Asset management can be defined as a structured process designed to guide the procurement, use and disposal of its assets by an organisation. All organisations should have an asset management plan in place which should form a key part of their financial governance systems. The term assets is not necessarily restricted to property that is owned and may include leased, rented and, in some sectors, co-owned and loaned assets.

This topic covers the development of a suitable asset management system, including the construction of an asset register to record, label and tag all of an organisation’s assets. This has important benefits for the monitoring, maintenance, safety and security of assets and allows the organisation to plan the use and replacement of its assets.

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