The role of engineering asset management (AM) system as a controlling element within organizations is not well defined or understood. The purpose of this paper is to include the role of AM in the organizational strategy making, an issue that has not received sufficient attention. The focus of the paper is on how such role is maintained by the AM system activities, relationships and mechanisms over the asset-related activities of an organization. Design/methodology/approach - As an approach, a reference framework is required that allows research of this area. By combining a number of possible views of an organizational management system a comprehensive view can be established. A review of literature was used to establish a framework identifying the AM system as an integrated part of the organization's management system. Findings - A framework is established that focuses on planning and controlling asset-related activities by involving a set of activities, relationships between these activities and feedback mechanisms. A system functional model is proposed integrating the established framework as part of the control of the enterprise system. Research limitations/implications - The framework and system functional model are established on a theoretical basis and practical experience requiring applicability to be proven by further research. Practical implications - Asset managers in capital intensive organizations can utilize the framework and the system functional model in order to study their AM system, its relationships and to consider how it may be improved.