Asset Management Governance

Asset Management Governance is the manner in which an organisation allocates responsibility for and makes decisions about asset management related projects, tasks, actions and issues.

Because asset management is a broad discipline that typically spans the interests of a range of departments and directorates, it is often the case that the overall responsibility for asset management within an organisation is shared. The National Asset Management Assessment Framework suggests that an Asset Management Steering Committee, with cross functional representation should be created to oversee the governance of asset management within the organisation.

National Asset Management Assessment Framework

The National Asset Management Assessment Framework includes a number of statements about asset management governance:

  1. Council has mechanisms in place to provide high level oversight by the Council, CEO/GM and Executive Management Team, for development and implementation of the Asset Management Strategy and Asset Management Plans.
  2. Roles and responsibilities are clearly defined in a matrix or policy, identifying positions responsible for determining levels of service and positions responsible for managing the assets to meet service delivery needs.
  3. The staff structure and position descriptions clearly define asset management functions, responsibilities and skill requirements for managing all asset classes.
  4. Council has a documented process for making capital investment decisions, which is driven by Council’s Strategic Longer Term Plan, Long Term Financial Plan and the Council Plan and explicitly details the impacts on the future operations and maintenance budgets, “Whole of Life” costs and risk management assessments.
  5. Council involves all its departments in Asset Management.
  6. Council has an Asset Management Steering Committee, with cross functional representation and clearly defined and documented terms of reference, focused on coordinating the linkages between service delivery and asset management implementation.
  7. There are internal processes to promote Asset Management across Council

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