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Asset Management Policy Scope

Assets and activities considered within the scope of the policy include:

  • All non-financial assets recognised in an agency’s financial statements. This includes land and buildings, plant and equipment, infrastructure, leased assets, works in progress, cultural and heritage collections, ICT systems, and digital services

  • Activities related to the management of assets carried out either by an agency or outsourced service provider who is required to establish, implement, manage and continually improve the asset portfolio as captured in the financial statements.

Annual Asset Management Assurance Cycle

The Asset Management assurance cycle is aligned to the annual NSW Budget process set by NSW Treasury. The assurance process is timed to ensure that it will inform investment decision-making for the State Budget.

As per the Asset Management policy, agencies are required to make two submissions to Treasury each year:

  • Asset Planning Submissions

The Asset Planning Submission comprises the agency’s Asset Management Policy, Strategic Asset Management Plan (SAMP), Asset Management Plans (AMP/s), and any supporting documentation. Together, the SAMP and AMP/s set out agency target outcomes, related asset management objectives, asset portfolio management strategies, and continuous improvement activities. The purpose of and requirements for the SAMP and AMP/s are described in the NSW Asset Management Policy.

  • Attestation Submissions

The NSW Asset Management Policy stipulates that an agency’s Accountable Authority must annually attest to the agency’s alignment with the ‘core requirements’ set out in the policy.
The Attestation Statement must certify compliance for the reporting period, that is, the prior financial year. All agencies must return the Attestation Statement to Treasury annually.

Further detail on the attestation process is set out within the NSW Asset Management Policy.

Support for agencies

The following programs are available to support agencies build their asset management capability:

NSW Asset Management Community of Practice NSW Asset Management Policy Maturity Assessment Tool  Development of Guidelines and Support Material
A quarterly asset management forum for NSW agencies to improve their capability, knowledge and practices The NSW Asset Management Policy Maturity Assessment Tool (MAT) is used by agencies to support asset management continuous improvement. Agencies’ use of this tool is required to support policy attestation. 

Tailored advice is provided to agencies as part of asset management assurance reviews. Guidance material and case studies are shared via the AM CoP to facilitate knowledge sharing across Government.