Compliance with the Asset Management Accountability Framework

Tabled: 23 May 2019

Appendix B. The Asset Management Accountability Framework's mandatory requirements

Figure B1 is a copy of the table from DTF's 2016 AMAF, which details the mandatory requirements that responsible bodies and accountable officers must meet to allow for full attestation of compliance with the framework.

Figure B1
The AMAF's mandatory requirements





Leadership and accountability


Overview and key requirements

  • Accountable Officers must apply the mandatory requirements of the AMAF consistent with their organisation's asset threshold.


Resourcing and skills

  • Accountable Officers must ensure that asset management functions are established and that they are appropriately resourced with qualified and/or skilled staff.
  • Where asset management activities are devolved or outsourced including to entities excluded from the Standing Directions, Accountable Officers must ensure that contracted service providers or entities excluded from the Standing Directions have arrangements in place to ensure their staff are appropriately skilled and trained.



  • Accountable Officers must establish appropriate governance frameworks to support the management of assets in their direct control, as well as being considerate of the governance frameworks that other organisations within their portfolio have to support management of assets in their control.
  • Accountable Officers must comply with all mandatory requirements under other government policies when carrying out asset management planning and activities.


Allocating asset management responsibility

  • Responsibility, authority and accountability for all stages of the asset lifecycle must be clearly defined and allocated within an Accountable Officer's operating frameworks. This includes allocating, documenting and clearly communicating relevant asset management responsibilities.
  • All asset management activities must only be carried out under proper authorisation, including appropriate financial and other delegations.
  • Accountable Officers must document who is responsible for monitoring compliance with the AMAF and ensuring that systems and processes to support the AMAF are in place.
  • Accountable Officers must document who is responsible and accountable for decision making in relation to varying stages of an asset's lifecycle
  • Where asset management functions are devolved or outsourced including to entities excluded from the Standing Directions, Accountable Officers must have appropriate internal management processes established to ensure that they and their outsourced providers or entities excluded from the Standing Directions are maintaining and managing assets to the required standard(s) (e.g. regular performance reporting).


Attestation requirements

  • The Responsible Body's audit committee, or an alternative review mechanism when there is no audit committee[1], must be satisfied with the Responsible Body's attestation of compliance with requirements of the Standing Direction on asset management prior to finalising the attestation in the annual report. Agencies are also subject to any other requirements under the Directions to ensure compliance and support the attestation.


Monitoring asset performance

  • Accountable Officers must establish performance standards and targets for their assets, considerate of available resources that form part of their broader service planning goals. Accountable Officers must also establish and maintain management processes to regularly record, monitor and assess performance, and use those results to improve performance.
  • The performance and utilisation of assets must be reviewed periodically.
  • Asset performance monitoring must also be incorporated into the overall corporate and strategic planning framework.


Asset management system performance

to ensure that the systems have been implemented and maintained, and are effective in meeting asset management requirements and responsibilities.

  • Accountable Officers must establish systems and processes for monitoring the performance of both:
    • their assets; and
    • the overall asset management systems themselves;
  • From 2020–21 Responsible Bodies must, at least every three years, conduct a self‑assessment of the level of asset management maturity within their organisation, and other organisations within their annual report, and state this in their annual report. As part of this self‑assessment, Responsible Bodies must evaluate:
  • the maturity of their asset management systems and practices;
  • the maturity of their systems and practices against their aspirational target; and
  • their path towards achieving their aspirational target.


Reporting to Government

  • Through its asset information management system (AIMS), an Accountable Officer must also ensure that the organisation can provide relevant asset information and performance data to government/central agencies as required, and is flexible enough to respond to reasonable information reporting requests by the Government.


Evaluation of asset performance

  • As part of the performance management process, an Accountable Officer must regularly review the performance of its organisation's assets. They must also make any necessary changes to their organisation's asset management and risk management processes and systems. This will allow the organisation's asset base to continue to achieve the organisation's service delivery objectives, within available resources.


Other Requirements

  • Accountable Officers must ensure there are appropriate risk management strategies and processes to support asset management established, including processes to identify and maintain assets that are at risk of critical service failure.



Asset management strategy

  • A key requirement of the AMAF is for Accountable Officers to develop an asset management strategy for their organisation's entire asset base over the whole asset lifecycle on a portfolio basis.
  • The strategy must outline how the Accountable Officer will use the organisation's assets to support its service delivery objectives and incorporate planning for assets (including proposed upgrades, acquisitions and disposals) over different periods of time (e.g. short term: one to three years, medium term: four to nine years, and long term: 10 or more years). The strategy must be evaluated by senior management, and updated where applicable.


Risk management and contingency planning

  • As part of their asset management strategies, Accountable Officers must incorporate asset risk management planning, which describes the risk management strategies and actions (e.g. treatment plans) to be implemented for assets under their control.
  • Accountable Officers must continue to monitor and evaluate the effectiveness of their risk management measures on a regular basis and, if necessary, redefine them.

Figure B1
The AMAF's mandatory requirements—continued








  • During the acquisition phases Accountable Officers must adequately consider, on behalf of their organisation:
    • solutions to support service delivery that do not involve asset acquisitions;
    • risks in acquiring assets or delivering services;
    • the appropriate procurement method; and
    • the appropriate approval mechanism prior to acquisition.


Acquisition process

  • As part of the acquisition process, an Accountable Officer must consider the:
    • organisation's asset management strategy;
    • nature of the organisation's assets to be acquired or created;
    • market conditions and the implications for the organisation's asset cost (is it a buyers' or sellers' market?);
    • industry capacity (i.e. the number of potential contractors or suppliers capable of supplying the assets);
    • industry standard (how the assets are normally procured in the industry);
    • suitability of contractors or suppliers;
    • available resources to manage procurement of the organisation's asset; and
    • relevant internal/external approval processes (e.g. Government approval processes as part of the annual State Budget).



Monitoring and preventive action

  • Accountable Officers must establish processes to identify, monitor and record the condition of their organisation's assets.
  • Accountable Officers must establish processes to proactively identify potential asset performance failures and identify options for preventive action.
  • If a critical asset service failure incident occurs, Accountable Officers must take action to control and address it, and make any necessary changes to asset management practices to minimise the possibility of the incident reoccurring.
  • Accountable Officers must also review and assess the effectiveness of any corrective actions they implement and make further adjustments as required.
  • Accountable Officers must also establish policies and procedures that securely protect their assets against fraudulent activity or improper use.


Maintenance of assets

  • Accountable Officers must establish systems and processes for undertaking their maintenance activities.
  • The maintenance program must be regularly reviewed by the Accountable Officer to determine whether the maintenance effort is being allocated to the appropriate assets and is providing the desired outcomes. As part of this review, the available resources for maintenance must be examined to ensure that assets are maintained to the standard established by the Accountable Officer with consideration for the impacts of service delivery.


Information management

  • Accurate recording, identification, valuation and reporting procedures must be established.
  • Accountable Officers are required to establish an asset information management system (AIMS), which includes asset registers.
  • information in the AIMS must be readily accessible to individuals who are accountable for the control and management of a nominated asset or group of assets.
  • An AIMS must maintain up‑to‑date asset information as well as an historical record of both financial and non‑financial information over each asset's lifecycle.
  • Accountable Officers must define their minimum information requirements, based on what is outlined in section 3.4.3. They must also implement effective processes to generate the required information and establish necessary controls.
  • The information in the AIMS must be regularly reviewed, to ensure that all of the Accountable Officer's organisation's asset‑related information is up to date.


Record keeping

  • As part of the AIMS, Accountable Officers must establish appropriate record‑keeping processes, to meet operational needs and to satisfy relevant accounting standards and disclosure requirements, including for their organisation's contingent and intangible assets.


Asset valuation

  • As part of asset valuation, Accountable Officers must document policies and procedures for the revaluation of assets.



  • Accountable Officers must comply with relevant approval processes and, where possible, select a disposal method including retirement, replacement, renewal or redeployment, that maximises the financial benefits associated with the disposal.

Source: AMAF, DTF, 2016.

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