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What is today's blog about?
In this week’s blog, we look at the new RICS Strategic Public Sector Asset Management Global (3rd Edition) 2021. You can download a full copy here.
Who is the new document aimed at?
The new RICS Strategic Public Sector Asset Management (SPSAM) document is aimed at surveyors involved in strategic property asset management in the public sector.
The document provides guidelines, rather than prescriptive requirements, for how an organisation should use data to support corporate objectives and inform asset management. It also provides guidance on the attributes and characteristics for successful asset management by an organisation.
How is the document structured?
The SPSAM document is split into the following sections:
Introduction
Fundamentals of property asset management
Developing an asset management framework
Developing an asset management system (AMS)
Carrying out an asset management health check
Improving well-being, creating social value and enabling sustainability through asset management
What is strategic asset management?
RICS define strategic asset management (SAM) as, ‘the activity of aligning property assets with the strategic aims and direction of the organisation and adding both financial and non-financial value to the organisation as a result’.
What are the aims of SAM?
To align activities
To provide a whole life perspective
To set strategic objectives
To add value
What are the drivers for change in the public sector?
Sustainability and climate change
Technology and data
Constrained resources
Operating models
Collaboration
Service transformation
Place-making
Adaptability
What is the process of SAM?
What frameworks might be implemented to facilitate SAM?
PAS 55 – using the Plan-Do-Check-Act cycle of interventions in SAM
ISO 55000 – promoting SAM to add value to an organisation’s core business. ISO 55001 relates to the requirements of an AMS and ISO 55002 relates to the tools needed for effective asset management
International Infrastructure Management Manual (IIMM) – discusses preparation of asset management plans, information management and effective communication and leadership
What factors affect the creation of an AMS?
How can I improve my asset management skills?
We recommend reviewing the full RICS document and ensuring that you are familiar with the breadth and depth of topics and issues it discusses.
How can we help?
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Head to our blog archive to access even more free CPD and AssocRICS and RICS APC training and support.
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Stay tuned for our next blog post to help build a better you.
N.b. Nothing in this article constitutes legal, professional or financial advice.