Business fluctuations and pandemics such as COVID 19 have revealed the need for more resilient approaches and processes in the asset management domain. This research aims to design an asset management strategy approach that absorbs the fluctuations in the business environment and sustains asset performance at optimum cost and acceptable risk. The paper proposes a resilience-based Asset Management Strategy (RAMS) approach that employs the analytical hierarchy process (AHP) to translate the different operating context parameters into risk aspects with relative weights that differ from one scenario to another. Then, RAMS uses these risk dimensions to assess the criticality in an agile approach at the failure mode level up to the business level for the dominant scenarios. The suggested approach showed apparent flexibility demonstrating the risk line of sight from the failure mode level to the unit level and enabled the seamless update of the asset's risk assessment in response to the operating context changes. RAMS approach introduces the nested criticality grid (NCG) concept, where the reoccurrence of a failure mode increases its risk and subsequently raises the asset, system and unit criticality.