ISO 55001 requires that every organisation define an asset management policy that:
- is appropriate to the purpose of the organisation;
- provides a framework for setting asset management objectives;
- includes a commitment to satisfy applicable requirements;
- includes a commitment to continual improvement of the asset management system.
ISO 55001:2014
There is a lot of different approaches to how these requirements can be achieved and ISO 55001 is not prescriptive in this regard. It is important that the policy powerful and easily communicated and yet is comprehensive. To this end, it is Pragma’s experience that splitting the ISO 55001 policy requirements over two separate documents adds value:
- A short high level strategic level Policy containing top management commitments as well as the guiding principles
- A more detailed Framework that sets out good practices for the asset management subject areas
These guiding principles and good practices provide the vison for the desired future state that can be translated into Asset Management Objectives, and then into a Strategic Asset management Plan.
Imagine your organisation as an orchestra. Each instrument (building, equipment, software, even people) plays a critical role in the performance. Asset management ensures each instrument is kept in top condition, used effectively, and contributes to the overall harmony of the music.
Asset Management Policy and Framework
The asset management policy is the conductor, setting the direction and principles for how assets are managed. It articulates your organisation’s commitment to optimising asset value and aligns with its overall goals.
The asset management framework is the score and sheet music, detailing the processes and good practices to achieve the policy’s guiding principles. It covers essential elements like:
- Maintenance Work Management: How to execute maintenance work effectively and efficiently
- Asset identification and classification: Understanding what you own and its value and importance.
- Lifecycle management: From acquisition to disposal, ensuring each stage adds value.
- Risk management: Identifying and mitigating potential threats to asset performance.
- Performance measurement: Tracking indicators to monitor effectiveness and make data-driven decisions.
- Continuous improvement: Regularly reviewing and adapting the framework for optimal results.
- Project Management: how complex tasks are executed to achieve cost, time, and quality objectives
ISO 55000 – your guide to an effective asset management system
While not prescriptive, ISO 55000 offers valuable guidance for building an effective asset management system. Its principles emphasise:
- Alignment with organisational strategy: Your asset management approach should directly support your overall goals.
- Leadership commitment: Top management needs to champion the initiative and provide resources.
- Stakeholder engagement: Consider the needs and concerns of all impacted parties.
- Risk-based approach: Make informed decisions based on potential risks and opportunities.
- Continuous improvement: Regularly review and enhance your asset management system.
Benefits of an ISO 55000-based approach
Implementing an ISO 55000-based policy and framework can bring significant benefits:
- Improved asset performance: Optimise lifespan, efficiency, and reliability.
- Reduced costs: Minimise operational expenses and avoid unnecessary downtime.
- Enhanced risk management: Proactively identify and mitigate potential threats.
- Data-driven decision making: Make informed choices based on accurate asset information.
- Increased transparency and accountability: Track performance and demonstrate responsible asset management.
Do you need help with developing your policy and framework?
Building an effective asset management system takes commitment and planning. But by harnessing the power of ISO 55000 principles, you can conduct your organisation towards a symphony of success, unlocking the full potential of your assets.
Pragma has the experience and tools to help you develop a policy and framework that is flexible and adaptable to your specific needs. Contact Pragma to develop a policy and framework that is truly valuable to your organisation. Start composing your own company’s symphony of success!
