ISO 55000 - What Asset Managers Need to Know

Overview

ISO (the International Organization for Standardization) states in ISO 55000 that an organization can “…achieve its objectives through the effective and efficient management of its assets.” Assets managers are probably already doing the things required but ISO 55000 helps others verify this.

Think of ISO as an organization that lays out the fundamentals of running a business. Like its cousin ISO 9000, the work done for ISO 55000 assures other companies and investors that an organization is doing the right things to achieve reliability and success.

Benefits of ISO 55000

There are nine benefits of adhering to ISO 55000, including:

• Improved financial performance
• Informed asset investment decisions
• Managed risk
• Improved services and outputs
• Demonstrated social responsibility
• Demonstrated compliance
• Enhanced reputation
• Improved organizational sustainability
• Improved efficiency and effectiveness

Guidance for adhering to ISO 55000

There are two other publications for ISO 55000 that can be used to meet and follow its principles: ISO 55001 and ISO 55002. The former was released in 2014 alongside ISO 55000 and the latter most recently in 2018.

ISO 55001 describes the management systems that are required to meet the standards of ISO 55000 and ISO 55002 provides additional support to asset managers by outlining the detailed guidance on each clause of 55001.

Asset management system

To comply with ISO 55000 you must have an asset management system.

The goal of an asset management system is to establish the policies, objectives, and processes needed to achieve an organization’s goals. ISO offers an excellent description of the asset management system as a set of tools. These tools include policies, plans, and business processes.

An essential requirement of an asset management system is accurate information. This information comes from most existing organizational resources. For instance, a computerized maintenance management system (CMMS) provides an excellent level of detail about an organization’s assets.

A powerful CMMS is a great way to create and organize an asset management system. Other components of most corporate management systems are enterprise resource planning (ERP) software and enterprise asset management (EAM) software. These components track human resource, quality, safety, and financial activities linked to assets.

In addition to information accuracy and organization, specific features of an asset management system include:

• The context of the organization
• Leadership
• Planning
• Support
• Operation
• Performance evaluation
• Improvement

ISO 55001 goes into greater detail about these features and ISO 55002 expands on them even further.

ISO 55000 certification

ISO does not provide a certificate of your organization’s compliance or abilities, but some outside organizations offer certification while others provide guidance leading to certification. The level of services provided by consultants is varied. Services provided can extend from essential information and punch lists to on-the-ground leadership.

Punch list examinations are part of a review called Gap Analysis. They take the requirements presented in ISO 55001 and 55002 and lay them alongside your organization’s plans and activities. The consultants and the certifying body ensure that you’re doing the correct things to manage and maintain your assets.

Your team should look for an organization that has experience in asset management on the ground. It is vital that consultants understand the feasibility of work. Certification is valuable if you have a system that is not sustainable.

Also, advisors need to be comfortable with the components of your management system. They also need to fit the culture and demonstrate an understanding of what your team wants to do.

ISO Gap Analysis is the most frequent service offered by most consulting firms. They will help you determine what already meets ISO 55000 standards and the work that remains to be done to achieve them.

Potential ISO 55000 advisors

• ABB – International Engineering firm offering ISO 55000 Gap Assessment
• Bureau Veritas – A global company offering ISO 55000 services
• SwainSmith – An American company with a deep investment and experience in ISO 55000 development

Supporting organizations

Some organizations have a lot to say about asset management. They offer professional development programs and comprehensive resources through their members and industry-specific components.

These include:

• IAM – The Institute of Asset Management
• ANSI – The American National Standards Institute