risk mitigation (§5.1 (http://international.fhwa.dot.gov/): The objectives of risk mitigation and planning are to explore risk response strategies for the high risk items identified in the qualitative and quantitative risk analysis. The process identifies and assigns parties to take responsibility for each risk response. It ensures that each risk requiring a response has an owner. The owner of the risk could be an agency planner, engineer, or construction manager, depending on the point in project development, or it could be a private sector contractor or partner, depending on the contracting method and risk allocation.
¶ Risk mitigation and planning efforts may require that agencies set policies, procedures, goals, and responsibility standards. Formalizing risk mitigation and planning throughout a highway agency will help establish a risk culture that should result in better cost management from planning through construction and better allocation of project risks that align teams with customer-oriented performance goals. (†742)
