The ISO 55000 family is the first set of International Standards for Asset Management and is emerging from the success of the BSI/IAM Publicly Available Specification PAS 55.
The ISO 55000 Family of Standards Comprises:
Specifies the overview, concepts and terminology in Asset Management
Defines the requirements for a management system for Asset Management
Provides interpretation and implementation guidance for such a management system
Guidelines for the alignment between financial and non-financial asset management functions
UNDER DEVELOPMENT Provides guidance on the development of asset management policy for government.
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.
The initial launch of the project followed a preliminary meeting in London in June 2010. Thereafter, four formal meetings of the full PC251 committee occurred in Melbourne (Australia), Arlington (USA), Pretoria (South Africa) and Prague (Czech Republic), with significant development work both during and between the meetings. This resulted in two cycles of working drafts, two cycles of committee drafts and a Draft International Standard (DIS)’ status. In summary, the project remained on track through to the publication of the standards on 10 January 2014.
Participants and Status
The standards were developed by an ISO Project Committee 251 (PC251), with the following participants:
Full participants: Argentina (IRAM), Australia (SA), Belgium (NBN), Brazil (ABNT), Canada (SCC), Chile (INN), China (SAC), Colombia (ICONTEC), Czech Republic (UNMZ), Finland (SFS), France (AFNOR), Germany (DIN), India (BIS), Ireland (NSAI), Italy (UNI), Japan (JISC), Republic of Korea (KATS), Mexico (DGN), Netherlands (NEN), Norway (SN), Peru (INDECOPI), Portugal (IPQ), Russian Federation (GOSTR), South Africa (SABS), Spain (AENOR), Sweden (SIS), Switzerland (SNV), United Arab Emirates (ESMA), United Kingdom (BSI), United States (ANSI)
Observer status: Armenia (SARM), Austria (ASI), Costa Rica (INTECO), Denmark (DS), Hong Kong (ITCHKSAR), Hungary (MSZT), Iceland (IST), Iraq (COSQC), Israel (SII), Malaysia (DSM), Morocco (IMANOR), New Zealand (SNZ), Slovakia (SUTN), Thailand (TISI)
Alignment with other Standards
The ISO 55000 family of standards aligns and is suitable for integrating with other major management systems. These include ISO 9001 for quality management, ISO 14001 for environmental management, OHSAS 18000 for occupational health and safety, and ISO 31000 for risk management. The ISO 55000 family is the first management system standards to implement the new ISO Annex SL, providing a consistent basis for all management systems and enabling better integration and coordinated monitoring, audit and certification. Other management system standards are being reorganised also to align with this new template.
Now published, ISO 55000 goes into a 5-yearly review cycle. In 2015, ISO established a permanent ISO Technical Committee (ISO/TC 251/N). The committee has the responsibility for Asset Management, and the early revision of the ISO 55002:2018 (published in October 2018).
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BS ISO 55000 Series
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. The renowned PAS 55 has been transformed 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.
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, 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