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;
• Assist 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:

Aligning Asset Management Functions

AlignmentThe TC251/ISO55000 Committee recently released a short fact sheet with tips on how to get alignment in Asset Management between an organisations financial and non-financial functions by proposing a framework as a means of fostering that organisational alignment.  Take a look at the document here.

Benefits of an ISO55001 Asset Management System

BenefitsThe TC251/ISO55000 Committee, at which AM Council has representation, recently released a short document explaining how an asset management system contributes to delivering good asset management and derive value from your asset base. Take a look at the document here.