The development of an Asset Management Policy, Asset Management Strategy, and Asset Management Plans have become a top priority for many municipal organizations across Canada.
Municipalities and local governments use specific governance tools to control and direct asset management. These include a policy, strategy, framework, roadmap and plans, as well as clear roles and responsibilities.1
An organization’s asset management policy outlines its commitment and mandated requirements for asset management. The policy is linked to the organization’s strategic objectives and is shaped by the organization’s values and priorities.
An asset management strategy outlines the framework and approach for implementing the asset management policy. This framework is the conceptual structure for the asset management system. It defines the system’s internal makeup and its interactions with external practices or functions.
The step-by-step plan for implementing the strategy is the asset management roadmap. It identifies actions, responsibilities, resources and timescales. An organization will also have one or more asset management plans that outline more specifically how the asset management system will create, maintain and renew infrastructure and other assets.
A presentation was delivered in May 2018 to Rural municipalities in Saskatchewan which outlined some of the key concepts and components required for the development of an asset management strategy. A video of the presentation by NAMS Canada's Executive Director, Nicole Allen, and IPWEA Director Strategic Asset Management, Allen Mapstone, can be viewed below.
 Reference FCM https://fcm.ca/Documents/tools/MAMP/MAMP_Readiness_Scale_EN.pdf