Frequently asked questions

The formal definition of Asset Management in the ISO 55000 standard is “…… the coordinated activity of an organization to realize value from assets”.

This focuses on the value obtainable from assets and their use, not just ‘managing them’. So it is much more than just caring for assets (maintenance). Similarly, it is more than buying and selling assets, as implied by the financial world in relation to the management of an investment portfolio. The focus on value creation or realisation is also evident in how we recognize what an asset it in the first place:

“An asset is an item, thing or entity that has a potential or actual value to an organization” and “Assets exist to provide value to the Organization and its Stakeholders“. (ISO55000)

The assets can take many forms – physical equipment and infrastructure, money and credit, or more intangible things like information, reputation or intellectual property. In all cases they are assets because they have, or offer potential, value. And, through asset management (over their whole life cycle) such value can be realised.

Public or Private organizations with either tangible or intangible assets can benefit from implementing the guidance offered within ISO50001. examples of these organisations include

• Industrial sectors (Oil and Gas, Petroleum, Utilities, transportation, and Mining, to name a few)
• Infrastructure orientated organizations (Defence sector, public services, airports, hospitals)
• Facilities and economic sectors
• Real estate sector (residential and commercial)
• Software, consulting, and professional services 

Asset Management within an organization involves everybody from research and development, procurement, contract management, operations, and supply chain, maintenance, sales and marketing, human resources, and compliance. Building a successful asset management system facilitates a collaborative relationship across all disciplines. 

ISO 55001 is the requirement specification for an organization’s management system (for Asset Management), so it is not the basis for certifying an individual person. If you are seeking Asset Management qualifications (e.g. formally recognised Certificate or Diploma) please head to our training page for further information.

For organizations seeking ISO certification of their Asset Management System, our IAM-Endorsed assessment service provides an objective review of your maturity against all the requirements of the ISO 55001 standard. Our recognized expert auditors also provide structured assessments, gap analyses, and improvement reviews against all 39 subject areas of the GFMAM ‘Landscape’ for Asset Management (not just the management system elements).

From such an assessment, we offer a uniquely effective process for developing a value-prioritized roadmap to address gaps and exploit improvement opportunities.

Contact us now to find out how we can help your organization achieve ISO 55001 Certification.

We have been at the very heart of developing these standards and providing an unrivalled experience of their usage for maturity assessment and improvement programmes. Our assessment services enable you to identify existing strengths, as well as any gaps against ISO 55001 requirements or potential transformation areas. It uses the full rigour of a structured and disciplined auditing protocol, developed over 20 years and integrated with the Institute of Asset Management (IAM) maturity scale. It is a highly interactive process, revealing not only the current status but also the scope and business value of potential improvements. Please contact us at enquiries@twpl.com