* By Natali Giorgalla
World Day of Social Justice – Creating Social Value through an Asset Management System
World Day of Social Justice highlights that a good standard of living is essential for all global citizens; equal wealth, opportunities, rights, and resources for all people.
Good asset management focuses on extracting the value that assets can provide to an organization - but also to broader society. Social value includes seeking benefits beyond the economic, as suggested by six capitals model and the Integrated Reporting Framework.
So how can we use an ISO 55000 approach to create value for society?
- Asset management organizations should ensure that asset management systems reflect their values, which often include elements of social justice;
- Asset management objectives can incorporate principles of justice and fairness;
- The rules used to make decisions and manage risks can incorporate societal impacts;
- Information requirements can include the data needed to assess the impact of asset management activities on society;
- Performance assessment can incorporate social value elements.
By helping the wider community, we open doors to opportunity and diversity. This enables increased social value as well as higher levels of economic productivity. Does your asset management system reflect your organization’s values and what you stand for?
*Natali Giorgalla works as a Standards Officer for CYS.