ISO 55000

CG ISO55000

The International Standards Organisation (ISO) 5500X Asset Management suite was released in 2014 and is comprised of three standards, namely:

• ISO 55000 Asset management – Overview, principles and terminology;
• ISO 55001 Asset management – Management systems – Requirements; and
• ISO 55002 Asset management – Management systems – Guidelines for the application of ISO 55001.

The importance of asset management has not only been reinforced by these standards, but there is now a clear and broadly accepted definition of assets, their business context and the requirements of an asset management system because of these standards. ISO 55001 identifies the requirements of a management system (for the management of assets) and clearly positions asset management as a key element of the broader business management system including, but not limited to, safety management, people management and financial management.

In 2012-2013, directly before the publication of ISO 55000, the Asset Management Council actively participated in the ISO committee (ISO PC 251) to create these standards for asset management. The Asset Management Council intends to be at the forefront of assisting members and the broader community in the implementation of these ISO standards, and in order to do so we have created a Companion Guide to ISO 55001.

AMBoK Publication 001: Companion Guide to ISO 55001 is designed to:

• Provide clarity on the scope of the ISO 5500X Suite of Standards;
• Aassist with the interpretation of requirements of the standards;
• Provide guidance to organisations on typical criteria evidence to meet the requirements of ISO 55000 and 55001; and
• Act as a record of the current status of requirements for the purpose of collecting broader stakeholder input.

The guide is available for purchase by clicking the following link:

Also, for the full ISO 55000 document, please visit ISO's website, here:

AMCouncil at ISO/TC251 in Paris February 2018

Martin Kerr is currently in Paris representing the AMCouncil as part of the MB19 Standards Australia Committee at the International ISO/TC251 Committee. He reports as follows:

It has been a privilege representing the Asset Management Council of Australia in Paris for the Feb 2018 TC251 meeting. TC251 is a Technical Committee (TC) that created and now maintains (sustains) the 5500x set of standards. There are representatives from societies (eg the AM Council) from around the world, countries (represented as Mirror Commitees, Australia is “MB19”) as well as Liaisons.

Read more: AMCouncil at ISO/TC251 in Paris February 2018

ISO 55001 Certification for Sydney Trains

Sydney Trains is the first public sector organisation in Australia to attain ISO55001 Certification. In so doing it has international recognition for its Asset Management System. Sydney trains have around $37 billion of assets, and manage more than 1,600km of track and 1,500km of overhead wiring. This certification is a result of three years of identifying ways we could be more efficient and make our assets safe for our customers.

Read more: ISO 55001 Certification for Sydney Trains