Industry News

CNAM's ISO 55000 committee sent two delegates to participate on Project Committee 251 in Pretoria, South Africa from February 6-10, 2012. As you may recall, this committee is working on developing the proposed international asset management standard, otherwise known as ISO 55000.

The project committee received over 140 pages of comments from the approximately 25 participating countries. After an intense week of deliberation, document redrafting and incorporation of many of the country comments, the Project Committee approved the distribution of the second Committee Draft for the asset management standard, which takes the document one step closer to final approval by ISO, slated to occur in the first quarter of 2014.

To date, CNAM has been successful in making the case to lead the incorporation of many practices that our members see as central tenants to asset management, including financial and risk management as well as the concept of sustainability. While the document is still a work in progress, we feel that this standard is on the right track to be something that will benefit asset management organizations, whether they are municipalities or for-profit corporations.

Next steps will include the Canadian Mirror Committee for PC 251 reviewing and providing comments on the second Committee Draft prior to the next meeting of PC 251 in June 2012.

If you are interested in participating with the development of ISO 55000, please contact:

Steve Wyton, Vice Chair, Canadian Advisory Committee
steve.wyton@calgary.ca

Duncan Ellison, Chair, Canadian Advisory Committee
duncan.ellison@videotron.ca