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Standards Manage Your Business
We Manage Your Standards
Standard Practice for Management of Low Risk Property (LRP)
1.1 This practice covers the assessment of risk and management of low risk property (LRP).
1.2 This practice is directed at tangible LRP.
1.3 This 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.
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