April 21st is World Asset Management Day, a day of recognition for asset management that highlights its growing significance in the global community. Created by our friends at the Asset Management Council in Australia, this day is a great opportunity to reflect on the significant progress made in asset management over the last few years.
Starting from humble beginnings in the late 1970’s, asset management has really taken off in the last decade, in no small part thanks to the publication of the first international standard in this area: ISO 55001. The standard rightly focuses on the need for a management system in asset management, much in the same way organizations require a safety management system or quality management system.
ISO 55001 outlines what needs to be put in place by organizations, but does not tell you how to implement asset management. Advice on the “how” can be found at reputable associations such as the Asset Management Council, the Institute of Asset Management (IAM), and others. As well, ISO’s experts are continually publishing additional guidance—such as a revision of ISO 55002 in 2018, and a technical specification on the alignment of asset management, finance and accounting under ISO/TS 55010 in 2019.
Future work at ISO will include guidance around decision making in asset management, a subject we, at Copperleaf, are passionate about. We are therefore actively contributing to this latest ISO initiative, in the same way we continue supporting the knowledge development work of leading asset management associations around the world.
You can learn more about Copperleaf’s value-based decision-making approach here.