3. Risk Management and Performance Reporting on Assets

Council’s Asset Management Policy identifies the management of risks as a key part of responsible and sustainable management of its assets, not a separate issue that sits alongside this.4

While IP&R Guidelines5 require councils to identify ‘critical assets’ and ‘risk management strategies for these’ in their Asset Management Strategy,6 Council’s Asset Management Policy establishes its commitment to developing an annual State of Our Council Infrastructure Assets (SOCIA) Report that addresses this requirement.

The SOCIA Report is a supporting document for this SAMP. It identifies the specific issues behind the dollar values in the Report on Infrastructure Assets (in its Annual Financial Statements) and asset-related risks and treatment measures (in a way that aligns with its Risk Register). This simplified and integrated approach is summarised below. Further information is in the SOCIA Report itself.

4 It is worth noting principles of sound financial management (section 8B, Local Government Act referenced in section 1.1 above) identify risk management as part of effective financial and asset management. 5 See essential element 3.18. 6 As noted in section 1.1, this SAMP satisfies requirements for the AM Strategy and Plans.

Federation Council - Federation Council Strategic Asset Management Plan 2022-2032 15/11/2022 12:26 PM Reference: 22/43143 Version No: 1.0 Page 18