Asset Management Plan - Newcastle City Council

Executive Summary0.7 Forward Works ProgrammeA 10-year forward works programme for each asset grouping is beingprepared based on the evaluation and ranking of alternative improvementprojects and maintenance treatments, and including all cyclic routinemaintenance functions. These individual programmes will subsequently beamalgamated to form an Integrated Forward Works Programme (IWP),which will include all assets and services and input from otherorganisations who may have an interest in or an affect on themanagement of the highway network. The IWP will be subject to extensiveconsultation with stakeholders to ensure this meets local aspirations at aneighbourhood level.This long-term programme will be built on projections using currently helddata and knowledge. As such there will be some variance on the reliabilityof the projections. The reliability of projections regarding the precisenature and location of the works for the later years of the programme willbe relatively low; however an aggregation of the anticipated needs is avalid method of predicting future funding requirements.0.8 Risk ManagementEffective Risk Management is an essential requirement of CorporateGovernance. It is concerned with managing the barriers to achieving theobjectives. It enables us to become aware of potential risks, and identifywhat the consequences might be if they occur. This will enable us tounderstand potential risks and take the appropriate action where possible,to control and manage them.Risks can be classified according to type and to category. This can assistin the overall management of risk. Risks are categorised as Strategic,Operational, Cross-cutting, Statutory and Discretionary.The four main steps of Risk Management can be broken down into:• Identifying Risks• Assessing Risks• Managing and Controlling Risks• Reviewing and Reporting RisksThe Asset Management Plan deals mainly with the first two sections;identifying risks and assessing risks.It is intended that this risk assessment system will be further developedsuch that in future it can be used as an option appraisal technique whenchoosing between differing service options and levels of service.18