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Overview of ISO 55000

ISO 55000:2014 "Asset management - Overview, principles and terminology" is a standard developed and published by the International Standards Organization (ISO) that provides an overview of asset management, its principles and terminology, and the expected benefits from adopting asset management. The project was originally started in London in 2010 and the standard was first released on January of 2014. It is still in its first edition.

The general purpose of this standard is to protect the physical assets of a facility. This can include production machinery, protective functions, reputation, intellectual property, and branding, among others.

ISO 55000 was developed based on PAS 55, “Optimal management of physical assets,” a standard originally developed by the British Standards Institution (BSI). Compared to PAS 55, ISO 55000 offers a more comprehensive asset management focus and isn’t focused solely on physical assets.

ISO 55000 is actually made up of three separate, yet related standards. There are ISO 55000, ISO 55001, and ISO 55002. ISO 55000 serves as an overview of asset management, details the principles of the asset management, and gives a list of all terms and definitions related to the topic. ISO 55001 provides the actual requirements for the implementation of an asset management program at a facility. Finally, ISO 55002 details how to actually implement the processes described in ISO 55001.

ISO 55000 is a very versatile standard and can be applied to all types of assets and by all types and sizes of organizations. It can be used in tandem with other ISO standards that relate to management systems. Standards that are compatible with ISO 55000 include: ISO 9001 - Quality management systems - Requirements, ISO 14001 - Environmental Management Systems - Requirements, and ISO 31000 - Risk Management. Compared to other standards, more of the burden for safety is placed on management, rather than on employees.

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ISO 19011-2011 ISO 9000
Articles about ISO 55000
  • November/December 2015 Inspectioneering Journal
    By Walt Sanford at PinnacleART

    Maximizing return on investment of physical assets, while at the same time operating safely and in an environmentally responsible manner is now more critical than ever for organizations within the heavy process industries.

  • November/December 2015 Inspectioneering Journal
    By Fernando Vicente at ABB, and Khulani Ndimande at ABB Consulting

    This article highlights several benefits of sound reliability and mechanical integrity practices and how they serve as the cornerstone of effective asset management. Moreover, we believe effective asset integrity management is not only important, but essential, to overcoming the challenges presented by operating in the current oil and gas market.

  • July/August 2014 Inspectioneering Journal
    By Marc Laplante at Meridium

    One of the more popular topics discussed and debated vigorously in the asset management community is the potential impact of the ISO 55000 series of standards, which was just released in January of 2014 and is the first set of international standards addressing asset management.

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