This article by IPWEA highlights the need for finance managers to have a thorough understanding of all aspects of asset management.
In the article Chris Morrill, CEO of the US/Canada Government Finance Officers Association (GFOA) comments:
“When public finance managers fail to understand asset management, they put their government and their constituents at risk. We’ve seen the lives lost when critical assets like bridges have not been properly maintained”
“In less visible ways, poor asset management burdens future generations and makes it more difficult for communities to build financial resilience to survive natural and man-made crises.”
Morrill makes a comparison noting that US state and local governments could learn a lot from Australia, and singles out IPWEA for praise when it comes to defining what the international gold standard for asset management looks like.
SPM Assets has a range of tools designed to provide clear direction on managing asset knowledge and determining long-term requirements. Request a demo to learn more.