What is ISO 55001 Certification? - Scope of Asset Management Standard

Posted by John Mills on November 15th, 2019

ISO 55001 certified means that you have capability of helping your organization in developing an active approach to life-cycle asset management.With ISO 55001 certification, user can demonstrate their skills in being able to support organizational growth by:

  • managing assets effectively; 
  • mitigating and managing risk, and 
  • Improving the financial performance of the organization. 

In order to be certified compliant, the specification of Asset Management system requirements is contained by ISO 55001. The asset management is designed to help manage risk, reduce costs and effectively use the company's assets in order to achieve the so-called sustainable business development. Achieving these goals is possible by implementing ISO standards in the area of enterprise asset management.

The ISO5500X suite of standards for Asset Management was published on January, 2014 by the International Organisation for Standardisation (ISO). This suite consists of three separate documents:

  • ISO 55000:2014 - Asset management - Overview, principles and terminology documents
  • ISO 55001:2014 - Asset management - Management systems – Requirements documents
  • ISO 55002:2014 - Asset management - Management systems - Guidelines for the application of ISO 55001 documents

Implementation of the ISO 55001 standard, there should be clearly identified and defined the objectives of the organization and the expectations of the beneficiaries corresponding to the defined business objectives. In addition, the scope of the resource management system should be defined, in line with the strategy of the Organization.

Following are the scope of the ISO 55001 standard:

  1. Leadership – including ISO 55001 standard scope a way to support asset management system through the leadership of the organization. Key activities in area include active sponsorship, establishment of resource management policy, determination of roles, responsibilities and administration for the operation of the resource management system.
  2. Planning – Planning is the component in whichthe organization must develop a set of resource management objectives that will follow the resource management strategy defined previously. Within this planning area, it is very important to identify and assess the risks associated with the achievement of predefined resource management objectives, and to identify preventive measures.
  3. Support – In this area of support ISO 55001 requirements are defined to support resource management system tasks. There are defined the asset management requirements of organizational awareness in the field of asset management system.
  4. Operational Processes – At this stage, the focus should be on documenting that the plans are being implemented properly, resources are being used as planned, and operational risk is monitored on a regular basis with necessary planning level. At this stage, there is also managing the risk of outsourced activities so that the outwardly performing resources meet the same standards as company’s internal processes.
  5. Performance assessment process – In this stage, the focus of performance assessment processshould be on defining the requirements for on-going monitoring, auditing and resource assessment, as well as for the resource management system itself. There are defined scope of the assessment, the method of assessment and the frequency of the assessment along with the development of the necessary ISO 55001 documentation.
  6. Improvement – Improving the performance of the organization is an area similar in its scope to other ISO standards. At this stage of improvement, organizations should be prepared to implement the concept of continuous improvement of resource management to make sure the efficient operation of the resource management system.

It is very important for organizations to manage assets effectively to get ISO 55001 certification. Punyam.com, a trusted name in ISO Certification consultancy and ISO auditor training in India and abroad offers Asset management documentation, Asset management Standard certification training, Asset manuals and Asset Management System Procedures as well as ISO 55001 exhibits and preparation of Complete strategic asset management plan.

Source: punyam.wordpress.com

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John Mills

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John Mills
Joined: November 15th, 2019
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