ISO 55000: Meet Your (New) Friend SAM

Published in 2014 by the International Standards Organization (ISO), ISO 55000 focuses on asset management of any types of assets, and especially physical assets.

Asset Management has become essential for companies to improve their organization management and financial health. According to John Woodhouse, UK Principal Export, ISO PC251 Committee (developing ISO 55000), an asset management system is a “framework of control, directional alignment, cross-disciplinary collaboration, optimization and continual improvement”. It is not a piece of software, but a set of guidelines that will help you build an efficient asset management system.

This standard “specifies the requirements for the establishment, implementation, maintenance and improvement of a management system for asset management” (SAM), and is referred as an “asset management system”. It outlines the approach an organization should adopt to implement a SAM, step by step and taking into account factors across departments, including the life cycle of assets.

The ISO 55000 Standards for Asset Management are developed in 3 documents: ISO 55000, ISO 55001, ISO 55002. This is the first international standard for asset management.

It is intended for people involved in asset management systems (establishment, implementation, maintenance and its improvement) and activities, and people in charge of assessing the systems.

Scope

SAM has 4 components:

Asset management policy
Asset management objectives
Strategic asset management plan and portfolios
Asset management plans

ISO 55000 focuses on the following factors:

Human Resources:
- Structure and responsibilities
- Leadership
- Skills
- Cross-disciplinary teamwork
Risk Management:
- Asset criticality and risk level
- Asset health
- Risk-based decision-making
Information:
- Trustworthy asset management record
- Information management systems
- Work & resource planning and management systems

*PDCA : Plan, do, check, act

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Go further:

If you would like to implement and get certified in ISO55000, find information here.

Visit the Institute of Asset Management website: www.theiam.org

Canadian Asset Managers Network: http://www.cnam.ca/

Sources:

http://www.iso.org/iso/home/news_index/news_archive/news.htm?refid=Ref1813

https://www.iso.org/obp/ui/#iso:std:iso:55001:ed-1:v1:en

http://www.lce.com/Ten_Things_to_Know_about_ISO_55000_the_International_Standard_for_Asset_Management_562-item.html

ISO 55000 White Paper, John Woodhouse, UK Principal Export, ISO PC251 Committee (developing ISO 55000) (link) and his presentation: http://vision-aeam.com/wp-content/uploads/2014/04/3-1-Brief-intro-to-ISO55000.pdf (February 2014)

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