Asset Management

David Braby

Principal – Asset Management

International Asset Management Congress 2023
(Gold Coast, June 2023)

The IPWEA held its International Asset Management Congress at the Gold Coast Exhibition and Convention Centre in June which was well attended by asset management professionals across Australia and internationally.

The Congress had plenty if international flavour with key representatives from the Government Finance Officers Association (GFOA) of America, American Public Works Association (APWA) and Federation of Canadian Municipalities discussing their journey to asset management improvement. The US is keen to leverage off the Australian and NZ asset management experience over the past 20 years to capitalise and build asset management capability from the $1.2 trillion in infrastructure investment which goes some way to dealing with their current $2.59 trillion infrastructure gap.

Canada on the other hand has accelerated its asset management programs in municipalities through a centrally coordinated Municipal Asset Management Program (MAMP) which has funded and provided an extensive training program via IPWEA NAMS.PLUS. The program has involved over 10,000 staff has led to the implementation of Asset Management Frameworks, Asset Management Policy’s and improvement programs at many Councils throughout Canada.

Locally, Australian and New Zealand presentations broadly covered:

  • A new IPWEA Practice Note has been released: PN13 – The circular economy and use of recycled materials for infrastructure assets
  • Community engagement in the development of Asset Plans and levels of service
  • The need to tell the true asset management story to elected representatives to educate and gain buy in
  • The use of artificial intelligence for road and stormwater defect and asset condition monitoring
  • Advancements in asset decision modelling, decision making and the use of asset dashboards to communicate information

ISO55000 Suite of Asset Management Standards update

A comprehensive global update of the ISO55000 suite of standards is currently underway. The following existing standards are being now being reviewed and updated:

  • ISO 55000:2014 Asset management – Overview, principles and terminology
  • ISO 55001:2014 Asset management – Management Systems –Requirements
  • ISO 55010:2019 Asset management – Guidance on alignment of asset management, finance and accounting

The following new standards are being developed to be included in the ISO55000 suite:

  • ISO 55011: Asset management – Guidance for development and application of public policy to enable asset management
  • ISO 55012: Asset management – Guidelines for people involvement and competence
  • ISO 55013: Asset management – Guidance on the management of data assets in asset management

The updated and new standards are to be released in June 2024.

Asset management as a discipline has matured globally since the release of the international standards and practice is being accelerated via industry capability building programs. The industry is making significant progress in the consideration of emissions and the circular economy as part of asset management decision making and planning.

Did you know “Infrastructure now accounts for approximately 70% of global greenhouse gas emissions and half of all resources used and waste created globally”?

Finally, although it was not explicit in the Congress presentations there is a general movement to a service centric asset management model by many organisations. This is being pushed in some part by legislative requirements, especially in Victoria where deliberative community engagement is now required for the development of Asset Plans.

Engaging the community through a service-based lens to determine service and asset priorities is the now the focus of asset managers worldwide.

CT Management Group is well placed and experienced in these areas and has a lot to offer the industry in the coming years.

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