What is the difference between ISO 55000 & ISO 55001?

As your business expands, managing an increasing number of assets becomes crucial. The best way to develop, utilise, maintain, and improve asset value is by adopting an Asset Management System. Good asset management enables you to optimise your human, physical, or financial assets. 

As you focus on improving your asset management policies, there are international guidelines and standards to develop uniformity in asset management. Some of these frameworks include PAS 55, the ISO 55000 series, and AMBoK. This article will explore the difference between ISO 55000 and ISO 55001 and other frameworks. Follow through!

What is ISO 55000? 

ISO 55000 is a global standard series comprising different guidelines for Asset Management Systems. They include:

• ISO 55000 – contains concepts and terminology and an overview of asset management principles.
• ISO 55001 – specifies the management systems requirements for effective and efficient asset management systems.
• ISO 55002 – provides guidance on how to implement, maintain, and control the management system.

In a nutshell, ISO 55000 and ISO 55002 asset management provide an overview, principles, and terminology, and guidance to implement ISO 55001. ISO 55001 asset management helps you establish a proactive asset management strategy that optimises assets and reduces the cost of asset ownership as you get the best value out of your assets.

What is ISO 55000? ISO 55000 provides the standard for asset management, defining the principles and terminology used across the ISO 55000 series, specifically addressing ISO 55000 2014 as part of the continuous improvement of asset management practices.

What does ISO 55001 entail? 

The requirements provided in ISO 55001 enable organisations to apply their asset management plans in the best way possible. It details what your organisation must do and how it should do it to retain high asset value. Therefore, it’s essential to understand how to interpret the requirements to suit your organisational objectives and operating environment.

ISO 55000 Certification 

The introduction of the ISO 55000 series provided a uniform way of managing assets. Whether you want to manage intellectual property or financial and technical assets, you can conduct economic and effective asset management throughout the business cycle. Implementing an Asset Management System boosts stakeholders’ confidence and enables you to manage complex processes within the organisation. 

The certification is recognised as an international standard and is valid for three years. You will also need to keep up with surveillance audits annually. ISO 55001 certification ensures your business assets are secure. Some of the benefits of ISO 55000 assessment and certification include: 

• More structured, transparent, and efficient management of assets based on KPIs and suitable business processes. 
• Identifying and mitigating risks become easier. 
• Reduced operations costs.
• Easier and more reliable decision-making. 
• Builds your brand’s reputation. 

Who needs ISO 55001 certification? 

ISO 55001 certification is for all organisations intending to manage and improve the value of their assets regardless of whether they are intangible or tangible. Additionally, if your organisation manages assets on behalf of other clients, you may also want to get the ISO certification. 

Everyone within the organisation, whether in health, finance, human resource, procurement, public relations, or marketing sectors, can be involved in asset management. A quality Asset Management System ensures collaboration between all departments within an organisation.