Strategic Asset Management Framework

This framework is based on the Australian Asset Management Collaborative Group's (AAMCoG) Guide to Integrated Strategic Asset Management, published in 2012 by the Cooperative Research Centre on Infrastructure and Engineering Asset Management (CIEAM). It reflects advances in asset management since the previous guide was developed and aims to bring it in line with the contemporary asset management landscape, including alignment with the ISO 55000 suite of asset management standards.The...
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This framework is based on the Australian Asset Management Collaborative Group's (AAMCoG) Guide to Integrated Strategic Asset Management, published in 2012 by the Cooperative Research Centre on Infrastructure and Engineering Asset Management (CIEAM). It reflects advances in asset management since the previous guide was developed and aims to bring it in line with the contemporary asset management landscape, including alignment with the ISO 55000 suite of asset management standards.The overall objective of this framework is to enable those without a technical background or extensive exposure to asset management concepts to quickly gain a high-level understanding of strategic asset management. One of the key messages for asset-intensive entities is that the asset management framework is effectively the same as the corporate governance framework, with both requiring consideration, assessment, analysis and management of the same issues. Both are aimed at delivering services to the community and ensuring those services are delivered at an acceptable level of service and cost effectiveness over the long-term. As such, entities should consider asset management and their overall corporate governance responsibilities as complementary.The Australian Procurement and Construction Council's (APCC) and Certified Practicing Accountant's (CPA) role in developing the initial guide and contribution to this update is greatly appreciated. The Asset Institute's Public Assets Collaborative Group's (PACoG) contribution to this updated framework is also appreciated.The main aim of PACoG is to collaborate nationally on asset management strategies between all asset management groups.