Impact of the GAO Report – GAO-19-57 Federal Real Property Asset Management
The recent report by the GAO on Federal Real Property Asset Management . In this post we discuss the implications of this report for both Private and Public-Sector Organizations.
Background :Senators Claire McCaskill and Tom Carper requested the U.S. Government Accountability Office to study the potential value of the ISO 55000 management system for asset management on the federal government
I liked the 6 Characteristics identified in the report
1) Establishing formal policies and plans
2)Maximizing an asset portfolio’s value
3)Maintaining leadership support
4)Using quality data
5)Promoting a collaborative organizational culture
6) Evaluating and improving asset management practices
However , considering our poor infrastructure was hoping for more urgency in actions.
All six recommendations are addressed in a properly executed implementation of ISO-55001 Certification.
The municipality of Washington DC addressed all these issues and several more and was able to take their bond rating from below junk bond rating to a AAA rating in less than five years.
The value of ISO-55000 as a model for asset management is proven. Certification announces it to the world!