Are You Ready for your IDA?

In June 2015, the Homes and Communities Agency (HCA) set out its process for conducting the new “forensic” in-depth assessment (IDA).

The IDA’s were billed as a “bespoke piece of work” that would look at risk profiles, financial strengths and weaknesses and governance.

In the post-Grenfell world, one of the top areas of concern identified by Fiona McGregor (HCA Director of Regulation) was to ensure scrutiny of data integrity and have active asset management matters in place and that RP’s should “sort it and evidence it”.

In preparation for the IDA, Registered Providers should be comfortable at the robustness of their Assets and Liabilities Register.  RP stock condition falls into this emerging concern, and recommendations are to have a percentage of the stock data independently and externally verified for its accuracy.

A sample stock condition survey is the ideal way to review data and ensure that your asset database is correctly updated and cloned.  Something like 5%-10% review per year would ensure fully up to date areas, which also help to shape any investment programmes too.

Elvet Construction Consultants are a leading surveying practice within the property sector specialising in the delivery of Project Management, Cost Management, Sustainability and Asset Management.

Get in touch with our Asset Team by emailing info@elvetconsultants.co.uk to see how we can help.