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ProfessorJoeMathewAssetInstitute
SlidesbyPeterWayPSMMemberofMB19StandardsAustraliaMirrorCommitteeChair,IPWEANAMS.AU
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CanthesenewISOAMstandardshelpyou?
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Shouldyouapplythesestandards?
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WhatsintheStandardsandHowbesttousethemtoaddvalue
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SessionFormat
ISO55000 BenefitsofAssetManagement
TheValueproposition Toolsforimplementation
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StandardsContents
TheISO55000suiteincludes: ISO55000Assetmanagement Overview,principlesandterminology
ISO55001Assetmanagement ManagementSystemRequirements
ISO55002Assetmanagement ManagementsystemsGuidelinesontheapplicationofISO55001
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TheInternationalWritingCommittee
PC251 has31MemberCountries has12ObserverCountries
FiveMeetingsofPC251over3years
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AustralianRepresentationonISOPC251AssetManagement
MainSectorsinvolved: Academia UWA(Chair) Water WSAAandAWA Energy EnergyNetworksAustralia Infrastructure IPWEA Mining CRCMining Industry AMC Defence ADO Unions APESMA
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Timeframe
OneofthefirstISOMSStandardstobepublishedwiththeISOcommonHighLevelStructure
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DevelopmentInputs
PAS55anearlycatalyst BUTnewStandardsmoregeneric
ISOManagementSystemStandardspreparationguidelines: ISOJointTechnicalCoOrdinationGroup
CommonLanguage Standardterminology
ConsistencywithotherManagementSystems; Risk Environmental Quality
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Whatbenefitswillthestandardsdeliver? Howwilltheyintegratewithothermanagementsystems?
SomeKeyQuestions
Whataretheimplicationsforyourorganization?
Howcantheyprovidebettervalueformycustomers?
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SomeKeyIssues AllaboutaMANAGEMENTSYSTEMforassetmanagement
What todoNOT How todoit CanbeappliedtoANY assets notjustPhysicalassets Eachorganizationdeterminesscope whichassetsinvolved
AssetLifecycle approach LifeStagestosuiteachorganization
Strongfocusonriskmanagement
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WhowillusetheseStandards?
Those; establishing,maintaining,improvinganassetmanagementsystem
deliveringassetmanagementactivitiesandserviceproviders
partiesassessingconformanceoftheorganizationsabilitytomeetlegal,regulatoryandcontractualrequirements
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Whywilltheybeused? Becauseitisgoodbusinesspractice Toprovidebettervaluefromourassets Tofosterbetterorganizationalmanagementprocesses
Todrivecontinuousimprovement Tosatisfystakeholdersseekingassuranceabouthowwelltheassetsaremanaged
Becauseregulatorsorlegislationdictatessuchandmayberequiresthirdpartycertification
Competitiveadvantage Insurersmayrequireit
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Scopeof55000
ThisInternationalStandardprovidesanoverviewofassetmanagement,itsprinciplesandterminology,andtheexpectedbenefitsfromadoptingassetmanagement.
BenefitsoftheStandards Enablesanorganizationtoachieveits
objectivesthroughtheeffectiveandefficientmanagementofitsassets.
Providesassurancethatthoseobjectivescanbeachievedconsistentlyandsustainablyovertime.
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ISO55001
Specifiestherequirements foramanagementsystemforassetmanagement 73Shalls
Applyinentirety ButScalabletosuitorganisationneeds
FocusonphysicalAssets butcanapplytoAllAssets e.g.nonphysicalassetssuchasleases,brands,intellectualpropertyrights,reputationoragreements
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ISO55002 AnOverview
ProvidesGuidelinesfortheapplicationofISO55001 ContainsexplanatorytextnecessarytoclarifytherequirementsspecifiedinISO55001
Providesexamplestosupportimplementation Doesnotprovideguidanceformanagingspecificassettypes.
Followsthesameformatas55001
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WhyOrganizationsneedtoControlandExerciseGovernanceofAssets
Torealize VALUE Throughmanagingriskandopportunity
Toachievebalance ofcost,risk&performance AMusesriskbasedapproachtotranslateorganizationalobjectivesintoassetrelateddecisions,plans/activities
Cost
Performance Risk
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2.2BenefitsofAssetManagement
improvedfinancialperformance informedassetinvestmentdecisions managedrisk improvedservicesandoutputs demonstratedsocialresponsibility
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2.2BenefitsofAMContd
demonstratedcompliance enhancedreputation improvedorganizationalsustainability improvedefficiencyandeffectiveness
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SomeDefinitions
Asset: Item,thingorentity thathaspotentialoractualVALUE toanorganization Itemcanbephysicalornonphysical Thevaluewillvarybetweendifferentorganizationsandtheir
stakeholders Valuecanbetangibleorintangible,financialornonfinancial Canbeappliedtoalltypesofassetsandbyalltypesandsizesof
organizations
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AssetManagement&AMSystem
AssetManagement:CoordinatedactivitiesofanorganisationtorealisevaluefromassetsinthedeliveryofitsoutcomesorobjectivesInvolvesbalanceofcosts,risksandbenefits overtime.
AMSystem:Asetofinterrelatedorinteractingelementsofanorganization,thatestablishassetmanagementpoliciesandobjectives,andtheprocessesneededtoachievethoseobjectives.
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RelationshipbetweenKeyTermsFig1ISO55000
Managing theOrganisation
AssetManagement
Assetmanagement
system
Assetportfolio
Coordinatedactivityofanorganizationtorealizevalue fromassets
Setofinterrelatedorinteractingelements toestablishAMpolicy,AMobjectivesandprocesses
toachievethoseobjectives
Assetsthatarewithinthescopeoftheassetmanagementsystem
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55000 AMFundamentals
AssetsexisttoprovidevaluetotheorganizationanditsstakeholdersAssetmanagementisnotaboutjusttheassets,butthevaluetheycanprovidetotheorganizationandstakeholders viaservicesorproducts.
AlignmentAssetmanagementtranslatestheorganizationalobjectivesintotechnicalandfinancialdecisions,plansandactivities.
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55000 AMFundamentals cont
LeadershipandworkplaceculturearecriticalLeadershipandcommitmentfromallmanageriallevelsisessentialforsuccessfullyestablishing,operatingandimprovingassetmanagementwithintheorganization.
AssetmanagementassuresthatassetswillfulfilltheirrequiredpurposeTheneedforassurancearisesfromtheneedtoeffectivelygovernanorganization.
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NOTaSoftwareSystem NOTanInformationManagementSystem ISasetoftools,including;
policies, plans, businessprocessesand informationsystems,whichareintegratedtodelivertheassetmanagementactivities
AMSystem Whatisit?
TheAMsystemcoordinatescontributionsfromandinteractionbetweenthemanyfunctionalunitswithinanorganizationimpactingonassetmanagement
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WhatwilltheStandardsdeliver? AFrameworkforaconsistentManagementSystem
approachtoAM GreatercommitmentatSeniorManagementlevel Betterintegrationofassetmanagementandfinancial
management Moreeffectiveassetmanagementprocess.
Apositivecontributiontoinfrastructure/industrialcompetivenesstothebenefitofstakeholdersincludingcustomers
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IPWEAToolsandResources
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TheIIMM TheInternationalInfrastructureManagementManual(IIMM)hasevolvedovermanyyears.
WidelyacceptedastheinternationalleadingdocumentoninfrastructureAM.
TheIIMMprovidesvaluableguidancetoorganizationsonhow toimplementgoodAMpracticeforinfrastructureassets.
Includesover100casestudiesdemonstratinggoodpracticeacrossawiderangeofassetsandcountries.
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IIMMSupplement FreeDownload MappingprocesstoidentifyrelevantSectionsfromIIMMagainsteachofthe55001Requirements.
ProvidestheHowtoonapplyingtheIIMMtomeettheISO55001requirements.
Gotowww.ipwea.org/IIMMSupplement
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ConformanceIssues
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Whatwillyourstakeholdersexpect? Whatarethecosts/benefits? Concernregardingthecompetence
AuditorsintheAMMSfield
IPWEAinvolvedinestablishingatechnicalevaluationprocessforAMAuditors
ToCertifyorNotforConformance?
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AswithotherISOstandards,manyorganizationsmaychoosenottoseekformalcertification
Certificationcanbeanexpensiveandtimeconsumingprocess
ConformanceCertification
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Asaminimum beawareofthesenewstandards lookatopportunitiestoalignwithandembedtheprinciplesofthestandardswithintheorganization
Helpsbringstructureandconsistencytothepracticeofassetmanagement
Makestheprocessesstrongerovertime.
ConformanceCertification
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WhatwillbeyourorganizationspositionontheStandards?
Considerapplicationforpursuitofgoodpractice?
Voluntarilyapplytosatisfystakeholders? Applyandlooktoselfcertifycompliance? Applywiththirdpartyaccreditation? WaitandseewhatGovernmentorRegulatorrequires?
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CurrentlyaspartoftheNAMS.PLUSProgram NationalAssetManagementAssessmentFramework(NAMAF)
developedthroughACELGforlocalgovernment DevelopingaMaturityAssessmentFrameworkforISO55001 Opportunitytoselfassessorutilisethirdparty.
IPWEAAMMaturityAssessment
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ExampleMaturityAssessmentFramework
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SummaryGraphs
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DetailedGraphs
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AllinfrastructureorgsshouldconsiderforbenefitsfromapplyingaMSapproach
Governmentstopromoteatlevelappropriatetobusiness/communityneeds
Notprescriptive applytothoseassetsandatlevelappropriatetostakeholderneeds
Notjustforcompliance partofoverallmanagementapproach Organizationstodecideonappropriatelevelofcertifying
compliance
IPWEAPolicyontheISOStandards
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YourQuestions?
