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ISO 55000 Asset Management Standards released

By ASSET e-news posted 16-01-2014 09:09

by Peter Way PSM, Chair, NAMS.AU

What a great start to 2014 for asset managers, with publication of the new ISO 55000 series of Asset Management Standards, which are now 
available for purchase from SAI Global.

IPWEA is pleased to have been part of the Australian Mirror Committee overseeing the writing of these new Standards and
 has also been busy producing a supplement to the International Infrastructure Management Manual (IIMM) that will provide links between each of the requirements clauses in ISO 55001 (the 'what to do') and the relevant sections of the IIMM (the 'how to do it'). 

We will also be running a series of webinars, starting in March, to provide practitioners with more detail on what is in the Standards and how best to apply them for greatest benefit in your own organisation. Webinar details will be posted on the IPWEA website and advised at a later date. 

Finally, we are also developing an assessment framework to enable organisations to assess their level of compliance with the Standards and monitor where they need to focus on improving current practice. Further detail on the assessment framework will also be posted on the website and 
advised once available.

For more information on the Standards – and the possible implications for you and your organisation – please see below for an outline of the Standards approach produced by the Mirror Committee. 

What impact do you expect the new ISO 55000 Standard will have on your organisation?

ISO 55000 Asset Management Standards


The three ISO Asset Management Standards that are now published will potentially impact all organisations who have asset management responsibilities. These Standards, while framed on the management of physical assets, can be utilised for any asset type and by any sized organisation. They address the requirements for a management system (not software) for the management of assets and comprise:

• ISO 55000 Asset management – Overview, principles and terminology
• ISO 55001 Asset management – Management systems – Requirements
• ISO 55002 Asset management – Management systems – Guidelines for the application of ISO 55001

They are the first to be written in accordance with the new Guidelines established by the International Organisation for Standardisation for the consistent structure and content of all their Management System type standards.

ISO 55000 gives those responsible for organisational governance, and senior management, an appreciation of why the organisation should embrace asset management. It highlights that effective acquisition, control and governance of assets by organisations is essential to realising value through the managing of risk and opportunity, in order to achieve the desired balance of benefits, costs, risk and performance.

It enunciates the benefits of asset management and an asset management system in providing a structured approach and more reliable decision making for the development, coordination and control of activities undertaken on assets by the organisation over the different life cycle stages, and for aligning these activities with its organisational objectives.

ISO 55001 is the most critical Standard in that it details the things required to be done – some 70 requirements with a number of sub elements. It documents ‘What to do’, not ‘How to do it’, thus providing a systematic management specification while allowing organisations to structure their activities to suit their needs, resources, capabilities and objectives. The main content headings are as follows:

• Context of the Organisation
◦ Needs/Expectations of Stakeholders
◦ Scope of the AM system and to which assets it will apply.
• Leadership and Commitment
◦ Policy, Roles, responsibilities and authorities
• Planning
◦ Risks and Opportunities
◦ AM Objectives and planning to achieve them
• Support
◦ Resources, awareness, competence
◦ Communication
◦ Information
• Operation and Control
◦ Change management
◦ Outsourcing
• Performance Evaluation
◦ Monitoring and Review
◦ Auditing
• Improvement
◦ Nonconformity
◦ Corrective and Preventive Action
◦ Continual improvement

ISO 55002 – This third Standard explains the requirements specified in ISO 55001 and provides examples to support implementation. It does not provide guidance for managing specific asset types.

Who will use the Standards

These International Standards are primarily intended for use by those:
• considering how to improve the realisation of value for their organisation from their asset base;
• involved in the establishment, implementation, maintenance and improvement of an asset management system;
• involved in delivering asset management activities and service providers;
• internal and external parties or stakeholders who assess the organisation’s ability to meet legal, regulatory and contractual; requirements and the organisation’s’s own requirements.

Why use the Standards

Organisations will implement these Standards to address a range of business objectives including the following (in no particular order):
• improved financial performance;
• better informed asset investment decisions;
• better managed risk;
• improved services and outputs;
• demonstrated social responsibility;
• demonstrated compliance;
• enhanced reputation;
• improved organisational sustainability;
• improved efficiency and effectiveness.
Conformity Assessment

ISO state that the main aim of Standards is to promote good practice, not to be there purely for compliance.

The Standards, per se, do not carry any force to require their application. In most cases, it will be up to the organisation itself to choose to apply them as part of good business practice. However, it is likely that in some highly regulated areas, involving significant asset values, the regulators, financiers and insurers may look to the comfort of requiring these Standards to be applied, to protect their interests.

ISO/IEC DTS 17021-5 — Conformity assessment — Requirements for bodies providing audit and certification of management systems — Part 5: Competence requirements for auditing and certification of asset management systems has recently been adopted to provide technical guidance on the skills and competencies required of those involved in ISO 55001 audit and certification.

Where to access the Standards

They are currently adopted as ISO Standards and available for purchase from SAI Global.

The Australian Mirror Committee is considering application to Standards Australia for adoption as AS/ISO Standards later in 2014.

Applying the Standards

IPWEA is gearing up to provide awareness training and to offer assistance to organisations considering the implications, application and implementation of these new Standards in their organisation. A series of IPWEA webinars is planned to assist practitioners in this regard.

Download the IPWEA's free Quick Guide Supplement to the IIMM: Meeting ISO 55001 Requirements for Asset Management here.

Visit SAI Global to purchase the new standards, and stay tuned at for more information.
1 comment


30-05-2014 02:17

Are you still planning to host those webinars? I'd be very interested in attending!