Figure C:
Prioritize
Action Plan
for IWK Asset
Management
System
Based on the framework,
in March 2013, an in house
IT-based system named Asset
Risk Management System
(ARMS) was developed and
rolled out to the 21 Operational
Unit Offices throughout the
country. The purpose of the
system is to facilitate the
proces s of identification,
qualification, control and
repor ting of asset related
risks in a systematic, aligned
and transparent manner.
Decision making levels at the
Unit Offices are done through
the Unit Risk Management
Committee (URMC). Where
higher level decisions are
required, risks can be
escalated through the system.
The whole process is overseen
by the Asset Risk Management
Committee (ARMC), in charge
of establishing processes and
procedures, setting up a peer
review panel to ensure risk
management are being carried
out correctly and ensuring
risks are being managed within
tolerable levels.
As of August 2015, 36%
of the total 7,361 assets are
affected by asset-related risks.
Most of these risks are being
addressed through operational
strategies, such as visitations
and preventive maintenance
while the most critical ones
requiring CAPEX solutions such
as security fencing, equipment
upgrade, electronic security
systems and sewer repairs are
being addressed through the
respective Unit Office CAPEX
Budgets. The risks requiring
high CAPEX solutions such
as structural issues, sewer
rehabilitation and STP upgrading
have been compiled and
incorporated in the Business
Plan as critical CAPEX to reduce
or mitigate the risks. The risks
are being monitored, updated
and managed on an on-going
basis.
The most prominent
improvement throughout
this entire process is that
the Operational Units of IWK
acknowledged the importance
of the Asset Management
Plan and have used it as the
basis of budgeting starting
from year 2014. Resource
requirements and budgeting
have been linked with line of
sight to asset objectives and
risk profile, thereby balancing
cost, p \