Ten Things to Know about ISO 55000 – the International Standard for Asset Management

The first edition of the ISO55000 standard consists of these three components.

ISO 55000 - Overview, principles and terminology
ISO 55001 - Requirements
ISO 55002 - Guidelines on the application of ISO 55001


Here are 10 things to know related to this release:

  1. Through the development of this standard, improvements were made to the format to include the following structure:
    a.) Context of the Organization
    b.) Leadership
    c.) Plans
    d.) Support
    e.) Operation
    f.) Performance Evaluation
    g.) Improvement
  2. Existing Management Systems Standards that don’t currently follow this structure will follow it in the next revision of the standard.
  3. This standard is for any asset that creates value for an organization that they have a legal responsibility for, not just physical production assets. The focus of this standard is more on managing the value and risk to internal and external stakeholders than on the management of the assets.
  4. The standard is based on the 28 elements contained in British Standards Institute Publically Available Specification 55, part 1 and part 2.
  5. Change management will need to play a significant role in implementing this standard to ensure clear and transparent executive sponsorship exists and that both the technical and people side of change is accounted for in an integrated project management and change management plan.
  6. The Risk-based Asset Management implementation model provides the visual phases that are required to ensure the infrastructure exists to leverage this standard.
  7. The 29-element Reliability Excellence® model also provides the holistic visual model of the building blocks required for an organization to successfully navigate this transformation.
  8. The four components of the asset management system are:
    1.) Asset management policy
    2.) Asset management objectives
    3.) Strategic asset management plan
    4.) Asset management plans
  9. The key relationships in the standard are:
    a.) Asset portfolio-assets within the scope of the asset management system
    b.) Asset management system-a set of interrelated or interacting elements
    c.) Asset management-organized activities to realize the value from the assets
    d.) Managing the organization
  10. Continuous improvement is an organization’s ability to improve the suitability, adequacy, and effectiveness of its asset management and the asset management system.

The Life Cycle Institute offers three ISO 55000 workshops to help your organization achieve ISO 55000 compliance. Learn more.


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