ISO 55001 Audit Checklist

Like other organisations that want to demonstrate compliance with an effective asset management system, you must undergo a rigorous audit process. But what does it entail? In this article, we’ll take a closer look at the ISO 55001 audit checklist and explain what each requirement means for organisations of all sizes.

But first, here’s a brief review of the basics of ISO 55000 and its three parts.

The ISO 55000 series is the international standard for asset management. It guides the principles and framework necessary to establish, implement, maintain, and improve an asset management system. The series consists of three parts:

Part 1: Introduction and Overview

The first part of the ISO 55000 series provides a high-level overview of asset management and its principles. This part is intended for those new to asset management or want to learn more about the basics.

Part II: Guidelines for the Application of ISO 55000

The second part of the series offers guidelines on applying the principles of asset management when establishing, implementing, maintaining, and improving an asset management system. This part is intended for those responsible for designing, implementing, or auditing an asset management system.

Part III: Requirements for the ISO 55001 Asset Management System

The third part of the series provides a set of requirements for an asset management system. The requirements in this part are generic and can be applied to any organisation, including public, private, and nonprofit organisations.

The ISO 55001 Audit Checklist

Now that we’ve reviewed the basics of ISO 55000, let’s take a closer look at the ISO 55001 audit checklist. The ISO 55001 audit checklist is divided into two sections:

Section I: General Requirements

The general requirements section includes a list of items that must be addressed to comply with the standard. These items include:

  • The establishment of an asset management policy
  • The development of an asset management plan
  • The identification and assessment of risks
  • The identification and assessment of opportunities
Identification & Assessment of Risks | ISO 55001 Audit Checklist Blog

Section II: Specific Requirements

The specific requirements section includes items that must be addressed to comply with the standard. These items include:

  • Development of an asset management system
  • Establishment of asset management objectives
  •  Identification and assessment of risks and opportunities
  • Selection and implementation of controls
  • Monitoring and review of the asset management system

As you can see, the ISO 55001 audit checklist is quite comprehensive. And complying with all of the requirements in this standard can be a daunting task for organisations. However, it’s important to remember that the benefits of an effective asset management system far outweigh the costs.

An effective asset management system can help organisations optimise their asset portfolios, improve decision-making, and increase transparency and accountability. It can also help to reduce risks and improve organisational performance.

Best Practice is Here to Help with Your ISO Certification Journey!

If you’re thinking about implementing an asset management system in your organisation, we encourage you to contact Best Practice. We offer a range of customised services that can help you get certified quickly and efficiently. In addition, we’ll help you assess your needs and determine the best approach for your organisation. Contact us today to learn more!

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