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This paper presents a Geographical Information System (GIS) based risk assessment model for road transportation of hazardous materials (hazmat). Existing and proposed risk models are applied to truck shipments of hazmat through the road network of Istanbul. Our empirical analysis on the Istanbul road network points out that different risk models usually select different routes between a given origin-destination pair. In this study, we propose a new risk assessment model named as ldquotime-based risk modelrdquo for hazmat transportation. We speculate that the proposed model is the most suitable one for the city of Istanbul and alike.