As a subject expert, the KPMG Global Asset Management Center has been involved formally in drawing up the ISO 5500x standard from the beginning of the process.
For the first time an ISO standard on Asset Management has been launched. The new standard explicitly places assets in a value context, widening the definition of ‘asset’ to include: “Something that has potential or actual value for an organization”. That value can be tangible or intangible, financial or non-financial, and includes consideration of asset risk and liabilities.
We expect the new standard will accomplish several key goals that are important to asset intensive companies: global benchmarking, integration with finance and accounting, creating value for the bottom line, transparency, board-level awareness and competitive advantage. Companies that are ISO 5500x-compliant may use their accreditation to differentiate themselves from competitors in new business opportunities.
Step 1: Understand why you want to comply
Step 2: Assess your current operations against the standard
Step 3: Create an implementation plan
Step 4: Implementation
Step 5: Accreditation
Even if you have no intention of applying for accreditation, using the guidelines to optimize the whole asset life cycle will help achieve a healthy balance between investments, maintenance, asset performance and asset risks that can generate real value for the organization.
We can help you to implement the new ISO 5500x for a robust, value-adding Asset Management plan, or we can audit your compliancy against the ISO 55001 standard for attestation.
To join one of our next information sessions and learn more about the new ISO 5500x, contact one of our experts today.
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