ISO 55001 Certification: Five Facts you Need to Decipher

What is the common goal of every business, be it small or big? It is ensuring the prosperity and growth of the organization. Growth will automatically come to your way when your commercial property or business asset is secure. Securing an asset becomes easier with ISO 55001 certification. Review five important facts about this certification that can take you to your ultimate goal.

Implementation of an asset management system needs your time, energy, and sometimes, substantial cost. Having independent verification provides your customers and shareholders with a clear hint of your performance against your asset management system along with a wide array of business objectives. If you were eyeing on growing your business and convincing the customers that your organization is meeting global standards regarding the asset management system, setting up a goal for achieving ISO 55001 certification would be the best decision for you.

What most of the businesses face is lack of knowledge about ISO 55001 Standard. In this article, we will try to enrich your knowledge about the standard and the certification. We will help you decipher the five most vital facts about ISO 55001.

This standard is the first management system that was made from the high-level framework defined in the ISO/IEC Directives, Part 1, consolidated ISO supplement procedures specific to ISO. This section defines the framework for all the management system along with tern common elements, such as Scope, Normative References, Terms and Definitions, Context of the Organization, Leadership, Planning, Support, Operations, Performance Evaluation, and Improvement. These ten elements have formed the model “Plan-Do-Check-ACT”. This model encourages continuous improvement as well.

In most of the cases, this standard is preferable for those organizations, which have to deal with asset management. Since asset management is a sensitive issue, you need to garner as much knowledge about the standard as you can.

ISO 55001 insists on identification and controlling of risks, which are vulnerable to internal and external stakeholders of the described asset portfolio. Whenever an organization is looking for scopes of further improvement throughout the asset management life cycle, it is important to consider the risk control strategy. The standard has attached great importance to documenting the risks and opportunities and throughout the standard, you will find the relevance of risk documentation and scopes.

Asset management is closely associated with risk management. When it comes to ISO 45001 certification, ISO 45001 consultants recommend the Occupational Health and Safety Management System. Similarly, when you are looking for asset management advice, you will be suggested to pay attention to an asset management system, which addresses identified risks and threats.

ISO 55001 is based on the concept of the Strategic Asset Management Plan or SAMP. This plan specifies the asset management objectives. In developing the SAMP model, some levels of stakeholder outlines are needed for defining the expectations of both internal and external stakeholders. This plan should intend to ensure that the defined asset portfolio has resolved the risks vulnerable to the stakeholders. It is also important to specify how that risk will be managed and controlled.

 

While considering ISO 55001 Certification, you must take into consideration this Strategic Asset Management Plan or SAMP. Some companies prefer outsourcing consultants for coming up with some brainstorming ideas about SAMP.

An asset management plan is a direct outcome if an asset management system and it should take into account the technical requirements of an ISO Asset Management System. This management plan must ensure that the asset management objectives are achieved throughout the life cycle. When an organization is planning how to achieve its asset objectives, they need to determine and document the following issues:

The method and requirements for decision making and prioritizing the activities as well as resources needed for asset management and asset management objectives.

• Procedures and methods to be employed in managing its asset over their life cycles

• What will be done and what is better to avoid

• What resources will be needed?

• Who will be responsible?

• When the entire project is going to be completed?

• How to evaluate the results?

• How to divide time horizons for asset management plan?

ISO 55001 Asset Management Standard marks a number of differences from previous system standards having a focus on collaboration. Top management is required to demonstrate the leadership and commitment regarding the asset management system by promoting cross-functional collaboration within the business set up. What makes the huge difference between the previous and this latest standard is the latter’s emphasis on risk control and management.

These are the five facts that you must explore before implementing the ISO 55001 Standard in your business management system.

Damon Anderson is an ISO expert who has been associated with an ISO quality-consulting firm for more than 15 years. Recently, he has started regular blogging to share his experience and knowledge with his clients and aspiring ISO professionals. He takes a great interest in ISO 55001 certification and other quality management certifications. He has produced a pile of blogs, especially for the novice ISO 45001 consultants.

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