Welcome to the world of good standards in asset management

This website provides a rapid introduction to asset management standards, including ISO55k, PAS55, maturity assessment along with the sorts of services (education, implementation guidance, assessment and strategic planning) that are available to assist you in improving the management of business assets.

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Latest News in Standards for Asset Management - ISO 55000

Technical Committee

ISO approves establishment of ongoing Technical Committee for Asset Management

e-learning course

New e-learning course in Asset Management (IAM Certificate level)

ISO17021-5

Rules for ISO 55001 auditors published: ISO17021-5 (competency requirements)

BS ISO 55000:2014

Since its publication in 2004, PAS 55 has been an international success story. It is increasingly recognized as a generically applicable definition of good practices in the optimized management of physical assets.

That’s why we’ve transformed it to become an international standard, which is available in three parts:

  • BS ISO 55000 provides critical overview, concepts and terminology
  • BS ISO 55001 specifies the requirements for an effective Asset Management System
  • BS ISO 55002 offers interpretation and guidance for such a system to be implemented.
  • BS ISO 55000 introduces the critical concepts and terminology needed to develop a long-term plan that incorporates an organization’s mission, values, objectives, business policies and stakeholder requirements.
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BS ISO 55001:2014

Since its publication in 2004, PAS 55 has been an international success story. It is increasingly recognized as a generically applicable definition of good practice in the optimized management of physical assets.

That’s why we’ve transformed it to become an international standard, which is available in three parts:

  • BS ISO 55000 provides critical overview, concepts and terminology
  • BS ISO 55001 specifies the requirements for an effective Asset Management System
  • BS ISO 55002 offers interpretation and guidance for such a system to be implemented.

BS ISO 55001 specifies the requirements for the establishment, implementation, maintenance and improvement of an asset management system. It can be used by any organization to determine which of its assets this International Standard applies.

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BS ISO 55002:2014

Since its publication in 2004, PAS 55 has been an international success story. It is increasingly recognized as a generically applicable definition of good practices in the optimized management of physical assets.

That’s why we’ve transformed it to become an international standard, which is available in three parts:

  • BS ISO 55000 provides critical overview, concepts and terminology
  • BS ISO 55001 specifies the requirements for an effective Asset Management System
  • BS ISO 55002 offers interpretation and guidance for such a system to be implemented.

BS ISO 55002 provides guidance for the application of an asset management system in accordance with the requirements of ISO 55001

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BS ISO 55000 Series

Asset Management is a critical component of any successful business. In today’s competitive climate, it’s important to have the tools that allow the highest level of productivity at your disposal.

That’s why we’ve transformed the renowned PAS 55 into the BS ISO 55000 series. This comprises three documents, which can be used by organizations of all sizes and sectors.

The BS ISO 55000 series can help businesses to:

  • Establish an asset management system to optimally manage assets;
  • Implement, maintain and improve an asset management system;
  • Comply with asset management policy and strategy;
  • Demonstrate they’re applying best practise to others;
  • Seek certification of their asset management system by an external organization or make a self-declaration of compliance.
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What is ISO 55000?

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 asset management.

Note: 55001 defines requirements for a management system, in the same way as ISO 9001 specifies a quality management system, and ISO 14001 covers an environmental management system. ISO 55001 is not, therefore, a specification for an asset information management system (sometimes called “enterprise asset management” system). Such software systems are, however, recognised to be useful aids (‘enablers’) for good asset management.

  • IS0 55002 provides guidance for the implementation of such a system.

The development of these standards was achieved by ISO Committee PC251, with 31 countries participating. The standards are now approved and available from national standards bodies such as BSI.
ISO 55000 Standards on the three standards and their development.

Or click one of the icons below to go to BSI on-line store to purchase the documents individually, or as an ‘asset management pack’ (= combination of all three documents):

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Background

In 2002-2004 the Institute of Asset Management (IAM) in conjunction with British Standards Institution (BSI) developed PAS 55, the first publicly available specification for optimised management of physical assets. This has become an international bestseller, with widespread adoption in utilities, transport, mining, process and manufacturing industries worldwide. The 2008 update (PAS 55:2008) was developed by 50 organisations from 15 industry sectors in 10 countries. The International Standards Organisation (ISO) then accepted PAS 55 as the basis for development of the new ISO 55000 series of international standards.

This website introduces the standards, the basic concepts of asset management and some of the options for assessment, training and using the standards to improve business performance.  The site is owned and maintained by The Woodhouse Partnership Ltd, (TWPL) one of the leading international authorities and sources of training, assessment, facilitation and support in the management of business assets.   TWPL is a BSI Affiliate, and also an Endorsed Assessor and Endorsed Trainer for the IAM.

What is Asset Management?

Assets, and value realized from them, are the basis for any organisation delivering what it aims to do.  Whether public or private sector, and whether the assets are physical, financial, human or ‘intangible’, it is good asset management that maximises value-for-money and satisfaction of stakeholders expectations. It involves the coordinated and optimized planning, asset selection, acquisition/development, utilization, care (maintenance) and ultimate disposal or renewal of the appropriate assets and asset systems.   Insights into the integration and optimization of asset management have developed since the 1990s (from the North Sea oil & gas industry and the Australian public sector), to identify a range of essential business processes, alignment activities and system integration features that yield very significant performance benefits.

 

For more information about PAS 55 and the history of developing and implementing this standard for asset management.

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Benefits of optimised asset management

The tangible results of joined-up, risk-based, whole life cycle asset management are increasingly proven around the world. They include:

  • Alignment of processes, resources and functional contributions (instead of departmental silos and competing, short-term priorities)
  • Creating a transparent audit trail for what is done, when and why.
  • Better understanding and usage of data and information to provide informed and consistent decisions.
  • Improved planning (especially capital expenditure)
  • Consistent, prioritised and auditable risk management.
  • Alignment and coordination of existing initiatives, including competency development.
  • Greater engagement of the workforce, including leadership, communications and cross-disciplinary teamwork.

There is a great deal of useful information about asset management, the underlying concepts, the practical implications and business benefits being obtained. The Woodhouse Partnership Ltd (TWPL) has been intimately involved with this emerging business discipline since the 1980s, and has published many papers, case studies and guidance material on the subject.

TWPL also offers a wide selection of training and education programmes, ranging from personal coaching to short courses, workshops, e-learning developments and full academic certification, diploma and MSc material.

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