Asset management accountability framework

Understand what the Asset Management Accountability Framework means for a TAFE project and how to apply it across the project lifecycle.

Framework overview

The Asset Management Accountability Framework (AMAF) sets out the mandatory requirements and best practice asset management recommendations for government agency asset portfolios.

While the AMAF is focused on the TAFE’s strategic management of its entire asset portfolio, much of which may be outside the remit of an individual project, there are elements with which the project will need to comply, given its context and broader consideration with the TAFE’s overarching asset management strategy.

Open all

What is the AMAF?

The Asset Management Accountability Framework (AMAF) is the Victorian Government’s policy framework for asset management. It was introduced in February 2016 to assist Victorian public sector agencies to properly manage their asset holdings and better support the delivery of services. The framework includes a set of mandatory requirements as well as best practice recommendations.

The AMAF is enforced by the Financial Management Act Standing Directions (Standing Direction 4.2.3) under the Financial Management Act 1994. This requires the TAFE’s board to attest to its compliance with the mandatory requirements of the AMAF in its annual report. The AMAF is supported by non-mandatory AMAF implementation guidance.

The AMAF helps ensure asset management decisions consider the service and risk implications across the whole asset lifecycle, particularly decisions to acquire new assets. Consideration needs to go beyond the immediate costs and benefits of an asset and consider whole-of-life implications across its useful life (such as maintenance costs and inherent flexibility for continuing fitness-for-purpose over time). Acquisition of new, enhanced or additional assets should be consistent with the TAFE’s overall asset management strategy and the Department of Treasury and Finance (DTF) investment lifecycle guidelines.

There are several mandatory requirements that apply to TAFE under the AMAF. The entire list can be found in appendix 1 of the AMAF.

Mandatory requirements relate to the asset management functions that the TAFE must undertake, including establishing governance frameworks, developing asset management strategies, and setting performance standards and processes to regularly monitor and improve asset management. They also include establishing systems to maintain assets and processes to identify and address performance failures.

Implementing the AMAF throughout the project

Mandatory requirements during the project definition, funding and approvals, procurement and delivery phases are outlined under requirements 24 and 25 of the AMAF, referred to as the ‘acquisition’ phase.

Once operational and part of the overarching asset portfolio, there are some key considerations or actions to ensure the project is capable of meeting AMAF requirements across each phase of the project lifecycle.

Project definition, funding and approvals phase

using data gathered during operations to inform the investment rationale and the case for the project’s prioritisation
using evidence from the TAFEs ‘asset information management system’ and ‘asset management strategy’ in the business case which strengthens the investment rationale in seeking funding. The AMAF does not have mandatory requirements which specifically address business cases
ensuring the development of the proposed solution, within the initial case for investment, considers whole-of-life implications across the useful life of the project, and the capital cost estimate is developed on this basis (i.e. it may consider an upfront cost premium for higher quality, lower whole-of-life cost, materials or systems), and
ensuring procurement objectives and the procurement model is aligned with the TAFE’s asset management objectives.

Procurement

ensuring asset management functions and appropriate governance frameworks are established and are appropriately resourced with qualified and/or skilled staff to inform the project brief (including the involvement of the facilities team)
considering what operational readiness should look like at the start of the project by understanding the functional requirements of the facilities or equipment once operational. This may involve refining the concept of operational readiness during the design phase, with input from key stakeholders who will be involved with the operations of the project. The following key questions tested early in the project’s development, with responses embedded into user requirements, technical specifications and functional brief, should help optimise asset management outcomes:

what is the TAFE’s need once the facilities are operational – i.e. what are the demands of students and stakeholders during the operation phase
what are the needs of the future facilities team and how might they most efficiently manage the asset once commissioned
what information and data does the facilities team need to operate the facilities in accordance with the project-need
what are the lessons learnt from the current facilities team? This may include lessons learnt from other similar or related projects, and
What information should be reviewed and commented on by the facilities or project team during the design development to ensure the project considers the operation of the asset at the forefront of the design?

selecting specialised consultants who have the capability and capacity to deliver the TAFE’s asset management objectives
ensuring whole-of-life needs and costs of the project are included within the development of the reference project, and
ensuring tender documentation includes all required operations and maintenance information and objectives and that the tender evaluation process places an appropriate weighting on these requirements.

Delivery

ensuring appropriate involvement of the facilities team to allow the project team and the contractor to collectively consider the operation of the asset at the forefront of the delivery
monitoring and reporting on quality during delivery and identifying any corrective actions required to address shortfalls in the quality of the contractor’s outputs likely to negatively impact operations and maintenance, and
ensuring that the contractor provides all required documentation, operation and maintenance manuals as a contractual condition prior to completion, to support ongoing operation and maintenance of the facilities or equipment post-completion.

The AMAF’s relationship to ISO55000 and the Victorian Digital Asset Strategy

ISO55000

The AMAF is aligned to ISO55000, the international standard for asset management, but has some additional requirements to meet the specific needs of the Victorian Government.

The Victorian Digital Asset Strategy (VDAS)

The Victorian Digital Asset Strategy (VDAS) describes the Victorian Government’s vision for creating digital assets, typically arising from capital projects, and maximising the benefit from this information. VDAS is not mandatory but may help the TAFE address how it can take the next steps with digital engineering and building information modelling, especially in the context of major capital and renewal projects.

The AMAF aligns with the VDAS, which particularly when considering the project’s use and operation and recommends that the TAFE establishes and defines what project information and data should be obtained during the project definition, funding, and approvals, procurement and delivery phases.

VDAS is underpinned by the international standard for information management using building information modelling (ISO19650), together with the international standard for quality management (ISO9001) and international standard for project management (ISO21500).

I need to:

Education & training

Updated 31 December 2025

Victorian Digital Asset Strategy resources

Economic Growth Statement

Mini vic.gov.au

Asset management accountability framework

Framework overview

Project definition, funding and approvals phase

Procurement

Delivery

ISO55000

The Victorian Digital Asset Strategy (VDAS)

I need to:

About the VIC Government

Grants and programs

Jobs and careers

Arts, culture and heritage

Business and the workplace

Communities

Education and training

Environment, water and energy

Finance and economy

Housing and property

Law and justice

Safety and emergencies

Science and technology

Sport and recreation

Traffic and transport

Working in the Victorian Government

Asset management accountability framework

Framework overview

Project definition, funding and approvals phase

Procurement

Delivery

ISO55000

The Victorian Digital Asset Strategy (VDAS)

I need to:

Related links