Knowledge - Asset Management - Implementation Guide

Implementation Guide

ISO 55001 can help you create a world class asset management system, build long-term resilience, achieve financial goals, and meet regulatory requirements. It helps organizations to replace, upgrade or expand existing infrastructure, determine capital investment, formulate maintenance strategies, and allocate budgets. What’s more it adds value by providing you with an agile framework to help connect asset management with the achievement of your own organizational goals.

ISO 55001 is based on the high-level structure ISO Annex SL which is a common framework for all new management system standards. This helps keep consistency, align different management system standards, offer matching sub-clauses against the top-level structure and apply common language across all standards. It makes it easier for organizations to incorporate their asset management system (AMS), into core business processes, make efficiencies, and get more involvement from senior management. Plan-Do-Check-Act (PDCA) is the operating principle of ISO 55001. It is applied to all processes and the Asset Management System as a whole for continuous improvement.

Key Requirements


This first clause details the scope of the standard.

Reference Standards

This clause refers to the normative references contained in the standard ISO 55000, Asset management - Overview, principles and terminology.

Terms and Definitions

The terms and conditions given in ISO 55000 apply.

Organization Context

This clause is the starting point for the standard as it requires you to decide on the context of your asset management system and how your organizational strategy supports this. This means that you need to identify how your organization sits within its environment, (internal and external), any relevant laws and regulations, and your stakeholders both inside and outside the organization in relation to your AMS.

A Strategic Asset Management Plan (SAMP) will need to be developed. This should contain the objectives for your AMS and support your organization’s objectives.

You will also need to decide what is covered by your AMS and just as importantly, what isn’t. This scope should be made available as "documented information". In doing this you may need to consider your appetite for risk and the relevant legal and regulatory requirements for your organization. It may be useful to create an asset management register when doing this. Finally, you will need to make sure you continually improve your AMS.


The purpose of this clause is to define the roles and responsibilities of top management, which is the group of people who direct and control your organization at the highest level in relation to the asset management system.

They must show their commitment with respect to the AMS. This includes, ensuring your AMS is compatible with the strategic direction of the organization and that your asset management requirements are integrated into your business processes.

A culture of collaboration and continual improvement should also be actively supported by top management as well as ensuring that the right resources are made available.

An asset management policy will need to be established which must be communicated and made available as documented information. Top management should assign responsibility for the planning, establishment, implementation and performance monitoring of the asset management system. They are also responsible for maintaining and updating the SAMP. And finally, you will also need to show how you continually improve your asset management.


In this clause you will need to consider the issues and requirements identified in the “Organization Context” clause and consider the risks and opportunities these present in relation to your AMS.

You will need to specify your asset management objectives and ensure that they are in-line with your organizational goals. You also need to show how you will achieve these objectives, address stakeholder needs and requirements, and address risks and opportunities. This may mean working with other departments in your organization.

A Strategic Asset Management Plan (SAMP) needs to be developed and you will need to consider the whole life-cycle of an asset. You will also need to consider a number of factors including, the risks and priorities for your organization, the effect on stakeholders, the information and knowledge needs, and the resourcing requirements including any special tools or equipment that could be needed to maintain an asset.

When considering this you may find it useful to read ISO 31000 for further information on risk management.


In this clause you need to consider the resources and competencies needed to establish, improve, maintain and continually improve the asset management system.

You will need to ensure that the people in your organization who work in the field of asset management are competent. You will need to prove they have awareness, knowledge, understanding, skills and experience needed to do the jobs correctly. Training needs analysis, both for the present and for the future, should be carried out – your HR department may “own” this.

Communication and awareness are also covered in this clause. This covers making sure that the right information is shared with the right people inside and outside the organization at the right time.

Information about the assets must be retained and the type of information that is kept depends on the type of asset and its purpose.

Documented information is referred to in this clause. Documents relating to asset management should be controlled, developed, approved, and maintained. The standard is not overly prescriptive here as how you do this is up to you.


The aim of this clause is to make sure you measure the effectiveness of the system to achieve the intended outcomes of the AMS.

You will also need to consider the impact of change on your AMS, and you will need to implement a comprehensive change management process making sure that it is communicated to all relevant parties.

Outsourcing is also covered in this clause – something which is commonplace in the management of assets and consequently of high importance.

Even if work is sent off site or services subcontracted, it is still your responsibility to ensure these processes are controlled and what the responsibilities and authorities are in relation to this work.

Documented and formal processes for outsourcing are required and you must monitor the performance of these activities. This is because it can be of a complex nature and can pose a high risk to the organization if not managed effectively.

Performance Evaluation

The purpose of this clause is to optimize the effectiveness of the asset management system by identifying the most appropriate methods of monitoring, measurement, and analysis.

Performance indicators should be developed to measure the effectiveness of the system. These measurements could be quantitative, qualitative, financial, or non-financial. You will also need to evaluate and report on the effectiveness of your processes for managing risks and opportunities.

This clause stipulates that internal audits will need to be regularly carried out as will management reviews. Management reviews should consider the suitability, adequacy and effectiveness of the AMS. These meetings could also be used as an opportunity to identify improvements and ways of managing assets more effectively. Documented information of these reviews should be kept.


To keep ISO 55001 effective and value-adding, your AMS needs to be continually improved to drive performance and this is what this clause focuses on.

Firstly, nonconformities and corrective actions are dealt with. These need to be reviewed and corrected and, if necessary, any changes to the AMS should be made. Documented information should be kept as a record of this.

Preventive action must take place to proactively identify any potential failures on the performance of assets and a procedure for this should be developed.

Finally, a clear methodology that delivers continual improvement of the asset management system should be developed.

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