ISO launches new standards in the 55000 Asset Management series

New editions of the popular ISO 55000 and ISO 55001 Asset Management standards were officially launched on 3 July 2024 by ISO/TC 251, ISO’s technical committee on asset management responsible for the ISO 55000 series of standards. Additionally, three brand new guidance standards were launched: ISO 55011 on developing public policy to enable asset management, ISO 55012 on people involvement and competence, and ISO 55013 on data for asset management.

A new and improved ISO 55001

A pivotal part of the series, ISO 55001 defines the requirements for an asset management system. First published in 2014, it has been updated using a decade of feedback and experience from over 50 countries. The 2024 version incorporates clearer and more specific requirements on decision-making, realizing value from assets, asset management planning, how to address risk and opportunities, managing data & knowledge, and life cycle operations. Additional content or simplifications have been incorporated to make the requirements for an asset management system easier to understand.

The ISO 55001 management system provides a framework to establish asset management policies, objectives, processes and governance, and facilitates an organization's achievement of its strategic goals. ISO 55001 utilizes a structured, effective, and efficient process that drives continual improvement and ongoing value creation by managing asset-related cost, performance and risk.

An updated ISO 55000

ISO 55000 describes the core concepts and benefits of asset management. The 2024 edition reflects the evolution of the discipline since 2014, including a stronger focus on the outcomes of asset management activities. The benefits of asset management have also been rephrased and expanded based on feedback from asset managers and owners worldwide.

New guidance for development of public policy to enable asset management with ISO 55011

ISO 55011 provides guidance to advance the adoption of asset management through public policy concentrating on engaging participants in the external context of organizations responsible for assets. ISO 55011 is intended for those who seek to advance and support asset management in their respective countries or jurisdictions through public policy.

New guidance on people in asset management: ISO 55012

People involvement is crucial for numerous activities through different stages of the life cycle of an asset. The brand-new ISO 55012 offers guidance for enhancing the involvement of people within an asset management system, as well as developing the required competencies to participate appropriately in asset management activities, and stresses the need for effective communication and collaboration within the organization.

Data in asset management: new guidance with ISO 55013

Data has become a crucial component of asset management. The new ISO 55013 provides comprehensive support for data asset and asset data management, involving strategic decision-making by organizational leaders, daily operations by asset management professionals, data security by IT experts, financial analysis, compliance oversight, supplier support, and customer feedback. ​It aims to achieve organizational objectives through effective and compliant data asset and asset data management practices.​

Updates to ISO/TS 55010

An updated version of ISO/TS 55010 offers more guidance on the alignment between financial and non-financial asset management functions, to improve internal controls as part of an organization’s management system.

More to come...

Visit the Projects page to learn about our new projects, including the upcoming ISO 55014 on Decision-making, PAS 55035 on Sustainability in Asset Management, and the next revision of ISO 55002.

Who are we?

We are the ISO Technical Committee for Asset Management Systems responsible for the development of the ISO 55000 family of standards. These standards define good practices in Asset Management and requirements for a management system. The standards apply to all types of assets and to all organizations.

You can find more details on our workgroups here.

Our Mission

• Promote the benefits of Asset Management externally and internally
• Receive feedback and advance the discipline of Asset Management
• Align and develop new products to improve and expand the understanding of Asset Management