By Nick Goldstein, vice president of regulatory affairs, ARTBA

ARTBA has recognized the leadership of the Commonwealth of Virginia in the public-private partnership (P3) arena, while offering suggestions for improvements in the state’s P3 risk management guidelines.

In April 30 comments to the Office of Transportation Public Private Partnerships (VAP3) regarding proposed updates to Virginia’s P3 Risk Management Guidelines, ARTBA acknowledged the significant progress that has been achieved in approaching risk-based decisions as an element of using P3s to deliver transportation improvements.

ARTBA urged officials to include a broad range of perspectives in analyzing risk and stressed the importance of identifying all key risks, including those that are outside the control of the VAP3.  ARTBA further noted that while some risks may not be easily quantifiable, every effort should be made to at least increase awareness of these sorts of risks in order to factor them into an overall risk assessment.  Such a broad analysis, ARTBA concluded, will help ensure discussions of risk are as through as possible.