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Hot Topic Highlight – RICS Strategic Public Sector Asset Management Global (3rd Edition) 2021

Updated: Oct 30, 2023

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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’.

Diagram of strategic asset management activities
RICS (2021)

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?

SAM process
RICS (2021)

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?

Internal and external perspectives to SAM
RICS (2021)

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?

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.


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