ISO/TC 251, the technical committee on asset management, have announced the release of updated editions of the widely-used ISO 55000 and ISO 55001 standards. Additionally, two new standards—ISO 55012 and ISO 55013—were unveiled to provide guidance on people involvement and data management in asset management.
ISO 55001, a cornerstone of the series, outlines the requirements for an asset management system. Originally published in 2014, the standard has been revised to incorporate a decade of insights and experiences from over 50 countries. The 2024 edition includes more precise requirements for decision-making, value realization from assets, asset management planning, risk and opportunity management, data and knowledge management, and life cycle operations. Enhancements and simplifications have been made to make the standard more comprehensible and actionable.
ISO 55000, the companion document, explains the core concepts and benefits of asset management. The 2024 update reflects the evolution of the discipline since its initial release, emphasizing the outcomes of asset management activities. The document has been rephrased and expanded to include feedback from asset managers and owners worldwide, enhancing the articulation of the benefits of asset management.
Recognizing the critical role of people in asset management, the newly introduced ISO 55012 provides guidance on enhancing people involvement and developing the necessary competencies for effective participation in asset management activities. It highlights the importance of effective communication and collaboration within organizations.
With data becoming increasingly vital in asset management, ISO 55013 offers comprehensive support for managing data assets and asset data. It addresses strategic decision-making by organizational leaders, operational activities by asset management professionals, data security by IT experts, financial analysis, compliance oversight, supplier support, and customer feedback. The standard aims to help organizations achieve their objectives through effective and compliant data management practices.
In the coming weeks, ISO will also release an updated version of ISO/TS 55010, which focuses on aligning finance and asset management, and the new ISO 55011, which provides guidance for developing public policy to support asset management.
John Woodhouse, Managing Director of The Woodhouse Partnership Ltd and UK Expert Representative on the ISO TC 251 asset management committee comments: “Every organization should seek to maximise the value obtained from all of its assets over their whole life cycles. This is difficult, of course, in a changing and uncertain world, with competing stakeholder demands, risks, trade-offs and coordination challenges.”
“To address these, the ISO 55000 suite of standards provides the essential structure and minimum requirements for good asset management practices, greater alignment and robust governance. Even more importantly, these standards can help to deliver real and lasting performance improvements, directly contributing towards a more sustainable world.”
