Knowing which assets are your most critical can help you to manage organisational risk and drive down cost of unplanned failures. So how do you know which assets are most critical? At Clear Idea, we have worked with Queensland Water Directorate (qldwater) to develop both frameworks and tools to help water utilities and councils assign asset criticality to their water and wastewater infrastructure.
The framework uses eight risk categories:
· Financial
· Reputational
· Customer Service Disruption (critical commercial customers and dialysis patients)
· Compliance (Australian Drinking Water Guidelines and Environmental Authority)
· Environmental (oceans, rivers, creeks, storm surge, highways, major roads, third party
damage)
· Health and Safety (public and workers)
· Business Continuity (workforce / information technology)
· Strategic Value (community impact / natural disaster impact).
Within the categories there are a further forty-seven consequence scores spread across the risk categories to help identify which assets are most critical.
The framework has also been expanded to include assets within facilities such as pump stations, treatment plants, reservoirs etc.
Clear Idea is helping many organisations implement the framework which is available from Queensland Water Directorate (qldwater). We have developed python scripting to make bulk asset assessments a much easier task.
The benefits of understanding asset criticality is that you can:
focus maintenance on HIGH critical assets
focus condition assessments on HIGH critical assets
prioritise business cases and renewals for HIGH critical assets
By understanding asset criticality, you can help your organisation lower operational costs associated with unplanned failures of your most important assets that can be costly and impact service delivery.
For more information, contact Clear Idea to see if we can assist you to understand your asset criticality.