ISO 55000 is a suite of Standards for Asset Management. They follow the path that originated with BSI PAS 55.
The ISO 55000 series comprises three standards:
- ISO 55000 provides an overview of the subject of asset management and the standard terms and deﬁnitions to be used.
- ISO 55001 is the requirements speciﬁcation for an integrated, effective management system for assets.
- IS0 55002 provides guidance for the implementation of such a system.
The Standards introduce the discipline of asset management and specify the requirements for an asset management system. The Standards are applicable to any organization.
Accreditation to ISO 55001 should enable any organization that uses assets to meet stakeholder needs, to demonstrate an appropriate balance of risk, performance and cost.
Organizations are all striving for Optimised Asset Management which demands that people, processes and information are all in sync, and include the extended supply chain and business partners.
ISO 55000 guides organization in building Asset Management systems based on robust fundamental data, processes and information ensuring sustainable optimized Asset management.
The Standards are performance based and while introducing the subject of asset management also specify the requirements for an asset management system to manage assets and asset systems over their life cycles. The Standards will be applicable to any organization that wishes to:
- Establish an asset management system to manage its assets over the life cycles or over a deﬁned period;
- Implement, maintain and improve the management of its assets;
- Assure itself of conformity with its stated asset management policy and organisational objectives; and
- Demonstrate conformity with the Standard.
As the demand on organizations increase for delivering higher levels of output/service performance at lower cost, there is a greater need to understand the discipline of asset management. Senior managers ﬁnd themselves more frequently challenged with questions like:
- What asset related risks are we carrying, and how does that retained risk proﬁle change with time over the period for which we are responsible for the assets?
- Why do we need to invest this much money and resource into our asset base and what are the consequences of reducing that, both now and in the future?
- Are there beneﬁts associated with outsourcing some or all of our activities and how does that change our risk and cost proﬁles?
- Do we have the capabilities, competences and information to make sound decisions on asset investments and implement effectively the actions arising from those decisions?
Are there beneﬁts associated with outsourcing some or all of our activities and how does that change our risk and cost proﬁles?
Examples of value realization achievable through asset management include:
- Improved business performance
- Improved operational efﬁciency
- Reduced risk
- Assurance of compliance
- Improved customer satisfaction
- Improved stakeholder conﬁdence
- Improved sustainability
- Improved organization culture