Assessing asset management maturity is fundamental in evaluating the current state of an organisation’s asset management system and provides a focus for future improvements to enhance asset value and deliver more for stakeholders while balancing cost, risk and performance. Each year, many Victorian organisations are required to publicly attest to the maturity of their asset management practices.
In 2016, the Victorian Department of Treasury and Finance introduced the Asset Management Accountability Framework, which applies to any organisation managing public sector assets. Under the AMAF, each year Accountable Officers must publicly attest to their compliance to the framework, report on any material non-compliances, and outline improvement plans to reach compliance and their target future state. A maturity assessment is the key input to making a confident attestation, prioritising improvement options, and demonstrating the uplift year to year.
KPMG has extensive experience in assessing asset management maturity across a range of industries and supporting clients in prioritising investments to enhance asset value and business performance through aligning to relevant best practice. We support organisations to meet the AMAF requirement in two ways:
KPMG’s cloud-based asset management assessment tool allows organisations to conduct AMAF self-assessments. Our software reduces compliance effort by providing a guided process and automated report generation. Each result can be traced back to the evidence supplied by each stakeholder. Organisations can define their end state and repeat the assessment to monitor progress. This simplifies the attestation process and provides an evidence based, defendable result enabling performance to be tracked over time. Find out more about KPMG’s Asset Management Business Assessor.
Our experienced and certified consultants work to assess organisations’ compliance against the AMAF and can extend the assessment to include ISO55000, Global Forum on Maintenance and Asset Management, Institute of Asset Management and industry best practice. We assist with identifying the required tasks to meet compliance and help build an improvement initiatives roadmap for the organisation. We can populate our results into a software tool that allows the organisation to track its progress against the roadmap.
To find out more about how we can assist with AMAF attestation or asset management system improvement, email firstname.lastname@example.org today.