Electricity Asset Management Plan 2019-2029
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Vector Limited://
Asset Management Maturity (Schedule 13)
Vector Electricity 1 April 2019 –31 March 2029
Company Name AMP Planning Period Asset Management Standard Applied
SCHEDULE 13: REPORT ON ASSET MANAGEMENT MATURITY
This schedule requires informationon theEDB’S self-assessmentof thematurityof its assetmanagementpractices .
QuestionNo.
Function
Question
Score
Evidence—Summary
UserGuidance
Why
Who
Record/documented Information
3
Asset management policy
To what extent has an asset management policy been documented, authorised and communicated?
3 Vector's Asset Management Policy (latest version published August 2017) has been authorised by ourChief Network Officer. The document has been circulated to key stakeholders and is readily available for staff to access. The document is part of the controlled document management systemand reviewed periodically.
Widely used AMpractice standards require an organisation to document, authorise and communicate its asset management policy (eg, as required in PAS 55 para 4.2 i). A key pre-requisite of any robust policy is that the organisation's top management must be seen to endorse and fully support it. Also vital to the effective implementation of the policy, is to tell the appropriate people of its content and theirobligations under it. Where an organisation outsources some of its asset-related activities, then these people and theirorganisations must equally be made aware of the policy's content. Also, there may be other stakeholders, such as regulatory authorities and shareholders who should be made aware of it. In setting an organisation's asset management strategy, it is important that it is consistent with any otherpolicies and strategies that the organisation has and has taken into account the requirements of relevant stakeholders. This question examines to what extent the asset management strategy is consistent with otherorganisational policies and strategies (eg, as required by PAS 55 para 4.3.1 b) and has taken account of stakeholder requirements as required by PAS 55 para 4.3.1 c). Generally, this will take into account the same polices, strategies and stakeholder requirements as covered in drafting the asset management policy but at a greater level of detail. Good asset stewardship is the hallmark of an organisation compliant with widely used AM standards. A key component of this is the need to take account of the lifecycle of the assets, asset types and asset systems. (Forexample, this requirement is recognised in 4.3.1 d) of PAS 55). This question explores what an organisation has done to take lifecycle into account in its asset management strategy. The asset management strategy need to be translated into practical plan(s) so that all parties know how the objectives will be achieved. The development of plan(s) will need to identify the specific tasks and activities required to optimize costs, risks and performance of the assets and/orasset system(s), when they are to be carried out and the resources required.
Top management. The management team that has overall responsibility forasset management.
The organisation's asset management policy, its organisational strategic plan, documents indicating how the asset management policy was based upon the needs of the organisation and evidence of communication.
10
What has the organisation done to ensure that its asset management strategy is consistent with otherappropriate organisational policies and strategies, and the needs of stakeholders?
3 Good asset management is practiced implicitly based on the policies and strategies which are approved by Vector's Board. The Board also approves the asset management plans and associated budget.
Top management. The organisation's strategic planning team. The management team that has overall responsibility forasset management.
The organisation's asset management strategy document and other related organisational policies and strategies. Other than the organisation's strategic plan, these could include those relating to health and safety, environmental, etc. Results of stakeholder consultation.
Asset management strategy
11
3 Specific and more detailed asset management strategies are being developed forall assets. Lifecycle cost and service implications are adequately considered in maintenance and replacement decisions. This is an ongoing programof work with the opportunity to improve and integrate the results of Vector's Condition Based Asset Risk Management (CBARM) models.
Top management. People in the organisation with expert knowledge of the assets, asset types, asset systems and theirassociated life-cycles. The management team that has overall responsibility for asset management. Those responsible fordeveloping and adopting methods and processes used in asset management The management teamwith overall responsibility for the asset management system. Operations, maintenance and engineering managers.
Asset management strategy
In what way does the organisation's asset management strategy take account of the lifecycle of the assets, asset types and asset systems overwhich the organisation has stewardship? How does the organisation establish and document its asset management plan(s) across the life cycle activities of its assets and asset systems?
The organisation's documented asset management strategy and supporting working documents.
26
Asset management plan(s)
2 High level strategies and plans are contained in the Asset Management Plan (AMP). Life cycle activities are documented in the formof standards covering planning, design, equipment selection, operation, maintenance, inspection, testing and decommissioning. Asset condition data, the collection process and specific asset strategies are being improved.
The organisation's asset management plan(s).
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