ISO 55001: Asset Management
What is ISO 55001?
Assets come in all shapes and sizes, but one thing is for certain all organizations have assets. Assets can be a competitive advantage or can drain your organization’s resources. That’s why it is important to manage your assets effectively and ISO 55001 can do just that. ISO 55001 is especially relevant in industries that are capital intensive, have significant physical assets to manage and have high fixed costs. This can include utilities, heavy and light manufacturing, distribution, construction, property management and transportation.
ISO 55001 was published in January 2014 and establishes specific requirements for not only implementing and maintaining an asset, but also improving that asset via an Asset management system. It builds upon PAS55 which had a proven track record specifically in the utilities industries. ISO 55001 aims to apply this approach across other sectors allowing all businesses to benefit from it.
It is designed to provide structure and guidance to an Asset Management System (AMS) to manage and mitigate risk, whilst benchmarking performance across all sectors and improving financial performance in line with organizational growth strategies.
To get more information about ISO 55001, you can download our Guide to Asset Management (ISO 55001) by clicking here, or from our toolkit below.
Helps you with
- Improved financial performance
- Competent asset investment decisions
- Effective integrated risk management
- Improved resilience and reliability
- Improved services and outputs
- Demonstrated social responsibility
- Demonstrated regulatory compliance
- Enhanced reputation
- Improved customer and stakeholder satisfaction
- Improved organizational sustainability
- Improved efficiency and effectiveness
Benefits of Gaining Certification
Ability to win more business
Procurement specifications often require certification as a condition to supply, so certification opens doors.
Customer satisfaction
Deliver products that consistently meet customer requirements and a service that is dependable and can be relied on.
Improved stakeholder relationships
Improve the perception of your organization with staff, customers and suppliers.
Legal compliance
Understand how statutory and regulatory requirements impact your organization and its customers.
Proven business credentials
Independent verification against a globally recognized industry standard speaks volumes.
Reduced operating costs
Continual improvement of processes and resulting operational efficiencies mean money saved.
Improved risk management
Greater consistency and traceability of products and services means problems are easier to avoid and rectify.
Other potential benefits of ISO 55001 certification
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Effective management of value, risk and reliability
Good governance, and a good understanding and control of assets, can improve stakeholder confidence (e.g. customers and regulators acting on behalf of customers) and result in lower insurance premiums -
Seamless integration of AMS into Integrated Management Systems
Current HSE, Security, Information Security, Quality, Environment and Business Continuity Programs require current knowledge of assets and effective management of assets and related risks. The introduction of a comprehensive AMS into the integrated management systems adds significant value to the overall Risk and Business Management Model of the organization. -
Standardize and simplify
Asset management allows large organizations to standardize and simplify plants and equipment, reducing costs for spares and supplies, as well as training and support. The optimized asset management programmes assure maximizing the value and taking advantage of the opportunities for growth. -
Personal and process safety
Effective asset management improves both personal and process safety, reducing the risk of injury and catastrophic events. The proactive risk management and operational management of assets, assures minimizing the probability of incidents and accidents. -
Image and reputation
Assets contribute to the reputation and image of the organization, just as they contribute to its operation. Assets are often the front door to the enterprise, such as in hospitality and retail, and improved design contributes directly to increased visits.
How NQA can help you
With a wealth of experience providing accredited management systems certifications, NQA is ideally placed to partner with you to meet stakeholder requirements and exceed industry expectations.
Technical committees and industry relationships. NQA is highly involved in a wide variety of industry committees and standards writing teams, helping us to maintain a keen awareness of changes within the industry.
Knowledge transfer supporting our customer’s organizational strategy. NQA is committed to ensuring customer awareness regarding changes in industry strategy, regulations, and standard requirements that may impact your management system approach.
If you are interested in understanding how NQA can assist you in gaining UKAS accredited certification against ISO 55001 please contact our Business Development Advisors.
Please note: The standard also focuses on the benefits of cross-functional collaboration and links to the recently published standard ISO 44001 - Collaborative Business Relationships.
Steps to Certification
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Step 1
Complete a Quote Request Form so that we can understand your company and requirements. You can do this by completing either the online quick quote or the online formal quote request form. We will use this information to accurately define your scope of assessment and provide you with a proposal for certification.
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Step 2
Once you’ve agreed your proposal, we will contact you to book your assessment with an NQA Assessor. This assessment consists of two mandatory visits that form the Initial Certification Audit. Please note that you must be able to demonstrate that your management system has been fully operational for a minimum of three months and has been subject to a management review and full cycle of internal audits.
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Step 3
Following a successful two stage audit, a certification decision is made and if positive, then certification to the required standard is issued by NQA. You will receive both a hard and soft copy of the certificate. Certification is valid for three years and is maintained through a programme of annual surveillance audits and a three yearly recertification audit.