Abstract: Railway Safety is an organization that coordinates the activities of the fragmented railway industry in India with respect to safety. This study describes the Asset Management model, which is one of a suite of tools developed in recent years to improve the targeting of the industry"s efforts in safety improvement in an impartial and scientifically supportable manner. The model uses fault tree analysis and cause/consequence techniques to predict residual levels of safety risk, after the industry"s current safety control measures are applied, using observed safety performance data. The model can also be used to test the effect of proposed new controls on risk levels. The research is aimed at suggesting an asset management model for the Indian Railway safety. Asset management approaches may allow Indian Railways to allocate spending on rail safety to maximum economic effect. Asset management here means a holistic, systematic and optimal way of managing assets to achieve desired outcomes in a sustainable way. This research and discussions with rail stakeholders suggests that such an asset management model does not exist either for any rail systems. Investigating suitable asset management models, the work was unable to find a truly strategic model either from other sectors nor a generic model capable of being applied to rail. The research suggests that a strategic gap exists, and that other sectors that are highly dependant on the performance of physical assets may benefit from such a model to enable them to more effectively and efficiently deploy assets for both operational and safety performance.