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

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 (updated in Nov 2018)

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, such as ISO 9000, will follow it in the next revision of the standard.
3. The standard defines an asset as anything that creates value for an organization that they have a legal responsibility for, not just physical production assets.
4. An asset management system provides a structured approach for the development, coordination and control of asset-related activities across their life cycle.
5. The focus of this standard is on understanding and managing the value and risk to internal and external stakeholders.
6. The four components of the asset management system are the:
   1.) Asset management policy
   2.) Asset management objectives
   3.) Strategic asset management plan
   4.) Asset management plans
7. The purpose of these documents is to set the principles by which the organization intends to apply asset management to achieve its organizational objectives.
8. Organizational 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.
9. LCE’s Risk-based Asset Management implementation model provides the visual phases that are required to ensure the infrastructure exists to leverage this standard.
10. 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.

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