--- title: An update on the ISO 55000 series on asset management description: "The ISO 55000 series on Asset Management was published in 2014. It comprises: Overview, principles and terminology; Management System – Requirements; and Management systems - Guidelines on the applica" --- [![Indigo by AWA logo](https://www.awa.asn.au/hs-fs/hubfs/AWA-Website/Logos/Indigo_colour.png?height=24&name=Indigo_colour.png)](https://indigo.awa.asn.au/) [![Ozwater logo](https://www.awa.asn.au/hs-fs/hubfs/AWA-Website/Logos/Ozwater.png?height=24&name=Ozwater.png)](https://www.ozwater.org/) [![Careers in Water logo](https://www.awa.asn.au/hs-fs/hubfs/AWA-Website/Logos/Careers%20in%20Water_colour.png?height=24&name=Careers%20in%20Water_colour.png)](https://www.careersinwater.com.au/) [![NWW logo](https://www.awa.asn.au/hs-fs/hubfs/AWA-Website/Logos/NWW.png?height=24&name=NWW.png)](https://www.nationalwaterweek.org/) - [Join ![user icon](https://www.awa.asn.au/hubfs/website-assets-2021/icons/awa-nav-user-icon.svg "user icon")](https://www.awa.asn.au/new-registration) - [Member Hub ![user icon](https://www.awa.asn.au/hubfs/website-assets-2021/icons/awa-nav-locked-icon.svg "user icon")](https://memberhub.awa.asn.au) - 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It comprises: - ISO 55000 Asset management – Overview, principles and terminology - ISO 55001 Asset management – Management System – Requirements - ISO 55002 Asset management – Management systems - Guidelines on the application of ISO 55001 Geoff Hales, chairman of the Australian Water Association’s [Asset Management Specialist Network](http://bit.ly/AssetManagementSN), said the standards have been well recognised internationally and in Australia, with extensive implementation to various degrees. # Revision of ISO 55002 In 2018, a revised version of ISO 55002 was released. This included: clarification of the contribution of each requirement to the four ’fundamentals’ of asset management (value, alignment, leadership and assurance); and how to apply the requirements of ISO 55001 to the key domains of asset management (asset portfolio, asset management system and asset management activities). [![](https://static.hsstatic.net/BlogImporterAssetsUI/ex/missing-image.png)](https://static.hsstatic.net/BlogImporterAssetsUI/ex/missing-image.png) # Proposed future development of the ISO 55000 series There is a potential revision of the ISO 55000 series being considered for 2021-2023. ISO/TC251 is the ISO Technical Committee for Asset Management responsible for the development of the ISO 55000 family of standards. Tom Carpenter, a member of the Asset Management Specialist Network, is also a member of the ISO/TC251committee. He advised the group’s future work program plans to address the following subjects: - Guidance on ISO55001 auditing - Life cycle management of intangible assets - Asset management and managing assets, standard and practice - Life cycle management and AMS - Consequences of climate impact - Asset management maturity - Leadership - Integration of management systems - Information management/decision-making criteria - Measurement framework - Outsourcing and certification - Asset register - Value If you have any queries about the ISO 55000 series, please contact [Tom Carpenter](mailto:Tom@iq-am.com.au) or [Geoff Hales.](mailto:ghales@barnewall.com.au) *This article was written on behalf of the AWA’s Asset Management Specialist Network.* [ Industry ](https://www.awa.asn.au/resources/latest-news/tag/industry) [ Asset Management ](https://www.awa.asn.au/resources/latest-news/tag/asset-management) [ Assets & Operations ](https://www.awa.asn.au/resources/latest-news/tag/assets-and-operations) [ Asset Management Specialist Network ](https://www.awa.asn.au/resources/latest-news/tag/asset-management-specialist-network) [ Standards ](https://www.awa.asn.au/resources/latest-news/tag/standards) [ Utilities ](https://www.awa.asn.au/resources/latest-news/tag/utilities) Share [![email icon](https://www.awa.asn.au/hubfs/website-assets-2021/icons/icon-dark-sandstone-email.svg "email icon") ](mailto:?subject=An%20update%20on%20the%20ISO%2055000%20series%20on%20asset%20management&body=Check%20out%20https://www.awa.asn.au/resources/latest-news/business/assets-and-operations/an-update-on-the-iso-55000-series-on-asset-management) [![facebook-icon](https://www.awa.asn.au/hubfs/website-assets-2021/icons/icon-dark-sandstone-facebook.svg "facebook icon") ](https://www.facebook.com/sharer/sharer.php?u=https://www.awa.asn.au/resources/latest-news/business/assets-and-operations/an-update-on-the-iso-55000-series-on-asset-management) [![LinkedIn icon](https://www.awa.asn.au/hubfs/website-assets-2021/icons/icon-dark-sandstone-linkedin.svg "LinkedIn icon") ](https://www.linkedin.com/shareArticle?mini=true&url=https://www.awa.asn.au/resources/latest-news/business/assets-and-operations/an-update-on-the-iso-55000-series-on-asset-management) [![Twitter icon](https://www.awa.asn.au/hubfs/website-assets-2021/icons/icon-dark-sandstone-twitter.svg "Twitter icon") ](https://twitter.com/home?status=https://www.awa.asn.au/resources/latest-news/business/assets-and-operations/an-update-on-the-iso-55000-series-on-asset-management) ## RELATED NEWS ### [ Creating organisational success through a strong asset management culture ](https://www.awa.asn.au/resources/latest-news/business/assets-and-operations/creating-organisational-success-through-a-strong-asset-management-culture) Geoff Hales and Dr Meg Hooper This paper was authored by Geoff Hales, chair of the Australian Water Association's Asset Management Specialist Network, and Dr Meg… [ Read Full Paper ](https://www.awa.asn.au/resources/latest-news/business/assets-and-operations/creating-organisational-success-through-a-strong-asset-management-culture) [![](https://www.awa.asn.au/hs-fs/hubfs/high%20pressure_1140x570.jpg?width=352&name=high%20pressure_1140x570.jpg) ](https://www.awa.asn.au/resources/latest-news/making-safety-a-way-of-life-in-asset-management) ### [ Making Safety a Way of Life in Asset Management ](https://www.awa.asn.au/resources/latest-news/making-safety-a-way-of-life-in-asset-management) Water Source In late 2021, Veolia’s David Green presented to the AWA Asset Management Specialist Network Member Circle on the theme “Making… [ Read Full Paper ](https://www.awa.asn.au/resources/latest-news/making-safety-a-way-of-life-in-asset-management) [![](https://www.awa.asn.au/hs-fs/hubfs/Imported_Blog_Media/Asset_Management_Planning_Approach.jpg?width=352&name=Asset_Management_Planning_Approach.jpg) ](https://www.awa.asn.au/resources/latest-news/business/assets-and-operations/managing-aging-assets) ### [ Managing aging assets ](https://www.awa.asn.au/resources/latest-news/business/assets-and-operations/managing-aging-assets) Rebecca Kendall, Geoff Hales and Norbert Schaeper Many water utilities are dealing with an aging asset base and the challenge of how to maintain risk and performance outcomes in an… [ Read Full Paper ](https://www.awa.asn.au/resources/latest-news/business/assets-and-operations/managing-aging-assets) Advertising --- ### Subscribe to our newsletters Sign up to get the latest news and insights from us Advertising --- ![white arrow pointing upwards](https://www.awa.asn.au/hubfs/website-assets-2021/icons/awa-white-arrow-up.svg) Top [![Footer-logo-02](https://www.awa.asn.au/hubfs/Footer-logo-02.svg) ](https://www.awa.asn.au/) The **Australian Water Association** acknowledges the Traditional Custodians across Australia, where we live, work and play, for their deep connection to our precious waters and land. 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