City of Stirling Transport Asset Managment Plan

The risk assessment process identifies credible risks, the likelihood of the risk event occurring and the consequences should the event occur. It further develops a risk rating, evaluates the risk and develops a risk treatment plan for unacceptable risks. An assessment of risks 3 associated with service delivery from infrastructure assets has identified the critical risks that will result in significant loss, ‘financial shock’ or a reduction in service. Critical risks are those assessed with ‘extreme’ (requiring immediate corrective action) and ‘high’ (requiring corrective action) ratings identified in the Infrastructure Risk Management Plan. The residual risk and treatment cost after the selected treatment plan is operational is shown in Table 6.2. These risks and costs are reported to management and Council.

3 City of Stirling Risk Management Framework

Transport Asset Management Plan 2018 – 2028 | 51