ISO 55001:2014 | Asset Management

ISO 55001:2014 is the International Standard for Asset Management.

ISO 55001:2014 | Asset Management

What is ISO 55001?

Assets come in all shapes and sizes, but one thing is for certain all organizations have assets. Assets can be a competitive advantage or can drain your organization’s resources. That’s why it is important to manage your assets effectively and achieving ISO 55001 certification can do just that. ISO 55001 is especially relevant in industries that are capital intensive, have significant physical assets to manage and have high fixed costs.

This can include utilities, heavy and light manufacturing, distribution, construction, property management and transportation. 

ISO 55001 was published in January 2014 and establishes specific requirements for not only implementing and maintaining an asset, but also improving that asset via an Asset management system. It builds upon PAS55 which had a proven track record specifically in the utilities industries. ISO 55001 aims to apply this approach across other sectors allowing all businesses to benefit from it.

It is designed to provide structure and guidance to an Asset Management System (AMS) to manage and mitigate risk, whilst benchmarking performance across all sectors and improving financial performance in line with organizational growth strategies.

Other potential benefits of ISO 55001 certification

-- Effective management of value, risk and reliability

Good governance, and a good understanding and control of assets, can improve stakeholder confidence (e.g. customers and regulators acting on behalf of customers) and result in lower insurance premiums.

-- Seamless integration of AMS into Integrated Management Systems

Current HSE, Security, Information Security, Quality, Environment and Business Continuity Programs require current knowledge of assets and effective management of assets and related risks. The introduction of a comprehensive AMS into the integrated management systems adds significant value to the overall Risk and Business Management Model of the organization.

-- Standardize and simplify

Asset management allows large organizations to standardize and simplify plants and equipment, reducing costs for spares and supplies, as well as training and support. The optimized asset management programmes assure maximizing the value and taking advantage of the opportunities for growth.

-- Personal and process safety

Effective asset management improves both personal and process safety, reducing the risk of injury and catastrophic events. The proactive risk management and operational management of assets, assures minimizing the probability of incidents and accidents.

-- Image and reputation

Assets contribute to the reputation and image of the organization, just as they contribute to its operation. Assets are often the front door to the enterprise, such as in hospitality and retail, and improved design contributes directly to increased visits.

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