NAMS Australia Director Peter Way has highlighted important enhancements on the horizon for international asset management standards that have major implications for infrastructure management.

Delivering an update on ISO 55000 standards at IPWEA’s Asset Management Congress, Way, who represents IPWEA on the ISO 55000 Technical Committee (TC 251), said organisations are increasingly starting to understand the benefits that alignment with the standards can bring.

“There’s certainly been a far greater recognition of the need to apply the standards. Whilst take up by local governments across Australia have been fairly patchy, some have embraced them and some have gone a fair way, with some even getting certified for compliance,” he said.

Another development Way highlighted was the upcoming publication of a new facilities management standard, which is expected to be released later this year: ISO 41001 Facilities management – management systems – Requirements with guidance for use.

A new version of ISO 55002 is also due out before the end of the year.

“55002 has been the focus for the current major revision to the asset management standards – ­when the standard first came out, those who have studied it may have recognised the 55002 Guidance document had scope for improvement,” Way said.

1. Eight new annexes will be included in the new 55002 on some key topics:
2. Consideration of value in asset management
3. Scope of an asset management system
4. The Strategic Asset Management Plan
5. Asset management decision-making
6. Risk management
7. Relationship between financial and non-financial functions
8. Scalability
9. Information on asset management activities

Better alignment of asset management and finance still needed

Way said when ISO 55000 was first released, the feedback at the first meeting of TC 251 was that the standard was a great help in facilitating better alignment between asset management and finance within organisations – but more could still be done.

“While the standards were starting to encourage organizations along that path, we needed to give further guidance in that area,” Way said.

Working Group 5 was established with Way as Convenor, to achieve just this, and Way said the group has proposed the release of a Technical Specification on the topic, as well as a series of educational articles.

ISO 55010 Technical Specification – Guidance on Alignment between financial and non-financial functions in asset management is expected to be delivered in 2019, following input from the industry and International Federation of Accountants.

Way also encouraged delegates to undertake a maturity assessment against the ISO Standards, (such as that available in the NAMS.PLUS program), for their organisation, to identify possible areas of improvement.