The Asset Management System is the management system used to manage an organisation’s assets and asset-related capabilities. An Asset Management System typically includes the following elements:
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An integrated set of tools that include people, processes, Asset Management policy, Asset Management strategy and objectives, plans and Asset Management data and the information systems that define and guide the delivery of Asset Management in the organization.
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Delivery of a structured and holistic approach for the development, coordination, and efficient control of the activities that an organization undertakes to realize value in alignment with its Asset Management objectives.
The Asset Management System should be monitored to ensure that it:
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Fits the context of the organization and assets within its scope.
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extracts expected Asset Management value and benefits.
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has capabilities that properly support delivery of the Asset Management objectives.
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Monitors performance in meeting Asset Management objectives.
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Can improve to better deliver Asset Management objectives.
These aspects are typically assessed by a combination of assurance processes, such as maturity assessments, peer review, benchmarking, and audits.