Latest News in Standards for 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.
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. 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.
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.
- ISO 55001 is the requirements specification for an integrated, effective management system for asset management.
- ISO 55002 provides guidance for the implementation of such a management system.
Note: 55001 defines requirements for an asset 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” or EAM system). However, such software tools can be useful aids (‘enablers’) for information management and work control elements of good asset management.
The development of these standards was achieved by ISO Committee TC251, with 31 countries participating. The standards were published in February 2014 and are available from national standards bodies such as BSI.
Click on one of the icons below to purchase the standards individually or as an ‘asset management pack’ (single document combining all three standards):
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 needed to develop a long-term plan that incorporates an organization’s mission, values, objectives, business policies and stakeholder requirements.
- 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.
- BS ISO 55002 offers interpretation and guidance for such a system to be implemented in accordance with the requirements of ISO 55001
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.
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 an Endorsed Assessor and Trainer for the IAM.