The U.S. transportation industry is among the most risk-prone of all industries, requiring transportation companies to implement strong enterprise risk management strategies. Using the right methods and tools, these companies can mitigate much of their risk and be in a better position to respond to situations when they arise.
According to the Federal Highway Administration, “Risk management is a process of analytical and management activities that focus on identifying and responding to the inherent uncertainties of managing a complex organization and its assets.”
The risks transportation companies face may vary but can include fleet integrity and safety, driver safety and retention, and compliance issues. Some of these risks are directly impacted by outside influences, particularly weather events, traffic and road conditions. transportation risk management.
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