Compass Asset Management Framework
Good Business Practice
Asset management results in better decisions. Aligning management of infrastructure with strategic policies and direction will support the long-term success of the utility’s mission, goals and objectives.
More structured day-to-day attention to system assets and their condition means that unexpected failures are less likely, thus minimizing emergency repairs, costly lawsuits and customer relations problems. Assessing the risk implications of asset failure helps focus resources on critical priorities and reduces overall risk to the utility.
There is evidence that asset management systems that maintain infrastructure in a sound and reliable condition and are based on minimizing life cycle costs, can significantly reduce operating and maintenance cost, as well as long-term capital expenses.