Integrated Risk Management (IRM) Diploma

Diploma in Risk Management – Insurance, Supervision, Control and Transport of Hazardous Materials

180 hours                4 semesters                     6 intensive months

How to choose a transportation risk management solution

The key to finding a transportation risk management solution is to understand the value of visibility. Both shippers and carriers need real-time insight into the shipments: what’s in each truck and how specific cargo should be transported, the shipping lanes, expected and actual pickup and delivery times, and all the variables that could impact these various elements.

Variables are many and some are unpredictable. Weather, natural disasters, crime, protests or riots, infrastructure issues, driver health and safety, wildfires and other issues can directly or indirectly affect delivery reliability. By predicting these variables ahead of time, carriers are better able to set appropriate expectations, reduce costs and ensure shipments are properly cared for and delivered as expected. 

Metrics to measure transportation risk management success

A functional transportation risk management system provides several important metrics, including:

• A consistent, real-time measurement of risk
• Hazards including:
• Acts of terrorism

How does transportation risk management work?

Transportation risk management may not look the same for every company. There are, however, foundational elements every transportation company should put into place. The Federal Highway Administration offers several helpful recommendations for transportation companies seeking to reduce the risk inherent in their industry:

• Develop executive support for risk management
• Define risk management leadership and organizational responsibilities
• Formalize risk management approaches using a holistic approach to support decision making and improve the successful achievement of strategic goals and objectives
• Use risk management to reexamine existing policies, processes, and standards
• Embed risk management in existing business processes so that when assets, performance, and risk management are combined, successful decision making ensues
• Identify risk owners and manage risks at the appropriate level
• Use the risk management process to support risk allocation in agency, program, and project delivery decisions
• Use risk management to make the business case for transportation and build trust with stakeholders
• Employ sophisticated risk analysis tools, but communicate results simply

Hazardous Materials: FAST Act Insurance and Liability Study

levels and mechanisms to insure rail carriers transporting all hazardous materials