Guidance for development of public policy to enable asset management
At an organizational level, asset management is a holistic and coordinated approach for realizing value from assets – involving the balance of costs, risks, opportunities, and performance benefits. This International Standard – ISO 55011 – provides guidance to advance the adoption of asset management through public policy concentrating on engaging participants in the external context of organizations responsible for assets.
ISO 55011 is intended for those who seek to advance and support asset management in their respective countries or jurisdictions through public policy. The graphic below exemplifies government and non-government groups to which this standard can apply.
Why ISO 55011?
Good asset management is a key enabler for those seeking to balance investment between immediate needs and long-term goals. Developing and deploying public policy in a way that promotes good asset management is important to align different levels and sections of governments, those responsible for infrastructure, and the associated service delivery to make the best use of resources while maximizing social and financial return on investments.
ISO 55011 provides a flexible approach to the development of public policy instruments that enable improvement of overall asset management maturity and help achieve government objectives. This includes implementing a framework of recommended practices for effective public investment, achieving the United Nations Sustainable Development Goals, and generating greater value to society.
Why establish, improve, or sustain an enabling environment for asset management through public policy?
The enabling environment for asset management considers external rules (e.g., laws, mandates, regulatory requirements) and conditions of organizations that affect their adoption of asset management and achievement of objectives. When an enabling environment for asset management is established, sustained, or improved, the strategic alignment of different government levels, improved use of resources, better risk management, resilience, and social outcomes can be realized.
Key Features of ISO 55011
- Introduces the “enabling environment for asset management” through public policy, including an overview of:
- Participants and elements
- Example actions by government and non-government participants to establish, improve, or sustain this enabling environment;
- Details which public policy instruments can enable asset management and how (e.g., including but not limited to laws, executive guidance, regulations, guidelines, financial and economic instruments, governance models, performance, and capacity-building instruments);
- Identifies good practices in public policy that improve asset management outcomes;
- Highlights case studies from different governments around the world that identified a need to improve asset management to address different challenges and how they selected, developed and/or deployed a range of public policy instruments in response. Case studies also feature outcomes, successes, challenges, lessons learned and progress toward climate and Environmental, Sustainability, Government (ESG) goals.
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See ISO 55011.