How often should the Asset Management Policy be reviewed?

• A. After major incidents only.
• B. Regularly with a commitment to continual improvement.
• C. Every decade.
• D. Annually only if budgets allow.

Answer: (B)

Regular, ongoing review of the Asset Management Policy with a commitment to continual improvement keeps the policy effective as conditions change. An Asset Management Policy functions as a governance guide for how assets are planned, acquired, operated, maintained, and disposed of; as business strategies, asset bases, risk profiles, regulatory requirements, and technology evolve, the policy must be revisited to stay aligned. Embracing continual improvement means using feedback from audits, performance data, incident investigations, and changing priorities to refine objectives, responsibilities, and processes. This approach prevents the policy from becoming obsolete and supports better decision making, accountability, and resource allocation across the asset lifecycle.

Waiting to review only after major incidents misses opportunities to strengthen resilience; reviewing only every decade is far too infrequent for a dynamic asset portfolio; annual reviews conditioned on budget availability imply governance hinges on funding rather than needs. The preferred practice is regular review with a clear drive toward continual improvement, independent of budget pressures, to keep the policy relevant and effective.