What is the framework for asset management?

The AMBoK 000: Framework for Asset Management presents an intellectual framework and context through which asset management information can be developed and universally understood, whilst providing opportunities for both individuals and organisations to build their asset management capabilities.

What is the AMAF process?

The AMAF asset lifecycle outlines processes that must and should be adopted to manage entire asset bases . The AMAF applies to all stages of the asset lifecycle, but focuses on requirements for the planning and operation stages, and leadership and accountability arrangements.

What is an accountability framework?

An Accountability Framework for a new initiative helps to outline both the ownership of responsibilities relating to that initiative, as well as plans for information gathering, monitoring and reporting .

What is the AMAF policy?

The Asset Management Accountability Framework (AMAF) is the Victorian Government's policy framework for asset management . It was introduced in February 2016 to assist Victorian public sector agencies to properly manage their asset holdings and better support the delivery of services.

What are the 5 P's of asset management?

Understanding the 5 P's of asset management can provide a structured approach to managing assets effectively. This article delves into the 5 P's—Planning, People, Processes, Performance, and Portfolio—and how they contribute to a robust asset management strategy.

What are the 3 pillars of asset management?

In summary, the three pillars of asset management— Asset Lifecycle Management, Risk Management, and Performance Management —are essential for maximizing the value of assets while minimizing risks and costs.

What are the 5 C's of accountability?

The key components highlighted in the framework are – clarity, common goal, communication and alignment, coaching and demonstration, and consequences and outcomes .

What are the 4 P's of accountability?

That philosophy is really encapsulated in the four P's of accountability. The four P's are people, purpose, performance and progression . People. People matter and people drive performance, not technology, not performance goals, not resources.

What are the 4 pillars of accountability?

It is about knowing the right thing to do and about duties and obligations. According to Caulfield (2005) there are four pillars of accountability: professional, ethical, legal and employment .

What are the four 4 levels of accountability?

The Four Levels of Accountability Level One: Accountability – SELF. You can become accountable to yourself by: ... Level Two: Accountability – TO ANOTHER. ... Level three: Accountability – TO A GROUP. ... Level four: Accountability – PUBLIC. ... By Ricky Parcell. Europe's No 1 Master Coach. Partner and Programme Creator thebodycamp.com.

What is a management accountability framework?

The MAF assesses the practices and performance of organizations in specific areas of management (AoMs) on an annual basis . Some organizations may not be assessed on all the AoMs depending on their size and mandate. The AoMs are: Financial management. People management.

What are the 3 C's of accountability?

Our ability to be accountable and to hold others accountable comes down to the core of our identity—as evidenced in our character, courage, and commitment.

What is the Individual accountability Framework?

The Individual Accountability Framework (IAF) includes the following key elements: Senior Executive Accountability Regime (SEAR): This will require in-scope firms to set out clearly and fully where responsibility and decision-making lie within the firm's senior management.

Asset management accountability framework (2024)

The asset management accountability framework is a policy that aims to ensure an agency’s asset base addresses its service delivery objectives.

The four key stages of the asset lifecycle are:

Planning:determination of asset requirements, based on an assessment of both service delivery needs and the capability of the existing asset base to meet these needs.
Acquisition:procurement of assets to meet an identified service need, including the assessment of procurement options.
Operation and maintenance:management and use of an asset to deliver services, including maintenance.
Disposal:treatment of an asset that has either reached the end of its useful life, is considered surplus, or is under-performing.

These stages are represented in the diagram below as occurring sequentially, but each stage will be informed by activities occurring in each of the other sectors:

Organisational leaders are expected to promote principles and policies for good asset management throughout all stages of the asset lifecycle.

Asset Management Accountability Framework

The Asset Management Accountability Framework (AMAF) replaces Victoria’s existing asset management framework,Sustaining Our Assetsand the related asset management series. The AMAF assists Victorian Public Sector agencies manage their asset portfolios and provide better services for Victorians.

LikeSustaining Our Assets, the AMAF is premised on a non-prescriptive, devolved accountability model of asset management. This allows public sector bodies to manage their assets in a manner that is consistent with government requirements, their own specific operational circ*mstances and the nature of their asset base.

The AMAF details mandatory asset management requirements as well as general guidance for agencies responsible for managing assets. Mandatory requirements include developing asset management strategies, governance frameworks, performance standards and processes to regularly monitor and improve asset management. The requirements also include establishing systems for maintaining assets and processes for identifying and addressing performance failures.

Additionally, secretaries and public sector boards, must attest to their agency’s compliance with the mandatory requirements of the AMAF in their annual report from 2017-18 and, every three years, self-assess their organisation's asset management maturity.

The AMAF applies to non-current assets (physical and intangible) but not financial assets, controlled by government departments, agencies, corporations, authorities, and other bodies that are captured by the Standing Directions of the Minister for Finance made under theFinancial Management Act 1994(FMA).

Implementation guidance

Implementation guidance has been developed to assist public sector agencies implement the AMAF.

The guidance is not compulsory. It offers potential approaches, and summarises some of the possible inputs and evidence, that could be used to document compliance with the AMAF mandatory requirements. The guidance has been drafted to be of greatest assistance to those uncertain of where to begin.

This guidance incorporates and supersedes previous AMAF guidance material released with the framework in February 2016 and updated in June 2016.

Asset Management Accountability Framework Implementation Guidance (WORD 2.4 MB)

Asset management maturity assessments

To support the dual goals of increasing transparency and working towards best practice in asset management, departments and agencies will need to complete a self-assessment of their asset management maturity and present this in their 2020-21 annual reports, with further assessments every three years.

Completing a maturity assessment allows government entities to compare their actual performance with their desired performance and better understand ‘what to improve’ to optimise cost, risk and asset performance.

In February 2021, DTF published guidance for the self-assessment of asset management maturity. Departments and agencies should tailor their approaches to compliance depending on the size, complexity and risks associated with their asset holdings.

The guidance includes a rating system to be used by all departments and agencies in undertaking maturity self-assessments, unless an alternative assessment tool has been discussed with DTF in advance of the commencement of the 2020-21 self-assessment reporting.

DTF has also published a compliance tool allowing entities to:

establish a target maturity level for the AMAF requirements (which may change over time)
assess the system status and effectiveness of application for the AMAF requirements
present evidence to substantiate an assessment
consider whether a compliance deficiency is material
outline remedial actions and a timeframe, where applicable.

The compliance tool allows entities to develop an overall assessment of their asset management maturity which can be readily presented in an annual report.

Maturity assessments should also be peer-reviewed to ensure assessments are appropriate and evidence-based.

Ideally, maturity assessments should be informed with input from key business functions covering engineering/maintenance, procurement, information, financial, operations and human resources.

Below is the Guidance Note: Adopting a risk-based approach to AMAF compliance assurance and maturity assessment and the compliance tool that can be used by departments or agencies to assess their maturity against AMAF requirements.

Guidance Note - AMAF compliance assurance and maturity assessment (WORD 107.25 KB)

AMAF compliance tool (EXCEL 162.18 KB)

Asset management accountability framework (2024)

Asset Management Accountability Framework

Implementation guidance

Asset management maturity assessments

FAQs

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