Formulating an Asset Management Policy for Success

Mostafa Elkalashany

An asset management policy is paramount in industrial physical asset management as it establishes a structured framework for the acquisition, operation, maintenance, and disposal of assets. In industrial settings, where equipment are crucial for operations, an effective asset management policy ensures optimal utilization of resources, minimizes downtime, and maximizes return on investment.
In this session, we will demonstrate the journey we have passed through at Baffinland to formulate the asset management policy in compliance with ISO 55000 international standards, starting from the initiation throughout the implementation phase. In addition, we will discuss the challenges we faced and how we managed to overcome them.