Asset Management Policies

Asset management policies are important for improving the efficient use of assets, reducing maintenance and repair costs, minimizing risks, and enhancing communication and cooperation within the company.

What is an asset management policy?

An asset management policy is a written document containing a set of rules, standards, and procedures that define how all assets in a company should be managed. It may include definitions of employee roles and responsibilities, procedures for acquiring, maintaining, and disposing of physical assets (e.g., equipment, real estate), as well as financial and intangible assets. 

The main goal of asset management policies and procedures is to ensure the efficient and economical use of assets, optimize their life cycle, and increase their value to the organization. They may include various aspects:

• developing asset management strategies from the moment of acquisition to sale or disposal;
• defining procedures and criteria for selecting, purchasing, and commissioning new assets;
• developing plans for preventive and routine maintenance of assets to keep them in good working order;
• establishing rules for the effective and safe use of specific types of equipment;
• describing procedures for the possible modernization and disposal of assets.