ISO 55001 Certification

ISO 55001 Asset Management
System

ISO 55001 is an internationally recognised Asset Management System (AMS) standard that sets out the requirements for the responsible, sustainable and pragmatic management of your organisation’s physical assets; consolidating your financial performance. 

This standard and certification process provides your organisation with the requirements to establish, implement, maintain and improve your asset management system. This can be used by any organisation, regardless of its scope or operations to inspire effective management of your physical assets. 

Best Practice is a JAS-ANZ accredited Certification Body that is happy to provide ISO 55001 – Asset Management System – Certification via electronic audits, or with in-house consultations to facilitate the certification process. We can help you get certified, providing you with the building blocks of establishing an asset management system of your own, certified to a leading international standard designed to improve your financial performance.  

ISO 55001 Certification Quote

How Do You Get Certified To ISO 55001?

STEP 1
Optional Gap Analysis

Performed by Best Practice, we evaluate your management system to each clause of the relevant standard. This will identify the level of compliance that your existing management system has.

Best Practice provides an assessment report outlining any faults in your management system that needs to be addressed prior to certification.

STEP 2
Stage 1 Assessment

The evaluation of your management system documentation, including policies, processes, management review records, scope and context as well as system implementation.

This sets the foundation for the stage two assessment.

STEP 3
Stage 2 Assessment

Best Practice needs to verify that the documented requirements of the standard are implemented across your business.

During an E-Audit an assessor will remotely partake in discussions with relevant individuals in your business.

Your management system is assessed and verified as being implemented. 

STEP 4
Certification

Once your stage two assessment is verified and the process is complete, a 'Statement of Certification' is issued, confirming compliance with the relevant standard.

This certification is valid for a three-year period from the date of issue.

Regular surveillance assessments will be performed at a minimum of once every 12 months to maintain your certification.

How Do You Get Certified To ISO 55001?

STEP 1
Optional Gap Analysis

Performed by Best Practice, we evaluate your management system to each clause of the relevant standard. This will identify the level of compliance that your existing management system has.

Best Practice provides an assessment report outlining any faults in your management system that needs to be addressed prior to certification.

STEP 2
Stage 1 Assessment

The evaluation of your management system documentation, including policies, processes, management review records, scope and context as well as system implementation.

This sets the foundation for the stage two assessment.

STEP 3
Stage 2 Assessment

Best Practice needs to verify that the documented requirements of the standard are implemented across your business.

During an E-Audit an assessor will remotely partake in discussions with relevant individuals in your business.

Your management system is assessed and verified as being implemented. 

STEP 4
Certification

Once your stage two assessment is verified and the process is complete, a 'Statement of Certification' is issued, confirming compliance with the relevant standard.

This certification is valid for a three-year period from the date of issue.

Regular surveillance assessments will be performed at a minimum of once every 12 months to maintain your certification.

What is ISO 55001:2014?

ISO 55001:2014 is one of the leading Asset Management Systems (AMS) that aims to provide organisations with a clear set of requirements to more effectively manage their resources. You can think of it as a ‘health check’ for your organisation’s finances, which will help manage both the physical and intangible assets under your management. 

ISO 55001 Asset Management is a standard developed by the International Organisation for Standardization and is designed to accompany any existing ISO certifications you may have in your organisation, like ISO 9001 Quality Management, ISO 14001 Environmental Management, ISO 27001 Information Security Management or ISO 45001 Occupational Health and Safety, or any other ISO-governed suite of standards. 

An Asset Management System helps your organisation to:

  • Manage its assets more effectively
  • Anticipate, and mitigate the threat of major financial risks
  • Optimises the financial results of your organisation
  • Meet the requirements of an international standard designed optimise your asset management strategy

What Our Clients Say

What Are The Benefits Of ISO 55001 Certification?

With more effective asset management, your organisation benefits from the security of having its finances in check, and can enable opportunities for new operations or potential expansion with more confidence. Management teams within that organisation benefit from knowing exactly what it can and cannot do in a sustainable way, and are also alerted to any potential risks stemming from sub-par asset management activities.

The benefits of ISO 55001 – Asset Management System – include, but are not limited to the following:

✔  Giving you the tools to manage assets more effectively
✔  Provides a roadmap to reliable cash flow management
✔  Allows you to measure an asset’s lifetime value
✔  Ensures any assets meet their functional requirements
✔  Supports business expansion plans while managing risks
✔  Consolidates your existing financial and business plans
✔  Helps you to meet legal, regulatory and customer requirements
✔  Increases your organisation’s reputation

How Will ISO 55001 Help My Business?

Having your organisation certified to an Asset Management System will help your business in a number of ways. The process of implementing the ISO 55001 system will give your team a crystal clear picture of the nature, security and any potential risks surrounding its most valuable assets. This is at the core of effective financial management, and will help to optimise the overall financial performance of your organisation, enable growth and ensure that the assets you’ve paid for are returning value to your operations.

What Does It Mean To Be ISO 55001 Certified?

Being certified displays to interested parties, stakeholders and your customers that your organisation is not only a responsible manager of its assets, it has gone above and beyond in terms of proving this with the process of ISO 55001 certification. While some companies might simply make the claim, your organisation is able to provide proof of the positive changes it has made as a result of implementing its Asset Management System. 

In the process of having your operations certified for this standard, a Best Practice team member will compare your organisation to the international standards for Asset Management, and will not complete the process until your organisation sits in-line with the world’s leading standard for asset management.

Why is ISO 55001:2014 Important?

The key to effective financial management is having a crystal clear picture of your organisation’s assets and liabilities, so you can make a more informed decision in the best interest of all relevant parties.

ISO 55001 is an important certification to obtain if your organisation is looking at the most sophisticated and effective means of monitoring your assets, as well as identifying potential risks to your financial bottom line. The process of implementing an asset management system will also help your organisation meet legal obligations and respond to business and stakeholder requirements in a timely and economical manner.

ISO 55001 Certification Quote

Why Choose Best Practice?

✔  Passionate. Best Practice exists to inspire customer confidence in your business. We’re passionate about improving organisations by making them efficient, fun, profitable, safe and environmentally friendly.

✔  Growth Focused. We help make your company a more attractive prospect to buy from, work at or invest in. As a result, this is embedded in everything we do to support you.

✔  Supportive. Our experienced team will be with you every step of the way. We partner with growth-focused organisations to provide support pre certification and support you past achieving certification.

✔  Progressive. We’re not like other certification bodies; we want to genuinely add value to your organisation, not just tick a box. We provide in-depth and practical support from an experienced team that will allow you to grow beyond certification.

✔  Free Training. We provide world-class online ISO training for your whole organisation, including weekly webinars, podcasts, industry newsletters and business.

Frequently Asked Questions

Your system has to meet the minimum requirements before you can be certified. Here, we outline the steps to creating your quality management system for certification.

  1. Understand the intent of ISO 55001. Read through the standard and familiarise yourself with the terminology.
  2. Understand the requirements set out. Develop your management system according to the standard. 
  3. Perform a gap analysis to identify how ready you are to become certified. This will highlight any areas that need further development. 
  4. Undergo the process of Certification. We will need to evaluate your organization to ensure you are compliant to ISO 9001:2015 with a Best Practice Assessment.

ISO 55001 is the perfect tool for organisations looking to get the most comprehensive overview of their opportunities, risks and liabilities from their assets under management. Depending on your industry and operations, it might also be a legal requirement to ensure you meet specific conditions. Specifically, large stakeholders are often not willing to take risks with organisations that don’t have a comprehensive understanding of their exposure to risks from their finances and assets. 

With this certification, you can display evidence of your organisation’s ability to sustainably manage its assets, identify opportunities for growth and mitigate risks to your bottom line. 

The certification process has four steps.

  1. Gap Analysis (optional): The process begins with an optional gap analysis to evaluate your management system against each clause of ISO 9001:2015.
  1. Stage One: The mandatory first step is a desktop assessment to evaluate your management system documentation, including policies, processes, management review records, scope and context as well as system implementation. It sets the foundation for the stage two assessment.
  1. Stage Two: The stage two assessment is the final step of the initial certification process. To achieve certification against your systems, we need to verify that the documented requirements of the standard are implemented across the business. We visit your offices and premises as well as partake in discussions with relevant individuals in your business.
  1. Certification: Once your stage two assessment is verified and the process is complete, a ‘Statement of Certification’ is issued, confirming compliance with the relevant standard.​ This certification is valid for a three-year period from the date of issue.

Surveillance assessments will need to be performed on a regular basis to maintain your certification.

Contact Us with any questions you may have, or to find out more about the certification process.

It was first published in January, 2014, with the latest corrected version published in July, 2014.

ISO 55001:2014 is the internationally-recognised standard for Asset Management, developed by the International Organisation for Standardization, with no changes for the Australian regulatory environment. It belongs to the ISO 55000 family of standards which have been designed to improve the overall quality of asset management in organisations.

The cost to assess your management system against ISO 9001:2015 requirements can vary. 

1 – 5 employees, no additional services – less than $5,000* 

The certification industry is highly regulated. As part of our regulated requirements, we need to get an understanding of your company size, locations and scope of operations before we can provide you with a quote. 

Our rates are all-inclusive and transparent. We don’t have any hidden reporting, travel or preparation fees.

*Once we have some details we may be able to discount this price significantly.

Once you are certified, your certification expires three years after your certification has been approved. For ISO 55001 certification you will need regular audits to maintain your certification and keep it valid, known as surveillance audits. This is only applicable to IAF (International Accreditation Forum) certifications.

You can transfer your ISO 9001 certification to Best Practice seamlessly. We will continue your current certification schedule, contact us for an obligation free quote. 

Why Best Practice? 

  • We work to understand your business. We provide meaningful observations. It’s more than just compliance or non-conformance for us. 
  • We provide you with support services. We help grow and continually improve your business with training, webinars, YouTube videos and our industry magazine, Certified. 
  • We have no hidden fees; our rates are all inclusive and transparent. We don’t have any hidden reporting, travel or preparation fees.