ISO 55001 – Asset Management Systems

ISO 55001 is the international management system standard that sets out the requirements for designing, implementing and maintaining an asset management system. It can be used to manage both tangible and physical assets (for instance, laptops, servers, buildings and financial assets), as well as the more intangible assets, such as the organisation’s reputation and intellectual property.

Asset management encompasses the strategic, long-term management of a company’s assets, including managing the risks associated with those assets.

The major advantage of a solid asset management strategy is to realise long-term benefits from one’s assets. ISO 55000 defines asset management as the “coordinated activity of an organisation to realise value from assets”.

There are three standards in the ISO 55000 family:

• ISO 55000 – gives an overview of the subject and sets out principles and terminology
• ISO 55001 – sets out the requirements of an asset management system
• ISO 55002 – provides additional useful guidance for applying ISO 55001
   

Companies will soon be able to apply for independent certification to ISO 55001.

Benefits of ISO 55001

• Balance costs, opportunities and risks against the desired performance of assets
• Improve the organisation’s ability to achieve its objectives
• Maintain assets effectively throughout their lifecycle
• Identify, manage and mitigate the risks associated with assets
• Reduce the whole-life cost of assets
• Improve stakeholder and customer confidence
• Improve organisational value
• Provide your stakeholders with a clear indication of your asset management performance