What are the requirements of ISO 55001 Asset Management System?

Assets come in all shapes and sizes, but one thing is for sure all organizations have assets. Assets can be a competitive advantage or can trough organization’s resources. That’s why it is significant to manage assets efficiently and ISO 55001 can do just that. ISO 55001 is especially appropriate in industries that are capital intensive, have important physical assets to manage and have high fixed costs. This can include services, heavy and light manufacturing, supply, creation, property management and transportation. ISO 55001 was published in January 2014 and founds specific requirements for not only executing and maintaining an asset, but also refining that asset via an Asset management system. ISO 55001 goals to apply this method across other sectors permitting all businesses to get advantage from it. It is designed to deliver structure and guidance to an Asset Management System (AMS) to manage and mitigate risk, while benchmarking performance across all sectors and refining financial performance in line with organizational development strategies.

Requirements of ISO 55001 Standard:

• Context of the Organization:

Meanwhile asset management is an organizational system, it is imperative that the organization takes into account the different factors that affect them.  This contains the external context such as social, cultural, economic and physical environments.  Regulatory, financial are other external contexts which wants to be considered.  The internal context contains the organizational culture, environment, and the objectives. Understanding the organization’s stakeholders is serious to understand the balance between cost, performance risk and to be able to implement rules to confirm consistent decision-making balances those necessities.

• Leadership:

An asset management system must be controlled from the top of an organization.  Without leadership the asset management systems will not be sustained, nor will it deliver the advantages to the organization and stakeholders. Leaders are essential to develop the asset management objectives with the organizational objectives, and cascade those down to everybody in the organization. Leaders at all levels must continue to not only communicate the asset management system but live it each day.  They accomplish this by resourcing the organization to accomplish the objectives, define RACIs, and eliminate any barriers or conflicts that may arise.

• Planning:

The path and objectives of the organization are established during the strategic planning activities, and documented in the organization’s plan.  This plan is used to grow the Strategic Asset Management Plan (SAMP). The SAMP is used to guide the development of the asset and asset management objectives, along with how to accomplish the objectives, at a high level.  The SAMP is then used as guidance to develop the Asset Management Plan(s) for the several asset types. Lastly, all objectives in the Asset Management Plan should be fully associated with the organization.

• Support:

Executing the Asset Management Plan(s) requires the right level of support.  This support is generally resources. The Asset Management Plan(s), will spell out the expected requirements for the several support functions. This is where cross-functional groups really come into asset management.  HR & IT are serious in their support of asset management.  Whether it is confirming the organization has the right abilities and competencies, or the databases to house all the asset information.

• Operations:

The Asset Management system is now able to be put into operation.  It is during this phase, that the plans are executed and value appreciated from the system. During the operation of the asset management system, changes may arise to funding, risk profiles, etc., and essential to be addressed.  This is all part of the operation of the asset management system. If any activities were outsourced, regardless of the reason, the organization wants to confirm those activities are conducted in an appropriate manner, associated with the business objectives.

• Performance Evaluation:

Using the objectives set forth in the SAMP, or asset management plan, the performance of not only the assets, but the asset management system desires to be evaluated. If the objectives are not being met, the reasons why want to be understood and action is taken to expand the performance.  Without estimating the performance, the asset management system will likely not be able to meet the objectives of the organization. The information assembled during the performance evaluation phase should be feedback to the senior managers for use through the management review.

• Improvement:

The information collected in the performance evaluation will be used to drive enhancement in not only the assets but the asset management system as well. But the organization wants to confirm that the asset management system is being followed, therefore, it should be conducting regular assessments or audits.  This will confirm the system is being followed by all those in the organization.  Any non-conformities shall be documented, and corrective, or preventive actions put in place to prevent reoccurrence. Lastly, in the event that there is any type of incident, there is an opportunity to expand the asset management system.  Take these incidents as a learning experience and improve any risk profiles and response plans.

ISO 55001 asset management system awareness training provide basic knowledge of ISO 55001:2014 standard, its requirements, benefits of implementing ISO 55001:2014 asset management system, ISO 55001 documentation; steps for certification and much more. This ISO 55001:2014 standard can be applied to all types of assets and by all types and sizes of organizations, therefore ISO 55001 Awareness Training can be useful for all those people who are associated with asset management services or working in any organization involved in asset management activities.

 

A Guide for an ISO 55001 – Asset Management System

The ISO 55001 standard, related to the physical and other asset management system, enables organizations to achieve their broad business objectives through effective and efficient management of their assets. It helps to develop an asset management strategy that is focused on getting maximum utilization and return on assets while reducing the total cost of ownership or management.

The new Asset Management System standard will be particularly beneficial for businesses, which own or manage a large number of assets where performance depends on the condition of the asset. Other key benefits include excellent return on investment and / or growth, long-term planning, the ability to show the best value for money between affected budgets and risk management and management involved.

ISO 55001 contains many duplicate requirements that were already required for it satisfy the previous phrases. As well as some broader statements of compliance, there are several points. It sets it straight Requests for asset management, such as:

• Asset management planning should be integrated with all organizational planning;
• The result of an asset management plan is a full-service overhaul the risk of the asset during the life cycle of the asset. Asset management system contains all subsequent risk reduction and risk prevention, including internal targeting and external resources, and any special tools or equipment required;
• Changes in risk such as the age of the asset, or if there is a change in the use of the asset, are unnecessary problems contribute to the asset management system;
• Asset risks should be considered as risks to the organization and dealt with organization plans.

ISO 55001 certification demonstrates an organization’s ability to develop an effective asset management system. ISO 55001:2014 Certification is important in demonstrating the ability to use a more prepared work and a good corporate reputation. For  ISO 55001 Certification consultancy services, Visit Punyam.com – a leading ISO 55001 consultant in Gujarat, India that offers ISO 55001 Certification services, which includes implementation of Asset management system. To implement Asset management system and ISO 55001 certification, Here are steps of ISO 55001:2014 consultancy followed by Punyam.com:

• To conduct Micro-level survey of the existing system For each and every activity of the organization and prepare detailed Gap Analysis report,
• Form a steering committee and Preparation of applicable ISO 55001 Documents required by ISO 55001:2014 based on detailed study of all activities of the organizations.
• Help in effective implementation of ISO 55001 certification,
• Training to employees related to documentation and its implementation,
• Provide documentation, and fine-tuning and implementation for every element of certification,
• Train internal auditors,
• Assess the system through first internal audit to check readiness for the ISO 55001 certification,
• Take corrective actions for non-conformities and carry out management review meeting,
• Apply for ISO 55001:2014 certification,
• Conduct management review meeting in presence of Top Management to guide the organization for effective implementation of all the issues related to asset management system,
• Take corrective actions on the nonconformities to the satisfaction of the certifying body,
• Get certified for ISO 55001:2014.

 

 

What is ISO 55001 Certification? – Scope of Asset Management Standard

ISO 55001 certified means that you have capability of helping your organization in developing an active approach to lifecycle asset management. With ISO 55001 certification, user can demonstrate their skills in being able to support organizational growth by:

• managing assets effectively;
• mitigating and managing risk, and
• Improving the financial performance of the organization.

In order to be certified compliant, the specification of Asset Management system requirements is contained by ISO 55001. The asset management is designed to help manage risk, reduce costs and effectively use the company’s assets in order to achieve the so-called sustainable business development. Achieving these goals is possible by implementing ISO standards in the area of enterprise asset management.

The ISO5500X suite of standards for Asset Management was published on January, 2014 by the International Organisation for Standardisation (ISO). This suite consists of three separate documents:

• ISO 55000:2014 – Asset management – Overview, principles and terminology documents
• ISO 55001:2014 – Asset management – Management systems – Requirements documents
• ISO 55002:2014 – Asset management – Management systems – Guidelines for the application of ISO 55001 documents

Implementation of the ISO 55001 standard, there should be clearly identified and defined the objectives of the organization and the expectations of the beneficiaries corresponding to the defined business objectives. In addition, the scope of the resource management system should be defined, in line with the strategy of the organization.

Following are the scope of the ISO 55001 standard:

1. Leadership – including ISO 55001 standard scope a way to support asset management system through the leadership of the organization. Key activities in area include active sponsorship, establishment of resource management policy, determination of roles, responsibilities and administration for the operation of the resource management system.
2. Planning – Planning is the component in which the organization must develop a set of resource management objectives that will follow the resource management strategy defined previously. Within this planning area, it is very important to identify and assess the risks associated with the achievement of predefined resource management objectives, and to identify preventive measures.
3. Support – In this area of support ISO 55001 requirements are defined to support resource management system tasks. There are defined the asset management requirements o f organizational awareness in the field of asset management system.
4. Operational Processes – At this stage, the focus should be on documenting that the plans are being implemented properly, resources are being used as planned, and operational risk is monitored on a regular basis with necessary planning level. At this stage, there is also managing the risk of outsourced activities so that the outwardly performing resources meet the same standards as company’s internal processes.
5. Performance assessment process – In this stage, the focus of performance assessment process should be on defining the requirements for on-going monitoring, auditing and resource assessment, as well as for the resource management system itself. There are defined scope of the assessment, the method of assessment and the frequency of the assessment along with the development of the necessary ISO 55001 documentation.
6. Improvement – Improving the performance of the organization is an area similar in its scope to other ISO standards. At this stage of improvement, organizations should be prepared to implement the concept of continuous improvement of resource management to make sure the efficient operation of the resource management system.

It is very important for organizations to manage assets effectively to get ISO 55001 certification. Punyam.com, a trusted name in ISO Certification consultancy and ISO auditor training in India and abroad offers Asset management documentation, Asset management Standard certification training, Asset manuals and Asset Management System Procedures as well as ISO 55001 exhibits and preparation of Complete strategic asset management plan.