asset management system
asset management system


ISO 55001 is an international standard that specifies the requirements for establishing, implementing, maintaining and improving an asset management system. Asset management is the coordinated activity of an organization to realize value from its assets, which are anything that has potential or actual value to the organization. Assets can be physical, such as buildings, equipment, infrastructure, or intangible, such as intellectual property, reputation, knowledge or information.

The purpose of ISO 55001 is to help organizations achieve their objectives through the effective and efficient management of their assets. The standard provides a framework for integrating asset management with other management systems and processes, such as quality, environmental, health and safety, risk and financial management. ISO 55001 also provides guidance on how to apply the principles of asset management in different contexts and sectors.

ISO 55001 is applicable to any organization that manages assets, regardless of its size, type or industry. The standard can be used as a basis for certification by an accredited third-party body or as a self-assessment tool by the organization itself. ISO 55001 is compatible with other ISO management system standards, such as ISO 9001 (quality), ISO 14001 (environmental) and ISO 45001 (occupational health and safety).

ISO 55001 was published in 2014 as a replacement for PAS 55, which was a widely used specification for asset management developed by the British Standards Institution (BSI). ISO 55001 is part of a family of standards on asset management, which also includes ISO 55000 (overview, principles and terminology) and ISO 55002 (guidelines for the application of ISO 55001).

Benefits of ISO 55001 certification to your organization:

  • Improved performance and profitability of assets and asset systems
  • Reduced costs and risks associated with asset ownership and operation
  • Enhanced customer satisfaction and stakeholder confidence
  • Increased compliance with legal, regulatory and contractual obligations
  • Improved decision making and alignment of organizational objectives and asset strategies
  • Enhanced innovation and learning from asset-related data and information
  • Improved organizational culture and reputation for asset management excellence
  • Reduce the risks associated with asset ownership – anything from unnecessary maintenance costs and inefficiencies to preventing accidents (such as explosions in gas plants for example)
  • Improve quality assurance for customers/regulators – where assets play a major role in providing and ensuring the quality of products and services
  • Gain new business – stakeholders gain confidence from knowing that there is a strategy to ensure that assets meet the required safety and performance requirements
  • Support international business growth – demonstrating compliance with an internationally recognized asset management system standard
benefits of ISO 55001
benefits of ISO 55001

Benefits of ISO 55001 certification to your customers:

  • Improved quality and services sustainability
  • Managed risk
  • Reduces costs.
  • Increase credibility
  • Fewer return products and complaints
How can organizations implement and get certified in ISO 55001?
  • organizations implement and get certified in ISO 55001? Here are some steps to follow:


    1. Conduct a gap analysis. This is a process of comparing the current state of the organization’s asset management system with the requirements of ISO 55001. It helps identify the strengths and weaknesses of the existing system, as well as the opportunities and threats for improvement. A gap analysis can be done internally or with the help of an external consultant.


    1. Develop an asset management policy and objectives. This is a document that defines the organization’s vision, mission and values regarding asset management, as well as the specific goals and targets that it wants to achieve. It should be aligned with the organization’s overall strategy and stakeholder expectations. The policy and objectives should be communicated to all relevant parties and reviewed periodically.


    1. Establish an asset management plan. This is a document that describes how the organization will implement its asset management policy and objectives. It should include the scope, roles and responsibilities, processes, procedures, tools, resources, performance indicators and improvement actions for managing the assets throughout their lifecycle. The plan should be based on the results of the gap analysis and the risk assessment.


    1. Implement the asset management system. This is the phase where the organization puts into practice what it has planned. It involves executing the asset management processes, such as asset identification, classification, valuation, acquisition, operation, maintenance, disposal and performance evaluation. It also involves monitoring and measuring the results, as well as documenting and reporting the activities and outcomes.


    1. Audit and review the asset management system. This is a process of verifying that the organization’s asset management system conforms to the requirements of ISO 55001 and its own policy and objectives. It can be done internally by the organization itself or externally by an accredited certification body. The audit and review should provide feedback on the effectiveness and efficiency of the system, as well as identify any nonconformities or areas for improvement.


    1. Continually improve the asset management system. This is a process of taking corrective and preventive actions to address any gaps or issues identified by the audit and review, as well as seeking opportunities for enhancing the value, performance and lifespan of the assets. It involves updating and revising the policy, objectives, plan, processes, procedures, tools and resources as needed.


    By following these steps, organizations can implement and get certified in ISO 55001 and enjoy its benefits.

If you are interested in implementing ISO 55001 in your organization, you can contact us for more information. We are a certified ISO 55001 consultant that can help you design, develop, implement, audit, and improve your asset management system. We have the expertise, experience, and tools to help you achieve your goals.