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ISO 55001 Asset Management System

ISO 55001
Asset Management System

Engage the Experts
QSE: 27+ Years of Experience in Consulting, Auditing, & Training

What is ISO 55001?

This International ISO 55001 Standard specifies the requirements for the establishment, implementation, maintenance and improvement of a management system for asset management, referred to as an “Asset Management System” (AMS). This International Standard can be used by any organization small or big. The ISO 55001 standard helps in efficient management of assets for maximum utilization.

The ISO 55001 standard deals with the availability and utilization of Assets for effective use and earn customer satisfaction by maximizing the availability of assets for use.

The ISO 55001 standard is usually applicable to facilities where major assets are utilized on regular basis for the convenience and utility. For example, in Airports, entertainment houses like 6 flags, Disney locations etc. or major hospitals, railways and their similar organizations.

QSE provides ISO 55001 Consulting services to assist organizations in developing ISO 55001:2014 procedures using IS0 55001 templates, ISO 55001:2014 checklists, performing ISO 55001 audit process using ISO 55001 Internal Audit checklists. A competent ISO 55001 consultant uses a disciplined ISO 55001 certification process to meet all the requirements of ISO 55001:2014 through providing ISO 55001 training to all interested parties to ensure dissemination of Asset management Policy, Asset Management Objectives and Targets, Benefits of ISO 55001:2014 certification, implications of not adhering to ISO 55001:2014 compliance requirements, benefits of process approach application and continual improvements through risk considerations. Total ISO 55001 certification cost cannot be fully determined since ISO 55001 certification is a never-ending process and a race with no finish line.

Customers in such facilities usually are consumers from public. Availability of asset becomes major issue for customer satisfaction and consumer behavior regarding the facility.

These public utility assets are not only for the convenience of consumers but are also for their safety. It is an imperative responsibility of the respective management to have an efficient and effective asset management system.

Asset management can be the single most powerful weapon in a company’s arsenal for saving time, money and lots of executive headaches. Using ISO 55001, Sodexho, a world leader in asset management-of-life services, rolled out a best-practice model for asset management across numerous countries and industries – and it did it “The Sodexho Way”. (Source: https://www.iso.org/news/2016/05/Ref2085.html)

Further guidance regarding the application of the requirements within this International Standard is provided in guidance standard ISO 55002. General information on asset management and information on the terminology and definitions is provided in ISO 55000

This International ISO 55001 standard is primarily intended for use by:

  • Those involved in the establishment, implementation, maintenance and improvement of an asset management system mandated by the ISO 55001 standard
  • Those involved in delivering asset management activities and service providers may use the ISO 55001 standard
  • Those internal and external parties intending to assess, the organization’s ability to meet legal, regulatory and contractual requirements may use the ISO 55001 standard
  • Those involved in assessing the organization’s own requirements must ensure that the ISO 55001 standard requirements are met

Who should Get ISO 55001

  • Any facility offering Services through large size assets to a large consumer population and is desirous of having a globally acceptable asset management system needs to have compliance to ISO 50001:2014
  • Any facility desirous of assuring consumers about their Asset Management Systems should get ISO 55001 compliance certification
  • Any facility desirous of having interests of all stake holders covered in their system and has adequate provisions for mitigating risks in their processes must get ISO 55001 certification.
  • Any facility desirous of having a strong marketing tool to showcase their Energy capabilities must get ISO 55001 certification
  • Any facility desirous of having a complete system which covers all aspects of Asset management system in one single system for management review must have ISO 55001 certification.
  • Any facility whose management desires to have one single system through which management can build teamwork, review progress, measure, monitor, make corrections and give impetus for continual improvement must get ISO 55001 Certification
  • Any organization believing in providing maximum utilization of assets must get ISO 55001 Certification
  • Any Organization desirous of satisfying large consumers through uninterrupted access to performing assets must get ISO 55001 Certification
  • Any organization who had a history of public outcry due to nonavailability of assets to consumers or long hours of outages of assets must get ISO 55001 certification to streamline their processes and improve consumer satisfaction

Process of ISO 55001 Certification

  • Process of ISO 55001 compliance certification starts with preparation of an Asset Management System (AMS)
  • ISO 55001 Consultants assist in developing a comprehensive, AMS to meet all requirements of ISO 55001 compliance Certification. ISO 55001audit requirements are verified by Auditing agency using ISO 55001 audit checklists. ISO 55001 Audit checklists ensure  whether the documented system meeting all ISO 55001 requirements or not
  • An ISO 55001 consulting firm provides the techniques for implementation, and trains organization’s internal auditors to become competent to perform internal audits or provides ISO Internal Auditing Services to audit all processes using ISO 55001 audit checklists to verify conformance to ISO 55001 requirements
  • Facilities need to initiate corrective actions and continual improvement is realized through control of nonconforming products/services to achieve ISO 55001 certificate
  • Facilities need to implement the prepared AMS as per ISO 55001 standard for a minimum of 3 months and gather adequate evidence of conformity records establish ISO 55001 conformance
  • Managements of the facilities need to conduct one full scale review of the entire AMS as per ISO 55001 standard and ensure its adequacy for their organization. Management Team needs to identify Action items to make corrections to any ISO55001 requirement not being fulfilled
  • Once ISO 55001 standard mandated AMS ready, Internal audit is performed using ISO 55001 audit checklists. Subsequently one full set of Management review of ISO 55001 conformance takes place.
  • The facility needs to contact a qualified independent agency like QSE for ISO 55001 compliance audit using ISO 55001 audit checklists
  • Once a ISO 55001 Compliance Audit Body is satisfied, Compliance certificate is accorded based in ISO 55001 compliant Asset Management Team Project Results

Audits are unbiased, structured and documented evaluation of any given international standards such as ISO 9001, ISO 10993-1, ISO 14001, ISO 45001, ISO 55001, ISO 55001, ISO 22000, ISO 27001, IATF 16949, AS 9100, AS 9110, AS 9120, BRC, FSSC 22000, SQF, TL 9000, and recording the results.as per ISO audit checklists

  • First Party Audit: Audits performed by a team within the facility is called 1st Party Audit
  • Second Party Audit: Audits performed by organizations on their suppliers is called Second Party Audit
  • Third Party Audit: Audits performed by Certification Bodies is known as a third-party audit

Third Party audit ISO 55001 Certification Bodies (Accredited by International Accreditation Forum =IAF) perform the audits on the organizations to grant ISO 55001 Certifications with demonstrated evidence of conformity to all the requirements of ISO 55001:2014. 

Why is Consulting Required for Asset Management Systems?

Asset Management System building through ISO 55001 Consulting is the practice of assisting small, medium and large organizations in developing, training, implementing, and maintaining a documented asset management system for achieving ISO 55001 certification.

ISO 55001 Consultants can prepare your facilities to have an Asset Management System (QMS) and associated documents/records to show as evidence of having implemented the system.

ISO 55001 standard Consultants assist facilities to prepare Asset Management System documentation to show as evidence of having a streamlined process that ensure asset product or service every time without fail.

ISO 55001 standard Consultants assist to build a robust Asset Management System which compels task performers to have defined roles, responsibilities and controls to ensure effective asset management.

ISO 55001 standard Asset Management System Consultants assist organizations to identify all maintenance and replacement processes and facilitate in establishing process performance metrics or process performance indicators (Key Process Indicators = KPIs) to effectively monitor and measure organizations intended Goals and Objectives.

Including the trends to be monitored, internal audit results conducted using ISO 55001 audit checklists are fully addressed, risk related activities identified/assessed/mitigated, root-cause analysis is fully applied, corrective actions are initiated and continual improvement is realized

Benefits of Having an AMS:

The following are some of the benefits in implementing ISO 55001:2014:

  • ISO 55001certification will help organizations and industries make complete and effective use of their existing and potential assets in their organization
  • Implementation of ISO 55001 Standard helps organizations avoid customer complaints
  • Organizations save $ by saving operating costs through efficient asset management as mandated by ISO 55001standard  
  • Organizational help in conservation of available Asset resources and helps in maximizing the availability of assets by following ISO 55001standard  
  • Use of this ISO 55001standard   helps the organizations in their business sustainability
  • The organization learns to identify savings possibilities through better utilization of assets, improvement in asset life span, decrease in asset downtime, and improvements in consumer satisfaction through effective implementation of ISO 55001standard  
  • ISO 55001standard Implementation helps organizations have an edge over those who have not adapted the standards
  • Implementation of this ISO 55001standard   attracts positive response for all stakeholders including investors
  • ISO 55001standard Promotes and facilitates communication and transparency in asset management, upholds best innovations and behaviors in asset management.
  • ISO 55001 conformance provides a logical framework in prioritizing and evaluating the consistent implementation of the asset management programs and efficient technological innovation in assets. 
  • QSE has over 27 Years of standing in the field of Consulting, Auditing and Training for any ISO Standard, Asset Management Standards Sector Specific Standard, AISC standard or Food Safety Standard
  • QSE’s ISO 55001consultants has helped over 700 facilities to earn their ISO certifications including ISO 55001 Hartsfield Jackson Airport in Atlanta is one among them
  • QSE’s ISO 55001 consultants ensures that training ISO 55001standard is provided involving all relevant people ton all terms, concepts and principles to have an effective implementation of ISO 55001standard
  • QSE’s ISO 55001 consultants ensures that Top management is provided with ISO 55001 standard training to enable them to understand the intent of the standard, formalize their strategic direction, create asset management policy and disseminate it to all employees.
  • QSE’s ISO 55001 consultants coach and train top management on methods to measure and monitor the key performance indicators and achieve continual improvement in ISO 55001standard asset management systems
  • When Customers have ISO 555001 certification audits using ISO 55001audit checklists by QSE they pass ISO 55001 certification audit with no or minimum nonconformities
  • Over 98 % of QSE customers passed ISO 55001 certification audits with nil nonconformity first time around. QSE has a 100 % success rate in obtaining certifications for its customers
  • Unlike our competitors, QSE has a unique, comprehensive, evidence based, simplified single level, documentation system which is easy to implement and provides evidence for implementation to earn ISO 55001 certification through ISO 55001consulting
  • QSE’s designed ISO 55001 templates are tried and tested for accuracy and correctness and provide objective evidence during internal audits and ISO 555001 certification audits
  • QSE’s ISO 55001 consultants provide simplified system which is evidence based, and it is easy to implement, easy to use and easy to audit ISO 55001standard using ISO 55001 audit checklists
  • QSE ‘s evidence based system for ISO 55001standard with proven lists, forms and tables results in ISO 55001 certification with minimum or no nonconformities
  • QSE engages all competent ISO 55001auditors to conduct internal audits or supplier audits using ISO 55001 audit checklists
  • ISO 55001 Consulting from QSE is unique. QSE never tells what is to be done to earn ISO 55001 certification instead shows how to do it and leads the firm beholding all the way till ISO 55001certification is achieved
  • QSE guarantees ISO 55001 certificate if all 10steps of its disciplined path to ISO 55001 certification is followed.
  • President QSE, Mr. Baskar Kotte is an original and an active member of ISO/US TAG/TC 176, the Technical Committee that originally developed the ISO 9000 family of standards, ISO/US TAG/TC 207 which developed the ISO 14000 family of standards, ISO/US TAG/ TC 301 (TC 242) which developed ISO 55001 and   ISO 19011 the Guiding standards for Auditing. Mr. Kotte also participated and provided input to the development of the current ISO 9001:2015, ISO 140001:2015, ISO 55001:2018 family of Standards and ISO 19011:2018 revised standards.

FAQ

Frequently Asked Questions​
FAQ ISO 55001

ISO 55001 was published in 2014 to be a model for developing, implementing and maintaining an asset management system to international standards.  ISO 55001 Standard is one of the three standards which normally are referred to as the ISO 55000 Series:

ISO 55000 Asset Management – Overview, Principles and Terminology

ISO 55001 Asset Management – Management Systems – Requirements

ISO 55002 Asset Management – Management Systems – Guidelines for the Application of ISO 55001

ISO 55000 and ISO 55002 respectively contain guidance on asset management principles and on implementing ISO 55001. Confusion can arise when you hear people using the term “ISO 55000” when they really mean ISO 55001.

PAS stands for Publicly Available Specification. PAS 55:2008 was developed by a group of about 50 organizations from 15 different industry sectors in 10 countries. This specification has been adapted by several public and private firms to have a structured approach to Asset Management. Later in 2014, ISO the international organization for standardization took up this standards and published ISO 55001 in Jan 2014 and later issued corrections in July 2014 to align with draft provisions of ISO 9001:2015

PAS 55 may be relevant in about 15 countries but to bring a large organization with many assets to international level it is necessary to obtain ISO 55001 certification

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Bhaskar Kotte

Baskar Kotte

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