As you may already have noticed from the SCN blog from Dean Fitt, since November 2014 there is a solution extension to SAP Master Data Goverance in place, covering the governance processes for technical assets, such as equipment and functional locations.
If you like to know more details about this offering, you may read the solution overview presentation, and check a one-hour Webinar recording that is available on youtube, explaining the overall process flow and functions.
SAP customers can also access the Product Availability Matrix on SAP Service Marketplace to get more information.
Hope this information is useful.
Regards,
Markus