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ISO 55001:Asset Management

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ISO 55001:Asset Management Certification

ISO 55001 is an asset management system standard that aims to improve asset management throughout its lifecycle. Organizations will have greater control over daily operations by putting ISO 55001 into practice. activities, increase the return on their investments, and lower the overall risk cost. This standard is applicable to all asset kinds and corporate organizational configurations. The tangible results include a sharp decrease in unit cost and an increase in effectiveness. Additionally, this framework encourages ongoing performance enhancements and provides enhancements for every size, style, or industry of business. Effective asset management, risk mitigation and management, and enhancing your company's financial performance.

What is ISO 55001:Asset Management?

ISO 55001 is a worldwide recognized asset management system standard developed by the International Organization for Standardization (ISO) in 2014. The standard offers a methodical framework for efficient asset management, encompassing continuing value generation and improvement. All tangible, intangible, financial, and human assets, regardless of size, are covered by ISO 55001, which is intended to work with other ISO management system standards including ISO 9001, ISO 14001, and ISO 45001. Published in 2014, ISO 55001 lays out precise guidelines for enhancing assets through an asset management system in addition to deploying and maintaining them. ISO 55001 is crucial for enterprises with high capital expenditures and physical assets. assets to oversee and substantial fixed expenses. Utility, manufacturing, distribution, construction, property management, and transportation are a few examples.
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What are the benefits of ISO 55001:Asset Management

• Create a Strategic Asset Management Plan to identify and mitigate risks through a risk-based, reliability-centered approach. Scheduled Preventive maintenance system; • Show interested parties, such as funders, regulatory agencies, and your insurers, that you have effective control over the assets you are responsible for; • Prolong the assets' life through effective maintenance; • Facilitate more efficient planning and management for change, including capital replacement programs; • Enhance communication and interaction among functions; • Support a long-term and sustainable approach to decision making; • Balance short-term financial needs with those of medium-term activity plans and long-term plans;

Start your journey to ISO 55001:Asset Management certification

Contact our team today to receive a free no-obligation competitive quotation from our dedicated business development team. We will devise a comprehensive quote that will align with your occupational health and safety requirements. We tailor our quotes to meet your needs, and we support a range of ISO standards, including ISO 27001, ISO 9001 and Cyber Essentials. Learn more about Certification Europe’s accreditations, discover our client testimonials and find out more about working with us.

The Certification Journey

5
Certification Achieved

Successful certification is communicated to the client. Certificates are issued.

4
Certification Review & Decision

The organisations files are reviewed by an independent and impartial panel and the certification decision is made

3
Recommendation for Certification

At this point in the process we review any corrective actions taken to address findings raised at Stage 1 & 2. Certification may be recommended.

2
Stage Two

The second assessment determines the effectiveness of the system, and seeks to confirm that the management system is implemented and operational.

1
Stage One

The initial assessment determines if the mandatory requirements of the standard are being met and if the management system is capable of proceeding to Stage 2.

Certification Achieved

Successful certification is communicated to the client. Certificates are issued.

Certification Review & Decision

The organisations files are reviewed by an independent and impartial panel and the certification decision is made

Recommendation for Certification

At this point in the process we review any corrective actions taken to address findings raised at Stage 1 & 2. Certification may be recommended.

Stage Two

The second assessment determines the effectiveness of the system, and seeks to confirm that the management system is implemented and operational.

Stage One

The initial assessment determines if the mandatory requirements of the standard are being met and if the management system is capable of proceeding to Stage 2.

ISO 55001:Asset Management FAQ's

To prepare for ISO 55001 certification, organizations should assess their current asset management practices against the requirements of the standard, identify gaps, develop and implement an asset management system that aligns with ISO 55001, conduct internal audits to evaluate compliance, and seek certification from accredited certification bodies. By following these steps, organizations can demonstrate their commitment to excellence in asset management and achieve ISO 55001 certification successfully.

Yes, ISO 55001 is designed to be applicable to organizations of all sizes and sectors that manage assets as part of their operations. Whether an organization operates in manufacturing, services, utilities, or any other sector, ISO 55001 provides a flexible framework that can be customized to meet the specific asset management needs and objectives of the organization.

ISO 55001 emphasizes the importance of integrating risk management into asset management processes. By identifying, assessing, and managing risks associated with assets, organizations can make informed decisions to minimize potential disruptions, optimize performance, and enhance the resilience of their asset management systems.

ISO 55001 emphasizes the importance of considering the entire lifecycle of assets, from acquisition to disposal, in asset management practices. By adopting a lifecycle perspective, organizations can make informed decisions about asset investment, maintenance, and replacement, ensuring optimal performance, reliability, and cost-effectiveness throughout the asset's lifecycle.

ISO 55001 is based on several key principles of asset management, including a focus on value creation, alignment with organizational objectives, systematic and integrated processes, holistic lifecycle perspective, risk management, and continuous improvement. By adhering to these principles, organizations can develop a strategic and sustainable approach to managing their assets effectively.

To achieve ISO 55001 certification, an organization needs to develop and implement an asset management system that complies with the standard's requirements, undergo an audit by a certification body, and demonstrate effective asset management practices.

Some key benefits of implementing ISO 55001 include: - Improved asset performance and utilization - Enhanced decision-making related to asset management - Better risk management and cost control - Increased efficiency and productivity - Compliance with legal and regulatory requirements

Some key requirements of ISO 55001 include: - Establishing an asset management policy and objectives - Identifying and managing asset-related risks and opportunities - Planning and implementing asset management activities - Monitoring and evaluating asset performance - Continually improving the asset management system

By managing the associated risks and costs of asset ownership, ISO 55001 aims to optimise the availability and profitability of your assets throughout their lifecycle. It allows organisations to align their asset management activities with business needs, resources, capabilities and objectives. Asset management strategies influence operations, design, staff performance, equipment productivity and lifecycle costs, which in turn drive profitability. ISO 55001 coordinates these multiple elements to realise the value from every asset

The standard is aimed at a broad range of organizations, responsible for the management of a number of assets here are some examples: • Water companies managing buildings and equipment • Manufacturing organizations managing buildings and equipment • Distribution companies fleet management • Car and Van hire companies fleet management • Plant and equipment hire companies equipment management • Local Authorities management of public buildings, schools, vehicle fleets and equipment • Public Transport Authorities managing infrastructure, vehicle and building maintenance and inspection • Housing Associations and Commercial and Private Landlords maintenance of property portfolios • NHS Trusts managing large facilities including buildings, vehicles, medical equipment and maintenance • Care Home Providers managing buildings, equipment and vehicles • Historic Building Custodians managing buildings in and their contents in line with regulations