Transportation agencies continue to deploy and operate emerging technologies and ITS assets in both urban and rural areas. These assets serve key roles in operations of the transportation system. Maintaining the ability of these ITS assets to continue to be of value in the future is referred to as “future proofing the asset.” The focus of this project was on researching best practices and overall approaches towards future proofing ITS assets. As part of this research, seven categories of threats have been identified that present possible risks to the future of ITS assets, including: natural, human interactions, functional performance, extended use, financial, license/policy/regulatory, and security threats. The research also identified multiple approaches for mitigating the future proofing risks to ITS assets. A business model suggesting roles for seven existing DOT activities was drafted and an overall four-step approach to mitigating risks to ITS assets was developed. State and local DOTs can implement this research by reviewing the recommended actions and considering which are appropriate for their organization to mitigate risks to the future use of ITS assets. Lastly, the project recommends future research activities to further assist agencies with streamlining activities for future proofing ITS assets.