Risk management at MnDOT
By identifying and proactively addressing risks and opportunities, we protect and create value for employees, customers, regulators and society.
What is Enterprise Risk Management?
Enterprise Risk Management (ERM) is a risk-based approach to managing an enterprise, incorporating concepts of internal control, planning and budgeting. It addresses the needs of various stakeholders who want to understand the broad spectrum of risks facing complex organizations so they can be appropriately managed. MnDOT has a variety of existing offices that identify and manage particular risks.
Risk management includes...
- Identifying and describing the risks in a "risk inventory"
- Implementing a risk-ranking methodology to prioritize risks within and across functions
- Developing action plans to ensure risks are appropriately managed
- Monitoring the results of actions taken to mitigate risk
A central goal of ERM is improving the coordination of these risk management efforts and providing a unified picture of risk for stakeholders. Read more about how we're incorporating risk management.