The Brazos River Authority (BRA) has responsibility for managing the resources of the Brazos River Basin including the development and distribution of water supplies, provision of water and wastewater treatment, and monitoring of water quality for its customers. Recognizing the complexity of Reservoir, Dam, and treatment assets dispersed across a large geography, the BRA engaged Carollo Engineers, Inc. to help develop a Risk-based Asset Management and Capital Planning Program to manage assets to their lowest lifecycle costs while delivering customers expected levels of service. This program included establishment of levels of service, selection of a new computerized maintenance management system, establishment of risk framework, pilot across representative dam and treatment assets, and short and long-term capital planning projections. This paper will review the framework selected and the elements developed to help the BRA realize their strategic objective of effective asset management.