Basic Description
The asset management policy is a short statement that sets out the principles by which the organization intends to apply asset management to achieve its organizational objectives. The asset management policy should be authorized by top management and thereby demonstrate commitment to asset management.
An Asset Management Policy is the cornerstone of an organization’s approach to managing physical assets, from machinery and infrastructure to technology and equipment. According to ISO 55000, the international standard for asset management, this policy establishes the foundational principles that guide how an organization’s assets are managed throughout their lifecycle. The policy is essential because it aligns asset management activities with the broader organizational objectives, ensuring that assets contribute effectively to delivering long-term value while managing risks and costs.