Articles

5 Key Aspects of an ISO 55001 Asset Management System

by Isabel Blamey Professional writer

Summary:

This article explains the key aspects of an ISO 55001 based asset management system. It provides a simple guide to organisations in developing and enforcing the system.

An asset management system (AMS) is an inherent requirement of a mature business, regardless of its size or type of operations. Every business uses assets of all types i.e., tangible, financial, intellectual, and property assets, to facilitate their day to day operations. An asset is something that has full value to an organisation and needs to be protected. An effective AMS helps organisations to administer and supervise their assets well. The ISO 55001 certification is the specific certification designed for asset management. It provides requirements for the best AMS.

Asset management is a systematic way of planning and operating, maintaining and improving, replacing and recovering assets efficiently to ensure minimum risks over their lifecycle. The key aim of establishing the AMS is to make the management of assets cost-effective so that the expected value from the assets in their active life is higher. The following section of this article explains the key aspects of the AMS which your organisation should consider making its asset management approach effective and also compliant to the ISO 55001 requirements.

Key Aspects of an ISO 55001 Based Asset Management System

Leadership and Management Accountability

The management of your organisation should be accountable for implementation as well as governance of the AMS. The role of leadership is necessary for this aspect. A dedicated team from the management should be there to plan the AMS implementation and assign roles to members of the organisation who use and maintain the assets.

Planning and Policymaking

There should be an appropriate policy that comprises the essential asset requirements of your organisation. Based on the policy, the AMS should be formed. Determination of the asset requirements is another crucial job for the management team. They should determine it after assessing all their assets, their service delivery, capabilities, and any associated risks. They do a gap analysis of their existing asset management system to find out what they fail to address. Depending on their analysis, they create a policy that covers all requirements of existing assets.

Acquisition

This involves managing the procurement of assets in order to meet a specific need in the business. The AMS should include a definite approach for the acquisition of assets to ensure they have appropriate capabilities. It helps in assessing various procurement options and choosing the option which is best in value.

Operation and Maintenance of Assets

The most requisite aspect of your AMS is regarding the management of operations, service delivery, and maintenance of assets. For this, it should provide tools for continuous monitoring of assets, evaluation of asset value, minimising the costs of ownership, and maximising their utility.

Assets Disposal

An effective AMS should also empower you to treat the assets after their service life has ended. The treatment of assets that are surplus to the organisation or are underperforming is also essential. An AMS hence helps in the proper disposal of all such assets with effective strategies such as resale, refurbishment, or reuse, ensuring that the organisation does not have to bear any additional costs.

The AMS is an integral system for every organisation which helps them proactively administer their assets throughout their lifetime. The ISO 55001 certification provides a framework for organisations to get their AMS properly developed and implemented. It helps you with all-around aspects that are necessary for managing assets from their purchase and deployment to disposal or renewal. The AMS is essential for organisations of all sizes because it helps in managing their costs as well as uncertainties related to the owing of assets. It ensures that the assets are always available in the right way and at the right time for service delivery.

Author Bio:

Damon Anderson is the owner and senior consultant at an ISO consulting agency in Australia which assists organisations of all types and sizes to get certifications for their management system in the most simplified and cost-friendly way. He is a specialised consultant for the ISO 55001 certification of asset management and provides advisory to organisations on implementing a robust asset management system following the standard’s requirements.

Contact Details:
Business Name: Compliancehelp
Email: sales@compliancehelp.com.au
Phone: 1800 503 401


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About Isabel Blamey Senior   Professional writer

176 connections, 6 recommendations, 590 honor points.
Joined APSense since, June 21st, 2016, From Perth, Australia.

Created on Aug 13th 2021 01:42. Viewed 208 times.

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