Asset managers oversee the administrative and operational aspects of the infrastructure system. They maximize the value of financial investments and meet the expectations of stakeholders.
For asset managers to be highly effective, they must function according to the standards set by the government. In the case of infrastructure management, it is the International Organization for Standardization (ISO).
What is ISO 55000?
The ISO 55000 is the first set of International Standards for Asset Management. It is a family of standards that are aligned and are integrated with other major management systems. The publication of these standards has been going on for years.
The ISO 55000 was developed through the agreement of worldwide experts on criteria for the better system of asset management.
With the introduction of ISO 55000, Asset Management Standards gain the international perspective, among others, in terms of efficiency and sustainability of operating and maintaining providing infrastructure systems.
Asset managers will definitely practice confidently with the ISO 55000 Asset Management Standards as the guide.
The International Infrastructure Management Manual (IIMM)
IIMM is the set of guides on how to apply the standards for infrastructure asset management. The manual was developed from the inputs of different countries, both from the public and private sectors.
Since infrastructure is the backbone of a country’s economy, it shall, therefore, meet the ISO criteria for it to become globally competitive.
The Institute of Public Works Engineering Australasia (IPWEA) states that the 5th Edition of IIMM introduces the new ISO 55000 Asset Management Standards.
Based on the IPWEA website, this edition of the IIMM sees a significant development in the following key areas:
- Developing a business case for asset management and key success factors
- The Strategic Asset Management Plan (SAMP) and Policy
- Setting of asset management objectives
- Risk management
- Asset management leadership and communication
- Operational strategies and planning
- Establishing and maintaining the Asset Management System
- Information management
- Asset Management Maturity
- Asset management performance measurement and auditing
- Assessing and managing infrastructure resilience
This edition also includes a review and update of the glossary of definitions to guarantee better association with those in ISO 55000 and an index to assist with locating the subject-relevant material.
Infrastructure asset management experts know that the IIMM holds a critical role in achieving best practices in the AM industry.
To be globally relevant, competitive, and managing infrastructure systems that meet international standards, the International Infrastructure Management Manual is a very important resource.
PHOTO CREDIT: Inframanage.com