Blogs

 

ISO 55010 bridges gap between financial and non-financial asset management

By intouch * posted 02-10-2019 19:06

  

IPWEA is proud to announce the launch of the new ISO Technical Specification 55010: Guidance on the alignment of financial and non-financial functions in asset management.

The specification helps non-financial personnel understand why their financial departments need relevant and timely information to compile accurate reports. ISO 55010 provides guidance to bridge current gaps between these two worlds.

ISO55010.jpg

Peter Way PSM represented IPWEA on the ISO Technical Committee 251 and he was Convenor of the ISO Working Group responsible for this new addition to the ISO 55000 suite of AM Standards.

Operational, financial and technical managers are commonly the key personnel responsible for delivering asset management. Historically, each of these disciplines developed their own way to manage and control risks. This specification was written to assist all functions to align financial and non-financial issues and maximise value from their assets.

ISO 55010 provides guidance for CFOs and financial teams to help them understand how to fit financial and non-financial aspects together to control risks and costs. The standard is also for COOs and technical managers of engineering and planning departments, plus other non-financial functions involved in asset management who need to understand why the financial departments need to have relevant and timely information to compile accurate financial reports.

ISO 55010 was developed to encourage the breakdown of organisational silos and improve cooperation. Its application will mean better use of every department’s expertise in achieving asset management objectives as effectively and efficiently as possible.

Read about the new technical standard at the ISO Technical Committee 251 website or watch this two-and-a-half-minute video, presented by Peter Way.

0 comments
16 views