What Are the Requirements of ISO 55001

If you are interested in getting ISO 55001 certification, it is important to understand its requirements. This standard was designed in a way that groups the requirements for easier development and implementation. This article explains what ISO 55001 is and the requirements you must meet to comply with this standard.

ISO 55001: Asset Management System (AMS) – What Is It?

ISO 55001 is a standard written for organisations or people involved in asset management. It enables companies to integrate and align their asset management systems with the necessary management system requirements. It also helps organisations manage their assets responsibly throughout the assets’ lifecycle.

The Requirements of ISO 55001

  • Context of the Company

You should consider the different factors that affect your organisation, including internal factors such as organisational culture and objectives. The external context constitutes economic, social, cultural, and physical environments.

You will also need to take into account the financial, regulatory, and other external forces. Understanding these contexts is crucial because it can help you balance performance risks and cost while ensuring your team meets those requirements.

  • Planning

The goals and objectives of the company are drafted during the planning phase and included in the organisation’s plan. The plan is further used to craft the Strategic Asset Management Plan (SAMP) that guides the creation of asset management objectives. The SAMP then guides the development of asset management plans for significant assets. Keep in mind that the asset management plan’s goals must be aligned with the company.

  • Leadership

An effective AMS should be led and controlled by the top management. Leaders at different levels within the organisation must continue to communicate the objectives of the asset management system and live it every day. Without effective leadership, the AMS will not provide the expected benefits of ISO 55001 to the company and stakeholders.

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  • Service Delivery and Operations

You will have to determine service delivery and future operations of the asset management system. During this phase, changes may occur to risk profiles and funding, and these issues should be addressed.

  • Support

To successfully implement the asset management plan, you need the right support in place. Your support could include people, systems, and information. This generally requires you to have the resources, capabilities, and competencies that can allow for the proper management of assets.

  • Performance Evaluation

You need to conduct a performance evaluation to see if the objectives set in the asset management plan are being met. This helps your team to continually improve the ASM performance to meet long-term objectives. In addition, the performance evaluation report should be submitted to the top managers to be used during management review.

  • Improvement

The report obtained from the performance analysis promotes improvement on asset and asset management. However, you must ensure that the ASM is being followed efficiently, so you should be conducting regular internal audits. Your team should be able to detect and document any discrepancies and correct them in time. 

Like ISO 14001 and ISO 9001 management systems standards, ISO 55001 provides a framework for asset management systems to ensure assets add value to businesses.

Reach Out to Best Practice Biz for ISO Certification

If you have trouble keeping up with the requirements of ISO 55001, Best Practice Biz has the best support systems to help your organisation understand and implement the standard. We are a JAS-ANZ accredited certification body committed to assisting businesses worldwide to become certified. Contact us today for further information on ISO certification.

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