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HomeMy WebLinkAboutFIN 120 Asset Management Data Governance Policy Policy Procedure Title: Asset Management Data Governance Policy Policy Number FIN 120 Reference Resolution #706/25 Date Originated (m/d/y) April 29, 2025 Date Revised (m/d/y) Pages 5 Approval: Chief Administrative Officer Point of Contact Senior Financial Analyst – Asset Management Coordinator, Finance Policy Objective This policy will describe the procedures required to control the collection, quality and management of asset data during an asset’s lifecycle for the purposes of implementing the City’s Asset Management Plan. It will also define the roles and responsibilities of municipal staff that are involved in the collection and management of asset data. The policy will also ensure that the City has the proper knowledge and information to make sound, evidence-based decisions regarding the management of municipal assets. This policy shall be implemented in accordance with the guidelines and provisions set forth in the Accounting for Tangible Capital Assets Policy (FIN 050), the Strategic Asset Management Policy (FIN 080), the Records Management Policy (ADM 060), and the Purchasing Policy (PUR 010). Index 01 Definitions 02 Objectives 03 Business Functions of the City’s Asset Management System 04 Roles & Responsibilities 05 Authority 06 Scope Policy Title: Asset Management Data Governance Policy Page 2 of 5 Policy Number: FIN 120 01 Definitions 01.01 Asset Management (AM) – the coordinated activity of an organization to realize value from assets. It considers all asset types, and includes all activities involved in the asset’s lifecycle from planning and acquisition/creation; to operational and maintenance activities, rehabilitation, and renewal; to replacement or disposal and any remaining liabilities. Asset management is holistic and normally involves balancing costs, risks, opportunities, and performance benefits to achieve the total lowest lifecycle cost for each asset. 01.02 Asset Management Data Governance Procedure (AM Data Governance Procedure)1 – a catalogue of data procedures that outlines standards, processes, roles, and responsibilities in the management of data used to inform corporate asset management decision-making. 01.03 Asset Management System (AM System) – the set of interacting elements of an organization to establish AM policies and objectives, and processes to achieve those objectives. 01.04 Asset Management Information System (AMIS) – a combination of processes, data, software, and hardware applied to provide the essential outputs for effective asset management such as reduced risk and optimum infrastructure investment. 01.05 Asset Inventory – a centralized electronic catalogue of all assets relevant to an organization. 01.06 Business Function – refers to a specific activity or process within an organization that contributes to the overall goals and objectives of the business. It involves a set of related tasks and responsibilities that are carried out by a group of people. 01.07 Data – raw facts and figures, such as numbers, words, symbols, and images, that gain meaning and context when organized and analyzed. 01.08 Information – a collection of data expressed with supporting context. 01.09 Lifecycle Management – all practices associated with considering management strategies as part of the asset lifecycle, from planning to disposal. 01.10 Municipal Infrastructure Assets – an infrastructure asset directly owned by a municipality or included on the consolidated financial statements of a municipality. 1 Attached to the Policy. Policy Title: Asset Management Data Governance Policy Page 3 of 5 Policy Number: FIN 120 02 Objectives 02.01 All business functions of the City’s AM System shall be supported by Data and Information requirements as identified in the AM Data Governance Procedure. The requirements shall be revised according to the evolving understanding of the information needs of the AM System. 02.02 As new business functions related to asset management are identified, best efforts should be made to develop processes that outline the key Data and Information required to satisfy these functions and be included in the AM Data Governance Procedure. 02.03 All asset Data and Information relevant to the management of Municipal Infrastructure Assets shall be consolidated and stored in a centralized Asset Inventory that allows for controlled access by staff in accordance with the AM Data Governance Procedure. 02.04 The archiving and/or disposal of any asset Data must be approved as per the Purchasing Policy (PUR 010) unless otherwise outlined in the A M Data Governance Procedure. 02.05 Asset Data and Information shall be collected according to the AM Data Governance Procedure to ensure a high level of quality, consistency and accuracy for the purposes of asset management. 02.06 Asset Data shall be transmitted between essential personnel within the timelines specified in the AM Data Governance Procedure. 02.07 Best efforts shall be made as it relates to the City’s AMIS in the context of a continuous cycle of audit and review of Data quality and confidence to maintain the highest possible Data quality and integrity. The audit shall determine areas of non-conformance and improvement actions required to correct these non- conformances. 03 Business Functions of the City’s AM System An AM System has four primary business functions beyond the asset Inventory Management: risk management, lifecycle management, levels of service management, and financial management. 03.01 The Asset Inventory Management: This function involves the systematic tracking, evaluation, and management of all physical assets within the municipality, requiring the development and maintenance of tools such as the AMIS. 03.02 Risk Management: This function involves identifying and managing risks associated with City assets with the intended purpose of identifying, evaluating, and mitigating against such risks over the life of the assets. Effective risk Policy Title: Asset Management Data Governance Policy Page 4 of 5 Policy Number: FIN 120 management can help reduce downtime, repair costs, and safety hazards, while improving overall asset performance. 03.03 Lifecycle Management: This function considers the full cost of ownership, from planning and design to acquisition, operation, maintenance, and disposal of assets. It involves regular monitoring, maintenance, and inspection, as well as identifying opportunities for upgrades or replacement. By optimizing the use of assets over time, organizations can extend their lifespan and reduce replacement costs. 03.04 Levels of Service Management: This function focuses on maintaining or improving the levels of service provided by assets to community members and stakeholders. It involves identifying and prioritizing service requirements, setting performance targets, and monitoring and reporting on performance. Effective levels of service management can help improve the satisfaction of users and stakeholders, while minimizing the risk of service disruptions or failures. 03.05 Financial Management: This function focuses on ensuring that the costs of asset acquisition, operation, maintenance, and replacement are balanced against the benefits they provide. This involves developing long-term investment strategies, analyzing costs and benefits, and prioritizing investments based on strategic objectives and risk considerations. Effective financial management can help ensure the sustainability of the AM System and the organization as a whole. 04 Roles & Responsibilities 04.01 Data Executive – Asset Management Coordinator: a) maintains the centralized Asset Inventory b) provides leadership in resolving conflict c) provides direction and priorities in data management activities d) maintains and coordinates changes to AM Data Governance Procedure e) coordinates the regular audit and review of the AMIS f) coordinates user access to the centralized Asset Inventory g) coordinates training, onboarding, and reporting 04.02 Data Owners – Departmental Directors: a) defines the Data and Information required for asset management for their respective Department, Divisions or sections b) outlines Data quality standards Policy Title: Asset Management Data Governance Policy Page 5 of 5 Policy Number: FIN 120 c) recommends updates to the AM Data Governance Procedure, as necessary d) ensures that Data Stewards and Providers have the requisite training and resources to perform required data-related processes and functions 04.03 Data Stewards – Individual staff members assigned from each Department to be responsible for routine management of asset Data: a) coordinates data-related processes and functions b) coordinates improvements to Data and Information quality c) maintains the centralized Asset Inventory for AM purposes d) serves as the liaison between the City Department and Consultants 04.04 Data Providers – Departmental Staff/Consultants: a) collects Data that support asset management activities b) provides Data and Information to Data Stewards 05 Authority 05.01 This policy shall be administered by the Finance Department, and the Treasurer, in consultation with the necessary Department, shall have the authority to interpret any provisions in the policy necessary for the good and efficient conduct and business of the City. Any changes shall be approved by Council. 06 Scope 06.01 This policy applies to Municipal Infrastructure Assets under the operations of the City including any Agencies, Boards and Commissions. It applies to the Pickering Public Library to the extent that it does not conflict with the role of the Board or Chief Executive Officer under the Public Libraries Act. Please refer to all associated Polices and Procedures where applicable, for detailed processes regarding this Policy.