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Utility Risk Mitigation

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Inspect utility data and sites remotely using independent data

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FAQ

Everything you need to know

What is utility risk management?

Utility risk management consists of accepting, avoiding, and reducing unavoidable risks to and from utilities. It starts with mitigating risks to projects that entail breaking ground and ends with ensuring the safety of property, tools, and humans. Utility risk management reduces uncertainty about subsurface infrastructure, minimizes contingency costs, and enhances different kinds of protection.

What are the risk mitigating procedures?

Utility risk mitigation begins with listing every task and rating its associated risks. The next step is to assess different processes and controls and put a plan of action in place as soon as possible. Accessing accurate utility data, addressing information gaps through utility coordination, and using advanced utility mapping technologies are part of standard risk mitigating procedures.

What are 3 types of risk mitigating controls?

The three types of risk mitigating controls are:

  • Access to utility maps which give you a big picture view of various subsurface utilities.

  • Rich data regarding buried assets’ age, status, ownership, and type.

  • Up-front awareness of risks associated with utilities so that you can make contingency plans to mitigate risks.

What are the best practices for developing a robust risk management framework in the utility industry?

Best practices for developing a robust risk management framework are:

  • Risk Governance
    Create a Utility Conflict Matrix to identify the potential risks that could impact your project.

  • Risk Assessment
    Once risks are identified, assess their potential impact and likelihood.

  • Risk Monitoring and Reporting
    Implement a monitoring system to track the identified risks continuously.

  • Risk Mitigation Strategies
    Either coordinate utility relocation or ways to work around the buried utilities in your corridor 5. Emergency Response Planning Create well-defined emergency response plans for various types of risks, outlining the roles and responsibilities of each team member.

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