November 16, 2018, 9:43 am

General

Asset Management Accountability Framework (AMAF) – an overview

What is the Asset Management Accountability Framework (AMAF)?

In early 2016, the Victorian State Government’s Department of Treasury and Finance published and issued their Asset Management Accountability Framework (AMAF). The AMAF replaced the Victorian Government’s previous asset management framework “Sustaining Our Assets” and its related asset management series. (1) The AMAF is intended to assist Victorian public-sector agencies to manage their asset portfolios better and provide better services for Victorians (1). The AMAF provides guidance to all Victorian Government organisations which are subject to regulations of the Financial Management Act (FMA) of 1994.

 

West Australian Department of Local Government and Communities (DLGSC) National Asset Management Assessment Framework (NAMAF) Support

The National Asset Management Assessment Framework (NAMAF) was developed by asset management professionals from across Australia under the guidance of the Australian Centre of Excellence for Local Government.  The NAMAF provides a methodology for assessing the maturity of a local government asset management and financial planning processes.  It comprises 11 elements against which local governments can self-assess their progress in implementing better practices, and develop improvement plans. 

Although intended as a national program, implementation of the NAMAF has proceeded state by state, with the, then Western Australian Department of Local Government and Communities (DLGC), now Department of Local Government, Sports and Cultural Industries (DLGSC), launching a program in that state in February 2014 as an extension of their Integrated Planning and Reporting initiative that had been running 2009.

At or about the same time, ongoing assessment of asset management planning by DLGC highlighted the need to improve the accuracy of asset condition and useful life data.

 

Video Presentation: Asset Management Fundamentals

Asset Management is based on a set of fundamentals that were agreed during the development of ISO 55000.  They can be applied to any asset-intensive industry, regardless of your stance on the ISO 55000 standards.

Scott Yates, Principal Consultant at Assetivity has published this short video to help you understand the 4 fundamentals of asset management.

 

How Does Asset Management Deliver Value?

In What is Asset Management?, we looked at what asset management was and concluded that it was a fundamentally different way of thinking about physical assets and how they deliver value to an organisation. In this article, we will look at what this means in practice.

To start, recall our definition of asset management from the British Standards Institute’s Publically Available Specification No. 55:2008 (PAS 55): (you may recall three definitions of asset management – but this is the longest and we consultants get paid by the hour!)

 

What is Asset Management?

Almost everybody has probably heard the term “Asset Management” thrown around, but what does it really mean? This article sets out to answer that question.

Firstly, we need to clarify what we’re talking about. What is an asset?

According to a recent draft of ISO 55000, an asset is:

something that has potential or actual value to an organization.

 

Upcoming Training Courses

Monday, 4 Feb 2019 - Tuesday, 5 Feb 2019
Location: Brisbane

Wednesday, 6 Feb 2019 - Thursday, 7 Feb 2019
Location: Brisbane

Friday, 8 Feb 2019
Location: Brisbane

Monday, 11 Feb 2019 - Tuesday, 12 Feb 2019
Location: Perth

Wednesday, 13 Feb 2019 - Thursday, 14 Feb 2019
Location: Perth

Friday, 15 Feb 2019
Location: Perth

Tuesday, 19 Feb 2019 - Wednesday, 20 Feb 2019
Location: Brisbane
Sign up to our Mailing List

Receive useful Maintenance & Asset Management articles, tools and news

assetivity logo