Leaders in Asset Management Possible (Probable!) ISO Asset Management Standards NPMA Chapter Presentation January 2011

Leaders in Asset Management

The Institute of Asset Management (IAM)

Leaders in Asset Management 9/4/2014 ISO authorises PC251 on Asset Management 10 August 2010 The Technical Management Board of ISO has recently authorised Project Committee 251 to develop an International Standard on Asset Management. TECHNICAL MANAGEMENT BOARD RESOLUTION 101/2010 Establishment of a new PC on Asset management The Technical Management Board, establishes a Project Committee on Asset management and allocates the secretariat to BSI (United Kingdom).

Leaders in Asset Management Background 9/4/2014 The Institute of Asset Management (IAM) is a UK based asset management association. It’s ‘motto’ is: “the professional body for through-life management of physical assets”.  Publishes ‘Assets Magazine’  Membership: 360 individuals and 64 corporate

Leaders in Asset Management Background 9/4/2014 In 2004, IAM, through the British Standards Institute (BSI), published “Publicly Accepted Specifications” (PAS) for Asset Management: PAS 55-1:2008, Part 1: Specification for the optimized management of physical assets PAS 55-2:2008, Part 2: Guidelines for the Application of PAS 55-1

Leaders in Asset Management Background 9/4/2014 BSI has proposed three international standards for Asset Management based on PAS 55-1 and 55-2: Asset management - Overview, principles and terminology Asset management – Requirements Asset management - Guidelines on the application of ISO ????? (where ????? represents the number to be applied to the "Requirements" standard)

Leaders in Asset Management Background 9/4/2014 International Organization of Standards (ISO): Comprised of many nation members. Each member nation gets one vote ANSI votes for the US Consensus is not required; a 75% ‘approved’ vote is

Leaders in Asset Management NPMA Response 9/4/2014 The Council on Standards (COS), acting as the E53.90 Executive Subcommittee reviewed the proposed standards as well as PAS 55-1 and PAS Findings are: They are fine documents High level, ‘consultant grade’ documents, do not get into a lot of specifics. Does not get into the level of detail that NPMA documents and/or ASTM Property VCSs do; the ASTM E53 standards fit nicely into many of the niches in the proposed ISO standard.

Leaders in Asset Management E53 Response 9/4/2014 Formed Subcommittee E53.10, ISO Asset Management Activities, officers: Chair:Lyle Hestermann, CPPM CF, MIAM Vice Chair:James Dieter, CPPM CF RecordingScott Pepperman Secretary: ASTM StaffPat Picariello Manager

Leaders in Asset Management E53.10 Response 9/4/2014 Subcommittee E53.10 has applied to ANSI to form a Technical Advisory Group (TAG) for PC251 ANSI approved/accepted our application in early December 2010.

Leaders in Asset Management Who Can Participate? 9/4/2014 Anybody can participate in E53.10 or the proposed TAG. However, to form and maintain a TAG, ANSI requires an application fee as well as an annual maintenance fee. In order to generate those fees, the TAG is offering full voting memberships, for a fee. Contact E53.10 officers for further details.

Leaders in Asset Management What Do The Proposed Standards Look Like? 9/4/2014 This International Standard is applicable to all types of organizations The organization shall establish, document, implement, maintain and continually improve an asset management system in accordance with the requirements of this International Standard. The organization shall define and document the scope of its asset management system.

Leaders in Asset Management Considerations 9/4/2014 An organization should consider, but not limit itself to, the following items within its review: the organizational strategic plan; legal, regulatory and other mandatory requirements; identification and evaluation of the asset management risks faced by the organization; existing asset management practices, process(es) and/or procedure(s); the performance of the assets and asset systems (including suitability, utilization, condition, longevity and costs); feedback from the investigation of previous incidents, accidents and emergencies; relevant management systems, competencies and available resources (internal and external).

Leaders in Asset Management Considerations 9/4/2014 Stakeholder requirements Risk Self Audit Periodic Review Historical Data Benchmarking Best Practices Management Review

Leaders in Asset Management What Do The Proposed Standards Look Like? 9/4/2014 The organization’s top management shall authorize an overall asset management policy. Top management should arrange for the production of the asset management policy.

Leaders in Asset Management Questions? Want to join E53.10 or the US TAG? Contact Lyle, Jim, Scott or Pat James Dieter, Scott Pepperman Pat Picariello,