ISO55000


SUSTAINABLE RESULTS CAN ONLY BE ACHIEVED WITH THE APPLICATION OF A HOLISTIC ASSET MANAGEMENT APPROACH. ISO 55000 PROVIDES AN ASSET MANAGER WITH A BROAD FRAMEWORK TO SUCCESSFULLY ACCOMPLISH THE DESIRED SUSTAINABLE RESULTS.


The long awaited ISO 55000/1/2 standard for asset management has been released at the start of 2014. It is truly a historic milestone, since it recognises asset management as a discipline in its own right.

It is widely expected that ISO 55001 certification will give asset owners more credibility with insurers, regulators, shareholders and clients, and it therefore places asset management firmly on the boardroom table. In addition, it will ensure that the benefits of proper asset management are sustainable, since they will be supported by a system rather than individuals.

However, Pragma believes that its value is probably more symbolic than practical and would therefore like to limit the fanfare with some reality, based on our experience.

Contact one of our regional offices for more information about how we can help you towards your ISO 55001 certification.

Is ISO 55000 an oxymoron, or merely the inner circle of asset management? Download White Paper Is your EAM system ISO 55000 compliant? Pragma’s view on ISO 55000. Watch Video

ISO 55000 in a nutshell

In its introduction ISO 55001 states the following:

This International Standard specifies the requirements for the establishment, implementation, maintenance and improvement of a management system for asset management (i.e. an asset management system.)

The standard consists of the following suite of documents:

  • ISO 55000 Asset management - Overview, principles and terminology terminology provides an overview of the subject of asset management and the standard terms and definitions used.
  • ISO 55001 Asset management - Management systems - Requirements is the main standard, specifying the requirements for an integrated, effective management system for asset management.
  • IS0 55002 Asset management - Guidelines for the application of ISO 55001 provides advice on how to interpret and implement the standard.

It is important to note that the standard only specifies the management system to support asset management and does not specify best practices for the discipline of asset management. As such it is a sub-set of asset management as illustrated in the diagram below, taken from ISO 55000:


It is therefore important to remember that ISO 55001 in isolation will not make an organisation more competitive or improve its asset management practices. It should be considered during the implementation of a more comprehensive asset management function, such as described by the GFMAM's Landscape document with its 39 subjects.

What are the key elements to focus on in order to comply?
The structure of ISO 55001has been standardised by the ISO organisation to align with the standard for all management systems, eg for quality, safety and environmental aspects. For an organisation to be certified, it should ensure that the following aspects are in place (formally documented in processes and procedures) and in use (with records to show the history of their application):

  • Clause 4: Context of the organisation
  • Clause 5: Leadership
  • Clause 6: Planning
  • Clause 7: Support
  • Clause 8: Operation
  • Clause 9: Performance evaluation
  • Clause 10: Improvement

Organisations should however guard against a compliance mind set, which happened with ISO 9001 and quality management. The real benefits will come from effective asset management, which would reduce risks, optimise costs, extend asset's useful lives, utilise resources effectively, improve assets’ reliability and performance, and increase product/service delivery. Strong and committed leadership in required for this transition.

An organisation cannot fast track the process of certification (eg with a six month time frame) or "buy" certification through sub-contracting it to consultants. Rather implement effective asset management, establish a formal management system and collect records to prove compliance. Certification will then follow naturally.

How will ISO 55001 affect Pragma's services?
In addition to sponsoring two senior consultants to participate on ISO sub-committees during the development of ISO 55000/1/2, Pragma has worked hard to align its products and services with it:

  • Our AMIP assessment has been updated to cover all the aspects covered by ISO 55001, we have aligned our terminology and linked the best practice assessment with the ISO clauses in order to provide a maturity rating for each of the clauses.
  • Our Certificate in Physical Asset Management (CPAM) training covers all of the elements of ISO 55001, such as asset management policy, strategy, KPIs, focused improvement, leadership and change management, as well as information management.
  • Our consultants can assist clients to develop an ISO 55001 road map towards accreditation, as part of the strategy to establish effective asset management.
  • Our Asset Care Centre (ACC) service can assist clients to implement the asset management system and record history which would be used to prove compliance.

Contact one of our regional offices for more information about how we can help you towards your ISO 55001 certification.

Global Forum on Maintenance and Asset Management (GFMAM)

The Global Forum on Maintenance and Asset Management (GFMAM) is an international association of professional maintenance and asset management societies. They released an asset management landscape document in November 2011 with the aim to provide an overview and perspective on asset management and its various features, as well as to agree a set of asset management subjects and principles that describe the discipline of asset management. The GFMAM is currently busy revising the document to coincide with ISO 55000/1/2.

The GFMAM Landscape's 39 subjects in a nutshell
A key feature of the current Landscape document is its 39 subjects that describe asset management under six subject groups:

  • Asset management strategy and planning, covering aspects such as policy, strategy and plans
  • Asset management decision making, covering decisions regarding asset replacement, maintenance tactics to be used, use of shutdowns and how to resource the organization
  • Life cycle delivery activities, covering operational activities such as asset operation, maintenance delivery, asset acquisition and disposal, reliability engineering and configuration management
  • Asset knowledge enablers, covering information systems, document control, data and knowledge management
  • Organisation and people enablers, covering organisational structure, contractor management, leadership and training
  • Risk and review, covering risk management, performance monitoring, management reviews, audits, contingency planning, asset valuation and costing

Why is it an important document for asset managers?
It is the most comprehensive and standardised definition of asset management we have and it provides a very valuable framework for implementing and assessing asset management in an organisation. All GFMAM member societies have also accepted the 39 subjects as the basis for:

  • assessing all organisation's asset management maturity in their corporate journey towards an asset management award
  • training and assessing all individuals' asset management competencies in their individual journey towards an asset management qualification

How does it relate to ISO 55001?
ISO 55001 only addresses the asset management system, while the Landscape document covers all asset management activities over the assets’ life cycle. The Landscape document addresses the whole asset management function and will provide asset managers confirmation that their asset management is complete and aligned with best practices. This is illustrated in the diagram below.


What are the benefits of effective asset management?
The key benefits of the optimised management of assets include:

  • Reduction of asset-related risks
  • Improved safety, health and environmental in the workplace
  • Optimised whole life costing (including acquisition, operational and maintenance costs)
  • More reliable equipment, resulting in more reliable product/service delivery
  • Statutory, regulatory and legal compliance
  • Longer equipment life, resulting in delayed capital investment
  • Optimal utilisation of resources such as employees, contractors and spare parts
  • An more engaged and competent workforce, making a positive contribution to the organisation's success.

How will the Landscape document affect Pragma's services?
Pragma has fully embraced the Landscape document as the standard framework for asset management and The Pragma Way is fully aligned with it:

  • Our AMIP assessment has been updated to cover all 39 subjects, we have aligned our terminology and linked the best practice assessment with these 39 subjects in order to provide a maturity rating for each of the subjects. This is in line with the GFMAM's objectives stated above.
  • Our Certificate in Physical Asset Management (CPAM) training is in the process of being expanded to cover all 39 subjects, such as life cycle investment management, maintenance delivery, shutdown and outage management, contract and supplier management and resource management.
  • Our consultants can assist clients to develop an asset management road map based on the AMIP assessment, as part of the strategy to establish effective asset management.
  • Our Asset Care Centre (ACC) service can assist clients to implement and sustain asset management best practices and achieve substantial performance improvements and reduction of risks and unnecessary costs.

Contact one of our regional offices for more information about how we can help you on your asset management journey by implementing best practices and training your team in the 39 Subjects.