30 July 2024 – Guidance relating to developing and maintaining a management system for asset management has been revised by ISO and adopted by BSI. The updated series of standards aim to coordinate the whole life cycle performance, costs, risks and sustainability of its asset portfolio.
Assets can include physical equipment and infrastructure, personnel, expertise, software, data, reputation inventory, and anything of value to the organisation’s performance and delivery of its objectives. An asset management system ensures the coordinated processes of an organization to maximise the value realised from those assets over their whole life cycles.
The updated set of standards provide the independent, objective criteria and guidance for establishing and sustaining a comprehensive asset management system. Asset management — Asset management system — Requirements (BS ISO 55001:2024) covers establishing asset management policies, objectives, processes and governance, in line with the organization’s strategic goals.
The aim of these standards is to help to demonstrate the organization’s contributions to the United Nations’ Sustainable Development Goals (SDGs). Specifically, they are designed to improve an organization’s sustainability by effectively managing expenditures and activities to achieve both short and long-term intended outcomes, including the sustainability of operational performance, stakeholder satisfaction and the management of risk. According to research, 76%[1] of asset managers are incorporating Environmental, Social and Governance (ESG) factors into their investment decisions.
The other standards that have been updated include Asset management. Guidance on people involvement and competence (BS ISO 55012:2024). This standard gives guidance on enhancing the involvement and commitment of personnel within an asset management system to improve the overall efficiency of translation of asset management objectives into results. Asset management. Guidance on the management of data assets (BS ISO 55013:2024) gives guidance on managing data to support an organization in meeting its asset management objectives and by extension its organizational objectives.
Daan van der Wekken, Head of Sector – Sustainability comments: “Having robust ESG practices in place can help organizations better prepare for and respond to challenges, leading to sustainable long-term performance.
“The updated asset management standards provide a vital tool for those that are committed to responsible asset management and long-term value creation to manage their assets systematically and sustainably, positioning them to accelerate progress towards their sustainable development goals."
John Woodhouse, CEO of TWPL, and UK Expert Representative on the ISO TC 251 asset management committee comments: “Every organization should seek to maximise the value obtained from all of its assets over their whole life cycles. This is difficult, of course, in a changing and uncertain world, with competing stakeholder demands, risks, trade-offs and coordination challenges.
“To address these, the ISO 55000 suite of standards provides the essential structure and minimum requirements for good asset management practices, greater alignment and robust governance. Even more importantly, these standards can help to deliver real and lasting performance improvements, directly contributing towards a more sustainable world.”
Purchase the standards here.
