What Is Iso 55001?

ISO 55001, a standardized system to manage assets, applies to all organizations and industries. It was developed by the International Organization for Standardization to help businesses manage their risk. The ISO 55001 system is based on performance benchmarks, which are continuously improved as part of an improvement cycle.

We will be looking at ISO 55001 in this post. Get in touch with us if you’re interested in ISO 55001 Certification. We’ll be happy to guide you through the process.

What Is An Asset?

The asset is a broad term that refers to any economic resource owned by a business, non-profit, or government. Assets can include equipment, vehicles, technology, and financial reserves as well as intellectual property, financial reserves, and other intangibles.

Assets can bring value to an organization, but they can also be a financial drain. Establishing formal processes for managing assets and optimizing their value is crucial to your long-term stability and success.

History And Background

The ISO 55000 family is based upon PAS 55. This specification was originally made public by the British Standards Institution. ISO 55000 was created using this document. In 2014, ISO released its three core documents — ISO 55000 (ISO 55001), ISO 55002 (ISO 55002) — after more than ten years of development.

ISO 55000 is the current version. The ISO 55000 document gives an overview of its principles and terminology. ISO 55001 provides specific specifications for creating an asset management program, while ISO 55002 outlines best practices for its implementation.

General Benefits Of Asset Management

An ISO 55001 asset management system can be used to run a more efficient operation. As with all ISO standards they are based on repeatable processes and are measured against a set of established metrics. ISO 55001 certification can be beneficial to organizations in any industry. Organizations that comply with the requirements can use it to:

  • Create a reliable-centered planned preventive maintenance program that will reduce risk over the lifetime of assets
  • Show funders, insurers, and other stakeholders that you have an independently audited management program in place to protect critical assets.
  • You can reduce operational costs by prolonging the useful life of key assets. Also, you can prioritize preventative maintenance over costly repairs.
  • Allow for better planning of major capital expenditures. Your organization will be more flexible and better placed to respond to change.
  • Set up a framework that allows for the management and monitoring of subcontractors’ and suppliers’ performance
  • Increase machine and equipment reliability to create safer work environments and decrease the chance of occupational injury.

All stakeholders recognize the importance of ISO standards. Certification will become even more essential from a reputational and marketing perspective as more organizations are familiar with ISO 55001. ISO 55001 certification can be a powerful tool for strategic planning.

ISO 55001 Certified

An asset management system gap analysis is one of the key steps in ISO 55001 certification. You may be able to use some of the assets that you already have if you have been PAS55 certified. However, the ISO standard has extended the definition of an asset to include financial products. This is an opportunity to review your existing processes and practices to make sure that you get the most out of your Asset Management System.