ISO 55000

Last update: Jan 13, 2017

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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