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Service Agreement Information Kit for Funded Organisations

4.21 Asset Management Accountability Framework

Department of Health and Human Services

Who does this policy apply to?

This policy applies to public bodies such as Health Services that are subject to the Financial Management Act.

Policy purpose

The Asset Management Accountability Framework seeks to ensure assets are managed efficiently and effectively.

Legislation and /or regulation

Standing Directions of the Minister for Finance under Financial Management Act 1994 (Vic)(external link, opens in a new window)

Organisation requirements

The framework details mandatory asset management requirements as well as general guidance for agencies responsible for managing assets. Mandatory requirements include

  • developing asset management strategies,
  • governance frameworks,
  • performance standards and processes to regularly monitor and improve asset management,
  • establishing systems for maintaining assets and
  • processes for identifying and addressing performance failures.

For further information

Refer to the What is asset management (external link, opens in a new window) web page on the Department of Treasury and Finance's website.

Liz Stackhouse, Assistant Director, Infrastructure Planning and Delivery
Telephone: (03) 9096 1312