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Asset Management Maturity Model

March 1, 2024

Effective management of assets across the lifecycle (planning, acquisition, utilisation, maintenance, and disposal) is critical to the delivery of business objectives

Centium offers a comprehensive evaluation of your asset management controls that can help you accomplish your business goals.

Our assessment model, based on the Strategic Asset Management Framework: Public Sector, measures the maturity of a variety of controls, including strategic, tactical, and operational planning; information and support systems; performance improvement; and outcomes realisation.  The model also incorporates relevant asset management standards and inputs from the Asset Institute’s Public Asset Collaborative Group to enhance accuracy and effectiveness.

Using our expertise, we can conduct a thorough review of your organisation's internal controls and benchmark your organisation using our asset management maturity model. Our reviews are also customisable to address specific asset classes and elements, catering to your unique needs and risk profile.

See also our previous insights regarding the development of a procurement and contract management maturity model https://centium.com.au/news/procurement-contract-management-maturity-model/

If you are interested in hearing more about either model, or in engaging Centium to review your asset management controls, contact Penny Corkill:

Centium recently gave a presentation to the Local Government Internal Auditors Network (LGIAN) meeting on the recently regulated Office of Local Government (OLG) Risk Management and Internal Audit Guidelines and what those changes mean to Council.  These Guidelines have been in the pipeline for several years and are issued under section 23 A of the Local Government Act

The Guidelines now give statutory force to three crucial elements that will help to strengthen governance in NSW Local Government:

  1. A fully functional and independent Audit, Risk & Improvement Committee (ARIC) that has oversight over the internal audit function.
  2. A robust risk management framework to help Council manage their risks in order to achieve their strategic objectives.
  3. An independent Internal Audit function.

Councils have until 1 July 2024 to comply, noting that there are some criteria whereby Councils may seek exemptions from the OLG.  Annual attestation requirements from ARICs and the General Manager will be required from 2024-2025.

If you haven’t already started to consider all or some of these elements, now is the time to complete a gap analysis to determine how your Council complies and/or identify components that may need an uplift before July 2024. 

Please see our presentation for a suggested approach or call Penny Corkill, Director Risk & Assurance on 1300 237 810.

Procurement and contract management are two frequently occurring areas of mismanagement, fraud and corruption, both in and outside of the Government Sector

Centium has applied its many decades of combined auditing experience with the requirements and guidelines of Federal, State and Local Governments to develop an innovative and comprehensive risk maturity model over procurement and contract management.

Centium is now using this model to sharpen its auditing practices and to provide sound and targeted advice to organisations seeking to further improve the effectiveness of their procurements and to better safeguard against fraud and corruption.

The maturity model is a living example of Centium’s innovative and customer-centred approach to helping organisations better manage their risks. A snapshot of the model is copied below:

If you are interested in hearing more about the model, or in engaging Centium to review your procurement and contract management controls, contact Penny Corkill:

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