2009 Corporate total asset management plan
Darwin City Council
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Darwin City Council
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32 Corporate Asset Management Plan CCoorrppoorraattee AAsssseett MMaannaaggeemmeenntt PPllaann The effectiveness/acceptance of any implemented demand strategies must be monitored over time to allow continuous improvement to occur over the lifecycle of the asset. 4.0 Risk Management Darwin City Council recognises that Risk Management forms an integral element of good Asset Management. The core objective of Risk Management is to identify, evaluate and treat the uncertainties relating to asset and service provision. Risks can typically be categorised as: Natural events. Council has virtually no control over the timing or extent of the event, however, the probabilities may be understood. External impacts. Council has some control over these risks, associated with other organisations providing goods and services to Council. Physical failure risk. Where condition or performance of an asset could lead to failure. Council can control these risks through its renewal funding levels. Operation risks. Where management of the asset or asset management activities might impact on an asset. Council can control these risks through maintenance and rehabilitation funding. This chapter outlines the Risk Management process and current practices of Council. 4.1 Risk Management Process The processes of risk assessment and management are fully documented in the Australian/New Zealand Risk Management Standard 4360:2004 and the draft International Standard ISO/DIS 31000: Risk Management - Principles and Guidelines on Implementation. The major elements of risk assessment and management are: Risk Management Context. Establishes the objectives, stakeholders, key issues and criteria against which risk will be evaluated. Identify the Risk. Identifies what risk events are likely to impact on assets. Analyse the Risk. Assesses and ranks the identified risks in risk register. Treat the Risks. Identifies what actions can be taken to reduce the risk. Monitor and Review. Ongoing process to constantly review the risks and treatments to ensure risks are kept at an acceptable level.