January 22, 2020, 4:15 pm

The New ISO TS 55010-2019 – What’s it about?

Finance is an integral part of Asset Management. Asset management is defined as “coordinated activity of an organization to realise value from assets”.  Value can be financial (revenues and costs) and non-financial (benefits and risks) and achieving the balance between these requires coordination and alignment across financial and non-functions in the organisation. One of the key outputs of the asset management planning process is an estimate of the cashflows that are needed to deliver value from assets and to support achievement of overall business objectives.  These cashflows could be operating expenses (OpEx) or capital expenditure (CapEx) as well as revenues that flow from this expenditure.  In many organisations, this coordination and alignment across financial and non-functions is often inadequate. Consequently, ISO/TS 55010 has been produced to provide guidance on achieving alignment across the financial and non-functions of an organisation.

So, what is ISO/TS 55010:2019 Guidance on the alignment of financial and non-financial functions in asset management about? The first thing is that it is a guide, and as a guide it does not provide any interpretation of existing ISO 55001 requirements, nor does add any new requirements to those currently contained in ISO 55001 Asset Management – Management systems – Requirements.

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