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An update on the ISO 55000 series on asset management

By Tom Carpenter and Geoff Hales.

The ISO 55000 series on Asset Management was published in 2014.

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, 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).

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 or Geoff Hales.

This article was written on behalf of the AWA’s Asset Management Specialist Network.