| | MARCH 20229CIOReviewof asset management practices and develop check-points across these areas. Using asset hierarchy upkeep as an example, randomly select assets and audit against the repository of attributes with the asset physically present. Alternatively, audit maintenance activities to check that the documentation and steps are being followed. Compare the results to either best practices or your organization's policies/guidelines/SOPs. In general committing to an audit will aid in compliance to maintain asset management plans and will support necessary resources when deviations are noted. Start small and garner buy-in from those impacted. I would be remised to not include an important change management action. Establish how the audit is to promote opportunities, recognize value, andvalidate the Asset Management Program effectiveness. Reinforce how the results are used to adjust practices as necessary and not get anyone in trouble. 2. Perform Process Walkthroughs ­ A basic auditing practice is to walkthrough processes with those who are both accountable and responsible for the output. This audit perspective and consideration gives the owners the opportunity to verbally discuss how they conduct business and actions related to asset management practices and goals. For those facilitating the walkthrough, an independent and non-bias viewpoint on potential opportunities and process enhancements generally are an outcome. Have a handful of open ended questions ready to spark dialogue. Keeping with the asset hierarchy upkeep example, walkthrough the steps performed to acquire the info and update in your CMMS/EAM application. The walkthroughs dialogue between parties sparks action and supports ideas on how to move up the asset management maturity scale and address challenged which are discussed. Lastly, as an added bonus and opportunity, consider developing complementary flow charts to document the discussed process. 3. Leverage Your Internal Audit Department ­A unique characteristic of an organization's audit department is that it maintains a level of independence to internally certify practices and procedures. As such, many Audit Departments allocate time to perform audits on operational practices in addition to financial transactions. If you company has an audit department, reach out and talk with them on how to both design and facilitate anaudit program related to asset management practices. Establishing assurances around asset management can significantly support and validate the importance the program provides. In many cases, an organization's Asset Management programs do not get the credit they deserve. In my opinion, this is because of the complexity of the program, outcomes, metrics, and reliability is not easily consumed/understood by non-practitioner and the 1% of failures garners the attention vs. the 99% of assets functioning reliability. A similar example is ESG Assurance. Many Audit Departments are being tasked with developing ESG assurances with the emerging regulations around these topics. With some States implementation laws requiring Asset Management reporting, similar assurance requirements may not be far off. I sincerely hope this short, but pointed article, generates thoughts and considerations on how to use an audit perspective to enhance and validate the performance, maturity, and importance of your asset management program. Here is the final consideration. You can report on preventative maintenance completion in terms of percentage complete or incorporate an audit perspective/approach and report/certify that the preventative maintenance program is designed and performing effectively to meet reliability and risk mitigation targets/goals/compliance. To close, one major observation I have had transitioning into the audit role is how audit is negatively perceived. The word AUDIT has become associated with tension and fear. Give your audit team a chance to help you and know we are out to ensure small errors do not become major issues and opportunities exist.
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