Full Description

1.1This practice covers the assessment of risk and management of low risk property (LRP).

1.2This practice is directed at tangible LRP.

1.3This practice does not promote mismanagement or dereliction of duty to protect property, nor protecting property unreasonably - to the extent that usefulness is impaired. This practice recognizes the constraints of materiality and costs versus benefits in the control and management of property.

1.4This international standard was developed in accordance with internationally recognized principles on standardization established in the Decision on Principles for the Development of International Standards, Guides and Recommendations issued by the World Trade Organization Technical Barriers to Trade (TBT) Committee.