ISO 55001:2018

Asset Management System

WHAT IS ISO 55001

 

ISO 55001 is a standardised system for asset management that applies to organisations of any size, in any industry. The International Organization for Standardization (ISO) designed it to help businesses manage risk by implementing performance benchmarks that are refined over time as part of a continuous improvement cycle.

 

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.

 

IS ISO 55001 RIGHT FOR ME?

Industry Applications - All businesses have assets, and all can benefit from ISO 55001 certification. However, the standard typically delivers the most value in capital-intensive industries, including the following.

  • Utilities

  • Real Estate And Property Management

  • Facilities management organizations

  • Oil And Gas

  • Construction

  • Manufacturing

  • Transportation

  • Co-ops

  • Distribution

 

BENEFITS OF ISO 55001 Certification​​

  • Improved financial performance

  • Competent asset investment decisions

  • Effective integrated risk management

  • Improved resilience and reliability

  • Improved services and outputs

  • Demonstrated social responsibility

  • Demonstrated regulatory compliance

  • Enhanced reputation

  • Improved customer and stakeholder satisfaction

  • Improved organizational sustainability

  • Improved efficiency and effectiveness