2018-12-11 S&O Agenda - Attachment 1 to Item 16 - Road Infrastructure Asset Management Plan

5.                Risk Management
Risk management is a coordinated approach to the management and control of risk by Noosa
Council.


5.1    Critical Assets
The identification of critical assets based on the consequence of failure multiplied by the likelihood
of failure; as adapted from the International Infrastructure Manual 2015 Section 3.2.4 has been
undertaken to enable the prioritization of asset management and financial resources.             Road
infrastructure is identified as a critical asset to the Noosa Community and have the highest asset
value on Council’s asset register. The management of Council’s road infrastructure assets should
continue to be prioritised to ensure any significant risks are mitigated before they escalate further
and impact on the Community.


5.2    Risk Assessment
It is important to have a good understanding of the risks associated with the operation of the Road
infrastructure Assets. Council continues to develop its road infrastructure management activities to
ensure that the road infrastructure is meeting the intended design life, and where necessary work
on the optimised intervention for undertaking rehabilitation and renewal activities.

The key risks associated with achieving the above objectives of Council’s road infrastructure
management activities and associated levels of service have been identified throughout this AMP
and are outlined below:

       1. Unanticipated road infrastructure deterioration and structural failure possibly accelerated
          by the increasing severity in weather and climate change conditions;
       2. Asset Performance – No asset failures that influence the service levels. A complete
          understanding of all road infrastructure assets and their relevant asset condition will
          assist in mitigating potential risks.
       3. Asset Knowledge - The need to understand the performance of all the road infrastructure
          assets at component level is essential in mitigating risks. Assets such as retaining walls,
          carparks, lighting and signage are assets that require more detailed inspections and
          improved maintenance activities to ensure assets do not become a risk to the community.
       4. Funding – the ongoing operational and maintenance costs for road infrastructure will
          continue to rise and efficiencies and cost savings are reviewed regularly. Grant
          opportunities for renewals/upgrades must always be considered.

These risks and all other current risks will be regularly reviewed and if necessary, they can be
documented in the annual Branch Plan – Civil Operations. Should there be a need for them to be
further escalated they can be addressed for consideration by the Asset Management Working Group,
Executive Team, and Audit and Risk Committee.

To mitigate these risks there are resulting actions from this AMP. For Council to make informed
decisions, it is understood that focus must be placed on consistent cyclical inspections across all
roads and road infrastructure assets with condition data accurately recorded in T1 asset
management system. This then supports the reconciling of financial asset data, GIS data and
inspection data to have a single point of truth for all road and road infrastructure assets.




Asset Management Plan: Roads Infrastructure                                                   Page 19