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PHILIPPINE ACCOUNTING STANDARD 21 - Coggle Diagram
PHILIPPINE ACCOUNTING STANDARD 21
Definition and Purpose of PAS 21
PAS 21 refers to Publicly Available Specification 21.
Its purpose is to provide guidance and requirements for the assessment and management of risks in relation to infrastructure assets.
Benefits of Implementing PAS 21
Enhances risk management practices for infrastructure assets.
Improves decision-making processes related to asset management.
Supports the prioritization of resources based on risk levels.
Key Components of PAS 21
Risk assessment and evaluation procedures.
Development of risk management strategies.
Implementation of risk controls and mitigation measures.
Regular monitoring and review of risk management activities.
Integration of PAS 21 with Asset Management Systems
PAS 21 can be integrated into existing asset management systems.
It complements other international standards such as ISO 55001.
Provides a framework for integrating risk management into asset management practices.
Benefits of Integrating PAS 21 with Asset Management Systems
Optimizes the use of resources by aligning risk management with asset management.
Enhances the effectiveness and efficiency of asset management processes.
Facilitates compliance with regulatory requirements.
Case Studies on PAS 21 Implementation
Case study 1: Successful implementation of PAS 21 in a transportation infrastructure project.
Highlights the benefits of using PAS 21 in identifying and managing risks.
Demonstrates improved decision-making and resource allocation.
Case study 2: PAS 21 implementation in a utility company.
Discusses the integration of PAS 21 with existing asset management systems.
Showcases enhanced risk management practices and improved asset performance.
Future Trends and Developments in PAS 21
Continuous refinement of PAS 21 based on industry feedback and best practices.
Increased adoption of PAS 21 by organizations across different sectors.
such as artificial intelligence, in risk assessment and management proces