Knowledge - Asset Management - Asset Management (ISO 55000)

Asset Management

Assets are the basis for any organization delivering what it aims to do. Whether in the public or private sector and whether assets are physical, financial, human or ‘intangible’, it is good asset management that maximizes value-for-money.

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 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.

ISO 5500x standards are applicable to all types of asset (tangible and intangible) across any industry sector.

Asset Management Fundamentals

a) Value - Assets exist to provide value to the organization and its stakeholders

b) Alignment - Asset management translates the organizational objectives into technical and financial decisions, plans and activities

c) Leadership - Leadership and workplace culture are determinants of realization of value

d) Assurance - Asset management assures that assets will fulfill their required purpose

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