During the presentation, Larry also shared eight general steps to better managing risk:
1. Identify your organization's goals and objectives
2. Identify the risks associated with reaching those goals and objectives
3. Score/rank risks in order of priority
4. Consider mitigation methods and strategies
5. Manage each type of risk
6. Communicate risks and management strategies
7. Monitor results and update accordingly
8. Improve processes
In addition to these helpful guidelines, if you are interested in learning more about the performance and risk-based opportunities to consider in your organization's asset management plan and finding the right technology to help, the webinar recording is available here.
Purchasing a software solution is not simply a transaction but rather the start of long-term relationship with your vendor. Below are a few things we think you should consider before deciding which solution (and relationship) is best for you.
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