The Home and Communities Agency requires all registered providers (RPs) to produce a comprehensive asset and liability register (ALRs). The deadline of compliance, 31st March 2016, is fast approaching and we wanted to remind RPs what they are required to do and the benefits of producing ALRs.
The primary purpose of the new requirement is to ensure the RPs understand their housing assets and security positions and have swift access to this information to aid strategy and risk assessment decisions.
Registered providers, from the 31st March are required to:
- Maintain a thorough, accurate and up to date record of assets and liabilities;
- Identify those liabilities that may have recourse to social housing assets;
- Have an up-to-date record of sufficient information to enable a potential buyer to accurately value the business in the event of distress.
There are a number of benefits for RPs to produce an Asset and Liability Register:
Relevant data can be stored in various systems including Housing Management Systems, Asset Management Systems, 3rd Party Systems, Excel Spreadsheets and Access Databases. This approach runs the risk of the data becoming siloed, data not being accurately replicated across systems and corruption of data. It can also take a significant amount of time to pull together when needed.
The function of the ALR, in most cases, is to act as a central link between these existing systems. This will allow quick access to all relevant data in a manner that can easily be followed both by the RP and by any potential rescuer in the event of distress.
Data is expensive to collect and maintain and so should be utilised fully. In addition to asset management, the data can be used to improve the customer experience. For example through improved property information such as the number of rooms and room sizes during the lettings process or proactive management of servicing. In achieving this, registered providers should understand the business process to ensure additional burdens are not introduced. Ensure that how the asset data is structured, recorded and used is documented to remove any ambiguity when recording and interpreting data.
We are working with registered providers to enhance their BI reporting system to produce the ALR. If you would like more information on how Esuasive can help you achieve this, please contact us via: email: firstname.lastname@example.org or call 01344 393 012