ISO 55001 is an Asset Management System that helps organisations identify, implement, and maintain assets more effectively. With ISO 55001 certification, companies can have better control of daily operations, manage risks, and attain a higher return of their assets throughout the asset lifecycle. ISO 55001:2014 standard was initially launched in 2014, and it specifies guidelines for establishing a proactive lifecycle asset management system.
This standard can be applied by companies of any type or size regardless of their industry of operation. It’s also an excellent tool for managing the lifecycle of all types of assets. By implementing an AMS, your organisation can improve effectiveness, reduce costs, and ensure continual improvement.
Components of an AMS
ISO 55001 defines various components of an effective asset management system, which are:
- Planning – This is important as it helps identify and address risks and opportunities for an AMS.
- Operation – The Strategic Asset Management Plan SAMP specifies the process and controls necessary for success
- Leadership – Defines the role of leaders, their commitment, and involvement in the asset management system.
- Support – This defines support requirements for an effective AMS. These components include communication, resources, awareness, and documented information.
- Organisational context – This framework describes an organisation’s stakeholders and the SAMP.
- Performance evaluation – This module helps measure the performance of both an asset and SAMP. These performance evaluations may include internal auditing, monitoring, management review, and analysis.
ISO 55001 Certification – What Is It?
Achieving ISO 55001 compliance demonstrates that your business can develop a practical approach to lifecycle asset management. Moreover, this certification demonstrates your ability to manage an organisation’s assets effectively, reduce and manage risk, make informed decisions, and improve your company’s financial performance.
ISO 55001 certification is crucial as it can give you a competitive advantage, differentiating you from other businesses involved in asset management. In addition, this certification can improve your ability to run a more effective operation and boost your reputation in the ever-changing financial marketplaces.
Benefits of ISO 55001 Certification
- Supports international business development: Implementing a robust AMS gives you an international competitive edge. Furthermore, this certification supports improvement with prioritised, formalised, and harmonised implementation plans that your company can relate to and commit to.
- Improved financial performance: The primary purpose of implementing an AMS is to improve ownership of assets. Ideally, proper management of assets can facilitate improved asset management and reduced costs, leading to an enhanced output.
- Better decisions: The ISO 55001 compliance allows you to understand the critical metrics associated with costs, risk, and performance, enabling you to make better decisions. Additionally, the improvement of an asset ensures it meets the necessary safety and performance requirements.
- Improved reputation through compliance: The ISO 55001 certification is a great way to ensure your organisation complies with the necessary asset management policies, processes, and standards. Ensuring transparent compliance with regulatory requirements can improve customer satisfaction, products and services, and stakeholder confidence.
Contact Best Practice for Assistance with ISO 55001 Certification
If you need help with ISO 55001 certification, Best Practice can handle all your asset management requirements. As the leading ISO standards certification provider, we have built an impressive portfolio of asset management services that focus on certification and gap analysis. We take time to learn your organisation’s needs and circumstances and act with care and sensitivity.
As a JAS-ANZ accredited ISO certification body, we aim at providing certification internationally. In addition, we also offer various in-house training programs and support systems to help organisations gain a competitive edge and inspire stakeholder and customer confidence. Contact us now to get started.