7 Tips For Incorporating Risk Into Your Fleet Management Plan

team planning risk management
team planning risk management

In order to succeed with your risk-based fleet management plan, you need executive support. The executives in your organizations hold key decision-making power, so getting them on board with your risk management planning is key.

Educate your senior leadership on the importance of risk-based fleet management, as well as the processes behind identifying and mitigating potential risks for your organization.

Tip #1: Gain Top-Down Support

Did you know that the Federal Highway Administration now requires State DOTs to develop a risk-based fleet management plan?

If you need to successfully integrate risk into your fleet management plans, you need to follow several key principles:

Tip #2: Understand Ways to Reduce Risk

Many see risk management as uncertainty, but we should view it as an opportunity. Although risks may seem unavoidable, your organization will be able to find ways to reduce certain risks.

Funding is a key issue for organizations beginning to invest in risk management. An example of how to save resources is to accept the risk of lower conditions during the early stages of your planning to invest more in fleet preservation.

Tip #3: Analyze Long-Term Consequences

Different investments in fleet management plan lead to different results. While creating your risk-based fleet management plan, make sure to evaluate the possible long-term consequences of your actions. Illustrating possible consequences helps improve your organization’s long-term forecasting and accuracy.

Tip #4: Anticipate External Risks

While it is nearly impossible to predict all disasters, there are ways to anticipate certain risks for your organization.

  • Does your area ever experience natural disasters? If so, during what time of year?
  • Is there currently an emergency plan in place for threats or lock-down situations?

Consider all possible emergencies or risks your organization could face, and develop plans to handle them quickly and effectively.

Tip #5: Integrate Risk Management into Fleet Management Processes

Effective fleet management software helps you prioritize fleet investments based on different risk factors. It also provides an integrated platform for performance reports, including weekly or monthly risk management reports.

Tip #6: Communicate Risks to Stakeholders

You must update your key stakeholders on your risk management processes. Stakeholders may include the governor, legislature, the media, and others. By sharing your risk management plans, your stakeholders and community understand that your organization is doing everything it can to mitigate risks.

Tip #7: Strive for Continual Success

You should review your risk-based fleet management plan periodically. As you become more comfortable with risk management, you will find more areas for improvement. In order to continuously succeed, you should push for additional staff training sessions and flesh out documentation of your processes and results.

This risk management rule affects more than just State DOTs. Even if the rule doesn’t affect your particular organization, there’s probably a good reason that the government has mandated it for its own organizations: risk management is important. It provides accountability for your organization and offers a set of protocols to follow when you need them most.

Does your organization need to develop a risk-based fleet management plan? AssetWorks FleetFocus can help!
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