ISO 55011 - Guidance on the development of government asset management policy
This international standard provides guidance for asset management policy for government, including the following functions and characteristics:
- Guidance on the policy requirements from the ISO 55001 standard
- Guidance specific for the formation of government asset management policy
- Applicable to all types of governmental systems
- Can be applied across any or all levels of government
- May be applicable to other types of organizations
Governments have experienced difficulty in meeting their obligations to invest in assets and to manage them with the due and appropriate care. Strengthening asset management policies, and their application could help in rectifying the situation that public infrastructure is currently in. Additionally, it would assist finance officers and professionals by giving them the protection and authority needed to make and enforce financial decisions related to asset management.
The ISO 55001 requirements, at set out in 5.2: prescribes the function and placement of the asset management policy within the framework of the asset management system; requires that the policy has to be aligned to organizational objectives and other relevant organizational policies; requires the policy to be visible and accessible. A standard that gives guidance on the policy requirements in 5.2 would assist governments in developing and improving their asset management system and performance.
The proposed International Standard would be aligned to a number of core asset management initiatives:
- The United Nations Sustainable Development Goals, specifically, 6, 7, 9, and 11
- The ISO TC251 Strategic Business Plan, N0384
- The World Economic Forum - Industry Agenda document on Infrastructure
- US Presidential Memorandum on Expanding Federal Support for Predevelopment Activities for Nonfederal Domestic Infrastructure Assets
See ISO 55011.