Asset Lifecycle Management Audit Checklist for Energy Utility Equipment

Comprehensive asset lifecycle management audits should be conducted annually. However, continuous monitoring of key performance indicators and quarterly reviews of critical assets are recommended. Major equipment should undergo lifecycle assessments at key milestones or every 3-5 years, depending on their expected lifespan.

Key areas include asset inventory and classification, procurement processes, installation and commissioning procedures, operational performance monitoring, maintenance strategies, asset health assessment, lifecycle cost analysis, risk management, technology obsolescence planning, and decommissioning and disposal practices.

Asset lifecycle management audits should involve asset managers, maintenance engineers, financial analysts, operations managers, procurement specialists, and reliability engineers. It's also beneficial to include representatives from IT departments for assets with digital components or connectivity.

This checklist helps optimize asset investments by balancing performance, risk, and costs throughout the asset lifecycle. It enables utilities to make data-driven decisions about when to repair, upgrade, or replace equipment, ultimately reducing operational costs, improving reliability, and maximizing return on asset investments.

Yes, this checklist can and should be integrated with other management systems such as enterprise asset management (EAM) software, computerized maintenance management systems (CMMS), and financial planning tools. It complements these systems by providing a structured approach to evaluating and optimizing asset lifecycle strategies.