ISO/TS 55101 released!
ISO TS 55010 “Guidance on the alignment of financial and non-financial functions in asset management” was launched on the 17th of September 2019. Created to assist organisations improve alignment between the financial and non-financial functions. The specification will benefit organisations seeking to balance cost, risk and performance by providing greater clarity around informed decision making and linkages between top management and operations. Longer term planning and how organisational alignment across multiple directions feature to facilitate informed decision making.
Providing guidance for CFO’s and their financial teams to facilitate the collaboration of financial and non-financial aspects while managing the organization’s risks and costs.
And, not just for the finance department, the ISO 55010 is for non-financial functions involved in asset management including COO’s and technical managers of engineering and planning departments. Providing guidance and enabling personnel to understand what is required by the financial departments to produce their reports. ISO 55010 will help to bridge the gap between the financial and non-financial worlds.
While not a certifiable specification, the ISO 55010 can encourage the breakdown of silos and improve cooperation while making better use of every expertise to achieve the organizational objectives.
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