Quickfire Round: So what is ISO 55000 – and what can we learn from Isambard Kingdom Brunel?

Interview with David McKeown, CEO of the Institute of Asset Management, Martin Sedgwick, Head of Asset Management at Scottish Power, Chris Royce, Head of Strategic Asset Management at Anglian Water, and Dave Riley, Carbon Manager at Anglian Water
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Dec. 2, 2011 - PRLog -- Quickfire Round:

So what is ISO 55000 – and what can we learn from Isambard Kingdom Brunel?

   Interview by Helen Winsor, IQPC Exchange

David McKeown, CEO of the Institute of Asset Management, joins IQPC Exchange as part of our QuickFire Five Series, to discuss the future of asset management, to outline what exactly ISO 55000 is and how companies will benefit; the importance of the relationship between asset owners and regulators; and what one change he would like to see happen over the next two years for heads of asset management. Finally, he pinpoints his all-time hero, the British civil engineer Isambard Kingdom Brunel, and explains why this innovator is his role model!

IQPC Exchange: Great of you to join us in our QuickFire series. Now, first of all, how do you see the future of asset management changing?

D McKeown: I think there are two ways of looking at that. I think there are the actual changes within asset management and I think there's the increasing and encouraging awareness that’s developing. I’d probably suggest that it's going to be much more senior in most organisations as chief officers realise that actually they have direct accountability and I think that means that people are beginning to understand that it’s business driven. It's not really about managing assets; it's more about actually delivering the business objectives by extracting value from assets.

IQPC Exchange: ISO 55000, what is it, and how will companies benefit?

D McKeown: It doesn't yet exist; it’s well in hand, it's another in the series of management system standards. Maybe people will be more familiar with things like 9001 in quality or 31000 in risk. So it joins a group of management systems standards that tell people what is required to deliver a good business result and to help people… well, it's a bit of a checklist.

Is PASS 55 new or old news – and how to get the best from smart technology and process safety?

Martin Sedgwick, Head of Asset Management at Scottish Power, joins IQPC Exchange, to discuss the future of Asset Management, whether PASS 55 is new or old news and why, whether Scottish Power is seeing value for money in smart technology and how to judge when you have done enough in terms of process safety.

IQPC Exchange: First of all, I’d like to ask you, how do you see the future of asset management changing?

M Sedgwick: I think I see the future changing in that we have historically set up asset management sections and departments, and I think the real key to the future is delegation of the processes and systems right throughout the structures and workforce rather than being seen as a central department. That way we’ll get more ownership and drive at the workface, which is really what we need to see to improve asset management.

IQPC Exchange: PASS 55 – is this new or old news in your view, and why?

M Sedgwick: In terms of Scottish Power, we were one of the early adopters of PASS 55. We’ve held the certification for well over three years now, and whilst it does provide a good framework in terms of asset management and audit protocol, really we are trying to move things on further, in particular by integrating asset management and process safety principles, which I know we’re going to cover later because I think the real time measurement of asset performance is key to the future improvement.

Just how much can Asset Managers control and has Board level buy-in become better?

Chris Royce, Head of Strategic Asset Management at Anglian Water, discusses how he sees Asset Management changing in the future; why is customer experience so important and how much can asset managers control; has board level buy-in become easier or harder; and is smart technology bringing value for money? Finally, he pinpoints his figures of inspiration – Isambard Kingdom Brunel and artists such as Leonardo Da Vinci, great innovators who combined art and invention to really make a difference.

IQPC Exchange: Firstly, how do you see the future of asset management changing?

C Royce: Asset management has been evolving for the last ten years, and what we’re seeing now is a more integrated approach. The way things are going to operate, I believe, in the future, is more integration between operations and the investment, which will make us more effective, more efficient, and actually almost give better service to our customers.

IQPC Exchange: Looking at customer experience, why is it so important, and how much can asset managers control?

C Royce: Quite a lot. It’s really important that we put customers first. This is something I’ve been promoting for the last four or five years, that the assets are there to serve our customers. If we didn’t have customers we wouldn’t need the assets. Within the water industry, this has been really important - the customer focus. The SIM, services incentive mechanism, which works at the moment, putting customers first, is really important and making sure that what we do to our assets, the service we provide, is all linked into that customer service. That’s where the water industry is going and has been going for the last few years, and that’s why we’ve done a lot of work on willingness to pay, benefits valuation, etc. That’s the whole essence of the capital maintenance framework, which we work to.

The importance of quick reactions and good relations in Carbon Management

Dave Riley, Carbon Manager at Anglian Water, joins IQPC Exchange to discuss carbon management and whether companies are reacting quickly enough; how much they should be doing; the importance of the relationship with the regulators; and whether smart technology is bringing value for money and how. Finally he identifies his all-time hero, and figure of inspiration, who he pinpoints on merit of his innovation - the inventor of the Lotus kit car.

IQPC Exchange: First of all I’d like to ask you - carbon management; are companies reacting quickly enough?

D Riley: Over the last ten years there’s been a significant improvement in terms of awareness on both carbon management and climate change but if you consider that, in the developing world, we’re using the equivalent resources of three planets, then a real step change is required and what evidence we are seeing towards that step change is unclear. I don’t think it’s happening so therefore, are companies reacting quickly enough? There’s a spectrum. There are companies that are recognising, especially those with strong leadership, that there is a risk to their business where they’re relying on or using finite resources and the combined risks of climate change. Those organisations who understand that risk are starting to react. Those organisations who haven’t really identified that risk are the ones who need to start taking action.

You can hear more from the above expert speakers at the forthcoming Infrastructure Asset Management Exchange, due to take place from 19th – 21st March 2012 at Chelsea Football Club, London, UK. For information about the agenda and to reserve your place, please visit www.iamexchange.com, email exchangeteam@iqpc.com or call 0207 368 9484.

To download the mp3 and transcript in full please click here:

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