Reliability Centred Maintenance (RCM) is focused on ensuring an asset continues to provide its designed function in its present operating context. Through a number of stages, RCM allows for thorough and constant monitoring of assets to maintain their level of performance, expand life cycle and improve efficiency. A conceptual holistic framework was developed embedding RCM approach and assessing the impact of maintenance strategies in four dimensions: business, functional, legal and context requirements to ensure optimum level of maintenance. A prototype spread-sheet model was developed encapsulating the concept and the model was evaluated using a case study. The preliminary evaluation has shown the potential of the model to realise benefits and improve reliability of the services of the assets to the clients/users. Further research and development is essential in order to calibrate model parameters to specific company requirements as well as to develop a database of assets with failure patterns and monitoring methods