ISO 55000 Asset Management Standards

By pwpro posted 23-08-2013 12:14

NAMS.AU Chair, Peter Way, offers a first-hand insight into the pending introduction of the new ISO 55000 standards on asset management.

Peter Way PSM, NAMS.AU Chair, has played a key role in the recent and ongoing development of the ISO 55000 asset management standards, as the IPWEA representative on the Standards Australia Mirror Committee.

Drawing on this first-hand insight, Way presented a paper at the IPWEA 2013 International Conference in Darwin on what to expect and the potential impacts of the new standards on relevant organisations.

There are three asset management standards under development – ISO 55000, ISO 55001 and ISO 55002 – developed by a project committee made up of representatives of 31 member and 12 observer countries. The standards are likely to be completed and adopted by the end of 2013, following the circulation of a Final Draft International Standard for a two-month ballot process.

The first standard, ISO 55000 – Overview, principles and terminology, spells out relevant concepts and principles and lists definitions used through the three standards. 

“The Overview is intended to give senior management a quick appreciation of why the organisation should embrace asset management and the value realisation they can attain by so doing,” Way says.

The second standard, ISO 55001 – Management System – Requirement, incorporates all of what Way calls the “thou shalt” statements – and is the most critical of the Standards, he says. 

The third and final standard, ISO 55002 – Management System – Guidelines for the application of ISO 55001, contains (as the name suggests) “explanatory text necessary to clarify the requirements specified in ISO 55001 and provides examples to support implementation,” Way says. “It does not provide guidance for managing specific asset types. “

One of the issues that Way says he has taken on in drafting these Standards is to ensure “a strong recognition of the importance of a link between asset management and financial management,” he says. 

“Fortunately, this principle has been well accepted and we have had a strong multi-national team overseeing the necessary clauses for insertion.” 

The Standards are not enforceable, Way says, rather, “it will be up to organisations in most cases to choose to apply them as part of good business practice”.

“The challenge then is to look closely at the provisions of these ISO Asset Management Standards and see how they may be advantageous to the sector that you work in, so that you can make an informed decision about the desirability of having them apply in your business and to what extent.”

See more papers from the 2013 IPWEA International Public Works Conference.