Creating a policy is one of the first major steps in any asset management journey. It may seem like a daunting task to create a policy that is meant to define as well as kick off your asset management journey. But we’ve laid out the steps to allow organizations of all shapes and sizes to make creating their AM Policy more accessible.
Benefits of an Asset Management Policy
First of all, an Asset Management Policy will create alignment in your organization. The policy sets the principles that guide your staff on how they should be thinking about Asset Management. This starts to create line of sight from the top of the organization, including your overall direction, through to the more detailed Asset Management strategies and plans.
A policy is also a great way to start having conversations about how Asset Management drives big-picture organizational goals. Especially when you are new to AM.
Your AM Policy will kick off the
mindset of continuous improvement in your organization. It creates a strong mandate for business improvement activities for everyone to adhere to. Without a policy, you risk inconsistent views on the purpose of Asset Management and changes that may not be aligned with your overall goals.
Ultimately, you can use your policy as a tool to establish Asset Management culture throughout your organization. It sets clear expectations and builds awareness which stimulates a culture of AM.
Six Simple Steps to Developing an AM Policy
The Federation of Canadian Municipalities (FCM) created the Leadership in Asset Management Program (LAMP) where 17 municipalities across Canada ultimately built a guidebook on how to develop an asset management policy, strategy and governance framework.
The guidebook suggests 6 steps to develop your AM Policy:
- 1Identify your sponsor
- 2Agree on scope
- 3Draft the document
- 4Review and refine
- 5Present to senior leadership for sign-off
- 6Communicate to staff
We’ve outlined the specific details for you to achieve each of these steps when developing your own Asset Management Policy in an easy-to-follow, hands-on training program.
We are excited to announce that we have released this fully virtual program to help AM practitioners build their own AM Policy! You don’t have to do it alone.
Learn the importance of an AM Policy and how it can be leveraged to propel your organization's infrastructure management forward. Access to a discussion forum with other practitioners in the program will allow you to share your success stories, experiences, and advice and learn from your peers too. The program runs for 4 months and includes all course material and tools you’ll need to draft a council-ready AM Policy. Plus, monthly discussion groups with peers and industry experts. This course is also valid for Professional Development Hours or Continuing Education Credits. Best of all, you will finish the course with your very own Asset Management Policy!
As a special bonus for the first five communities that register, we are offering four one-on-one coaching sessions with our instructor Iain Cranston.
We look forward to helping more organizations get their Asset Management Policy rolling!
Additionally, if you would like to read FCM’s guidebook on how to develop an asset management policy, strategy and governance framework, download your copy here.