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ISO Guide for Harmonizing Financial and Non-Financial Asset Management Released

Press Releases
ISO Guide for Harmonizing Financial and Non-Financial Asset Management Released

The International Organization for Standardization ISO in September this year issued the technical specification ISO /TS 55010: 2019 Asset management - Guidance on the alignment of financial and non-financial functions in asset management. Document developed by ISO /TC251.

The appearance of this document is due to the fact that specialists of different profiles are involved in the management of physical assets - financiers, production workers, repairmen, suppliers. In organizations, they form isolated functional enclaves, with their own conceptual apparatus and views on management.

Historically, each such group has developed its own way of managing risks. Acting in isolation, they make inconsistent or even mutually exclusive decisions about the same assets. This reduces the effectiveness of asset management and the value derived from assets.

First of all, this document provides terminology, creates the basis for a common professional language for professionals engaged in financial and non-financial activities in asset management. Its use will allow for effective interaction of services and the exchange of knowledge, combine these services based on a common understanding of the goals of asset management.

The main purpose of this specification is to help bridge the gaps and internal barriers between the various parts of an organization's asset management. It describes methods for realizing good horizontal information exchange between them. It helps to form better assessments of the effectiveness of both assets and the organization itself, which more accurately reflect the achievement of goals. Its use improves teamwork and interagency collaboration towards corporate rather than departmental goals. The specification helps identify the most appropriate non-financial KPIs for everyone, allowing the organization to achieve higher value than focusing solely on financial performance.

The specification covers an agreed approach to asset management that includes joint financial and operational planning and provides a common understanding of the mutual impact of financial and operational results. From a financial accounting perspective, integrated, consistent and reliable data and knowledge management provides assurance that the ledgers of financial and non-financial assets and their balance sheet values ​​are accurate and complete.

According to ISO 55001: 2014, in order to maximize the value that assets bring, it is necessary to balance their performance, costs and risks associated with assets. This specification provides guidance on how to reconcile financial and non-financial activities so that these factors are better balanced.

“At present, taking into account the main provisions of the ISO /TS 55010: 2019 specification, the SPE“ SpetsTek ”is developing a corresponding national document. Before its release, for clarification of the provisions of ISO /TS 55010: 2019, you can contact the secretariat of the Technical Committee for Standardization "Asset Management" (TC86). The table of contents of the specification in English is published on the ISO website ", - said Igor Kryukov, Deputy General Director of NPP SpetsTek for Quality, Chairman of TC86, representative of Russia in ISO /TC251 with the right to vote.

Help LLC "NPP" SpetsTek "- the base organization of the Technical Committee for Standardization TC86" Asset Management ", represents Russia in the ISO /TC251 committee. Developer of national standards of the GOST R 55.0.00 series "Asset Management". Professional consultant and leading Russian software developer in the field of physical assets management at all stages of their life cycle in an organization, including the operational stage.

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