What is BS ISO 55000
What is the Standard
ISO 55001 Asset Management is the new standard which supersedes PAS 55. The key difference between the two is that whereas PAS 55 focused on physical assets only, ISO 55001 reflects a consideration of all types of financial, physical and organisational assets. If your organisation has multiple assets at the heart of its’ business, you will know that an effective management strategy should contribute to better operating results, performance and improving your bottom line.
Achieving a BalanceThe ISO 55000 series of international standards for asset management were released in January 2014. The objective of ISO 55000 is to maximize the value realisation from assets, which means achieving the desired balance of risk, cost and performance.
The standard provides guidance and assurance that the right things are being done right, and that your asset management activities support the achievement of the mission and objectives of your organisation.
- Managed risk reducing financial losses and liabilities, improving safety, reputation, and environmental impacts
- Improved financial performance taking account both the short-term and long-term view
- Improved services and output through better asset performance.
- Demonstrated social responsibility with respect to environmental and societal impacts
- Demonstrated compliance with legal, statutory and regulatory requirements.
- Enhanced reputation through improved customer satisfaction and stakeholder confidence.
- Improved organisational sustainability effectively managing short and long-term effects.
- Improved effectiveness and efficiency by improving the organisations ability to reach its objectives.