How To Fix A Built Asset Register

Poorly organised built asset registers with incomplete asset naming that are fragmented, outdated or incomplete (or all of the above), can create huge headaches for organisations, slowing down operations and impacting both finances and compliance.  

At SFG20, our mission is to make buildings safer, and as part of our role, we want to give you access to the best possible resources and information to make your job easier.   

This guide will outline the steps to take to significantly improve the accuracy and reliability of an existing building asset register.  

Step 1: Validate Your Data Structure  

Before you start fixing any data quality issues you have with your built asset register, you’ll need to validate the structure of the data you need to hold.   

The easiest way to think about this is to consider what questions you need to answer when the execution team/the board ask you about the estate. For example:

• Are we compliant?   

• How much does the estate cost to run every year?    

• Can we make the estate more energy efficient?   

• How can we reduce the operational cost of running the estate?  

• How much money do we need to spend on the estate next year and over the next 5 years? 

• What are the levels of carbon emissions emitted from our estate?  

• What level of investment do we need to make to reduce our carbon emissions and achieve our Net Zero Carbon pledge?
  

To answer these common questions, you’ll need to understand your assets including their full description (with sufficient detail to allow the correct maintenance to be specified), their location, condition, efficiency, energy usage and how much you have been spending on each asset to maintain it.   

Your built asset register’s data structure should be designed to work effectively with data capture systems and to enable efficient handling within an asset data management system.  

To help explain your approach, you may want to produce a high-level outline structure such as the one below. 

• Field reference – a unique numeric reference for use within this standard. 

• Data fields – the name of the data field. 

• Description – a description of what the field is and what it relates to. 

• Data Values Examples – an example value of the data which would be captured against each field. 

• Comments (including related specifications) – additional comments relating to each field including related specifications where relevant. 

• Rationale – the reasons and uses behind the data captured in each field. 

Within each data field, you should consider the type and format of data to be inputted (described as data values above).   

Using specific data formats such as dates being DD/MM/YYYY or company numbers and company names as registered with Companies House for suppliers and installers can help future data searches and analysis.  

This can also help to inform who to direct action to if there are future issues.   

 Step 2: Categorise Assets  

Now that you’re clearer on your built asset register’s data structure, you’ll need to identify the asset categories and subcategories that are relevant to your organisation. 

For example: 

• Asset type 

• Asset value  

• Asset risk 

• Asset ownership 

• Asset lifecycle 

• Department or business unit 

• Physical location 

• Asset type or category 

• Criticality to business operation 

You may wish to group assets together in systems such as Building, Mechanical and Electrical as shown below.  

Within these systems, you can group assets into components as described above and then into sub-components as seen below.  

This categorisation will help to improve asset visibility, accuracy and relevance, and allow for more effective management.

Step 3: Create Unique Asset Identifiers 

Check if there are any assigned identifiers such as barcodes or QR codes used with your assets.  

If there aren’t any, the below audit step is an opportune time to address this, 

Assigning an identifier will help you to quickly identify each asset and facilitate easier physical counts and audits in the future, as well as streamline data entry and updates which in turn will help to improve tracking accuracy and reduce errors. 

Step 4: Conduct A Comprehensive Asset Audit 

The next step is to perform a thorough physical count of all assets to verify their existence and condition.  

With a defined data structure, you’ll be able to compare this information with the current built asset register's records, identify any missing or unrecorded details or equipment and assess the accuracy of existing asset data. This exercise may help you to plan and prioritise your audit.

It’s important to note that this asset audit cannot be a desktop exercise; it will require a full tour of the estate, gaining access to all plant rooms, service risers and plant decks.  

The audit will need to include documenting asset specifications, locations, and current conditions as well as verifying warranty and insurance details alongside installation dates.  

Where a building contract has been in place to install the assets, there may well be a collateral warranty from the main contractor that covers any defects in the building.   

This can cover the installation of sub-standard or faulty assets or the duty of care to provide details of the assets within an Operation and Maintenance Manual. 

There are two types of building contracts: simple contracts (sometimes known as contracts under hand) and contracts under seal. It’s worth understanding which was used as they have different limitation periods.  

An action to resolve a defect founded on a simple contract cannot be brought after six years from the date on which the cause of the action accrued, usually the date of Practical Completion (PC) for the building.  

The limitation period for a contract under seal is 12 years. 

Once the physical audit has been completed, you’ll be able to compare existing data with the latest data and identify any discrepancies or errors.  

All omissions and corrections should then be rectified within the built asset register.   

Step 5: Regularly Update Your Built Asset Register

It’s vital to update asset information regularly, and you will also need to conduct a full review and update of your built asset register at least annually.

Built asset registers should be updated any time capital work is carried out on the building or when significant asset repair or replacement is carried out that would alter any of the data fields within your chosen data structure. 

Ensure that the following information is updated regularly: 

• Asset condition
• Current location and status 

• Maintenance schedules and history 

• Depreciation calculations 

• Performance metrics 

• Repairs and updates  

Step 6: Train Staff 

Your staff must be trained to ensure they understand the importance of accurate and timely data entry, as well as the best practices associated with tracking and maintenance. 

This should include comprehensive training on the proper use of the asset management software and the standard operating procedures (SOPs) for the business.  

Ultimately, you’ll need to emphasise the critical role each employee plays in maintaining an accurate built asset register. 

It may be possible to look at forms of Robotic Process Automation (RPA) where mundane data entry tasks can be done automatically with minimal intervention of humans.   

This can reduce the possibility of human error creeping in which can reduce data quality.  

Step 7: Perform Periodic Reviews And Audits 

To verify your built asset register's accuracy and completeness, you’ll need to schedule regular reviews and audits.  

This should include: 

• Comparing physical counts with the built asset register’s data 

• Reviewing asset categorisation and tagging 

• Assessing the effectiveness of current asset management processes 

• Identifying areas for improvement 

• Changes to characteristics  

• Changes in the environment  

• Changes in requirements  

• Any site-specific data  

Stay In Control Of Your Compliance Responsibilities 

An accurate built asset register is paramount to ensuring that all of your assets are accounted for and that an effective, compliant maintenance plan can be adopted that captures the specific requirements of each asset. 

At SFG20, our number one mission is building safety. One of the first steps to achieving this is to fully understand the risks faced by organisations who do not comply with the requirements for Building Safety legislation.   

To find out what the top 5 risks are associated with non-compliance, click the button below.