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Asset management — Asset management system — Requirements

This International Standard specifies the requirements for the establishment, implementation, maintenance and improvement of a management system for asset management, referred to as an “asset management system”.

This International Standard can be used by any organization. The organization determines to which of its assets this International Standard applies.

This International Standard is primarily intended for use by:

• those involved in the establishment, implementation, maintenance and improvement of an asset management system;
• those involved in delivering asset management activities and service providers;
• internal and external parties to assess the organization’s ability to meet legal, regulatory and contractual requirements and the organization’s own requirements.

Key changes and new sections for the 2024 edition

4.5 Asset management decision-making and value (NEW)

There has been a lot of focus on connecting decision-making at all levels of an organization, which is why this is a new section in the standard. Contrary to earlier concerns, a “decision-making framework” can apply to the smallest of businesses through to the largest organizations as the requirement is completely scalable.

6.1.2 Actions to address risk (NEW)

Risk has been a topic that was discussed at length. ISO31000 provides a framework for risk; however, in the context of asset management, risk can relate to an asset, asset management and the organization as a whole. Subtle rewording of this section and the splitting out of 6.1.3 Opportunity brings clarity.

6.1.3 Actions to address opportunities (NEW)

Traditionally, the context of risk in a management system has been seen as negative. In the revised version of 55001, risk and opportunity have been separated to remind stakeholders that risk and opportunity management are mutually supportive.

6.2.1 Strategic Asset Management Plan (NEW)

The Strategic Asset Management Plan or SAMP has been a confusing artefact since the standard was first released in 2014. In 2018, the release of 55002 set out to address the confusion. Now in 2024 the SAMP is simplified and positioned as a key artefact to support organizational planning.

6.2.2 Asset Management Objectives (REVISED)

Greater clarity has been provided in the considerations of asset management objectives. The added clarification has been provided to encourage upper management's understanding and engagement in the process. The SAMP, which articulates asset management objectives, was previously misunderstood, the current version of ISO55001 changes this.

6.2.3 Planning to achieve asset management objectives (REVISED)

The 2014 version of the standard was somewhat theoretical. The 2024 version makes it clearer that objectives need to be resourced, not just listed. The planning considerations will help any organization reflect on the required resources which aligns to achieving a balance of cost, risk and performance.

7.6 Data and information (NEW)

There is nothing new from the definition of data and information however this new section of the standard emphasis how data and information differs in an asset management context. Configuration is a key capability for any organization and a basis for decision-making, data and information support both. Note that further guidance around data assets can be found in the new ISO 55013.

7.7 Knowledge (NEW)

Data and Information without context, insight and experience are of little value. The new section on Knowledge reminds organizations that tacit knowledge in individuals supports organizational knowledge, which underpins competitive advantage and recognizes sustainability in an organization's people. Note that further guidance around people involvement can be found in the new ISO 55012.

8.1 Operational planning and control, including life cycle management (REVISED)

In this version of ISO55001 there is greater emphasis on life cycle management. Operational planning and control is a required consideration, but for any system or service supported by assets, life cycle management forms the basis of decision-making from demand through to asset and service delivery.

8.3 Externally provided processes, products, technologies and services (REVISED)

In the world we live in, it is more than simply the insourcing/outsourcing of contingent labor and flexing capacity. Organizations acquire many forms of capability: processes, technology, products and intellectual property, to name a few. This section of the standard was significantly rewritten to highlight the need for resourcing asset management objectives in any way.

9.3 Management review (REVISED)

Management Review received subtle but meaningful changes by including the consideration of risk and opportunity, decision-making and improvement.

10.3 Predictive action (NEW)

This section is new to ISO55001. With the 2018 changes in ISO 55002 to preventive and corrective action it was agreed that “preventive” had lost its meaning in the context of an asset management system. Predictive Action can be anything that seeks to adapt changes internally, externally based on risk and opportunity, services and/or assets.

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See ISO 55001:2024.