ISO 55000

ISO 55000 is an international standard covering management of assets of any kind. Before it, a Publicly Available Specification (PAS 55) was published by the British Standards Institution in 2004 for physical assets. The ISO 55000 series of Asset Management standards[1][2] was launched in January 2014.


PAS 55 was originally produced in 2004 by a number of organisations under the leadership of the Institute of Asset Management. It then underwent a substantial revision with 50 participating organisations from 15 industry sectors in 10 countries. PAS 55:2008 (available in both English and Spanish versions) was released in Dec 2008 along with a toolkit for self-assessment against the specification.[3]

The PAS gave guidance and a 28-point requirements checklist of good practices in physical asset management; typically this was relevant to gas, electricity and water utilities, road, air and rail transport systems, public facilities, process, manufacturing and natural resource industries. It was equally applicable to public and private sector, regulated or non-regulated environments.

The standard was split into two parts:

  • Part 1 - Specification for the optimised management of physical infrastructure assets
  • Part 2 - Guidelines for the application of PAS 55-1

It was also accompanied by a comprehensive Competencies Framework for asset managers.

Established in August 2010, ISO Project Committee 251 held its first plenary meeting in Melbourne, Australia in early 2011; its final meeting was in Calgary in early 2013. After almost 10 years of development, three international standards (55000/1/2) were launched in London on 5 February 2014.[4] Currently three standards have been published:

  • ISO 55000:2014 Asset management – Overview, principles and terminology
  • ISO 55001:2014 Asset management – Management Systems – Requirements
  • ISO 55002:2018 Guidelines for the application of ISO 55001 (see below for 2018 update)

These standards are available in English, French, Spanish, Russian, Chinese, Japanese, Dutch, Swedish, Danish, Portuguese (Brazil) and Portuguese (Portugal), Farsi, Serbian and Finnish. In 2015 the ISO Technical Committee 251 was created to continue work on Asset Management standards and evolving the three existing standards. In 2016 the formal revision process of ISO 55002 was launched.[5] In 2017 two new projects were launched[6]:

  • ISO/TS 55010: Guidance on alignment of asset management, finance and accounting
  • ISO 55011: Guidance on the development of government asset management policy

In November 2018 a revised and expanded version ISO 55002:2018 was released[7]. General improvements include expanded detailed guidance for every clause of the 55001 requirements document, and clarification of the contribution of each requirement to the four ’fundamentals’ of asset management: Value, Alignment, Leadership and Assurance. It also describes how to apply the requirements of ISO 55001 to the key domains of asset management:

  • The concept of "value" in asset management
  • The scope of the Asset Management System
  • The Strategic Asset Management Plan
  • Asset management decision-making
  • Risk management in the context of asset management
  • Finance in asset management
  • Scalability of ISO 55001 to organizations of all sizes

The Institute of Asset Management developed endorsement schemes for recommending competent assessors and training providers.[8] The World Partners in Asset Management have developed a Certified Asset Management Assessor (CAMA)[9] certification scheme based on the Global Forum on Maintenance and Asset Management's Competency Specification for an ISO 55001 Asset Management System Auditor/Assessor[10].


  1. ^ "ISO 55001:2014 Asset Management". BSI Group. Retrieved 10 February 2014.
  2. ^ "Asset management system standards published". News. ISO. 23 January 2014. Retrieved 10 February 2014.
  3. ^ BSI PAS 55:2008, Institute of Asset Management. Retrieved 20 February 2015.
  4. ^ Institute of Asset Management.
  5. ^ "Communiqué on the 1st meeting of ISO/TC 251 Asset Management". Retrieved 2016-11-16.
  6. ^ "Communiqué on the 4th meeting of ISO/TC 251 Asset Management". Retrieved 2017-04-20.
  7. ^
  8. ^ Institute of Asset Management.
  9. ^
  10. ^

External links

Asset management

Asset management refers to systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings or equipment) and to intangible assets (such as human capital, intellectual property, goodwill and/or financial assets). Asset management is a systematic process of developing, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner (including all costs, risks and performance attributes).

The term is commonly used in the financial sector to describe people and companies who manage investments on behalf of others. Those include, for example, investment managers that manage the assets of a pension fund.

It is also increasingly used in both the business world and public infrastructure sectors to ensure a coordinated approach to the optimization of costs, risks, service/performance and sustainability.

The International Standard, ISO 55000, provides an introduction and requirements specification for a management system for asset management.

CGI Group

CGI Inc., more commonly known as CGI, is a Canadian global information technology (IT) consulting, systems integration, outsourcing, and solutions company headquartered in Montreal, Quebec, Canada. In 1976, Serge Godin and André Imbeau founded CGI, which originally stood for “Conseillers en gestion et informatique” (translating to “Consultants in management and information technology”). After starting out as an IT consulting firm, the company soon began branching into new markets and acquiring other companies. CGI went public in 1986 with a primary listing on the Toronto Stock Exchange. CGI is also a constituent of the S&P/TSX 60, and has a secondary listing on the New York Stock Exchange. After almost doubling in size with the 1998 acquisition of Bell Sygma, CGI acquired IMRGlobal in 2001 for $438 million, which added "global delivery options" for CGI. Other significant purchases include American Management Systems (AMS) for $858 million in 2004, which grew CGI's presence in the United States, Europe and Australia and led to the formation of the CGI Federal division.CGI Federal's 2010 acquisition of Stanley, Inc. for $1.07 billion almost doubled CGI's presence in the United States, and expanded CGI into defense and intelligence contracts. In 2012 CGI acquired Logica for $2.7 billion Canadian, making CGI the fifth-largest independent business processes and IT services provider in the world, and the biggest tech firm in Canada. In 2016 CGI ranked No. 955 on the Forbes Forbes Global 2000. At the time CGI had assets worth CAD $20.9 billion, annual sales of $10.7 billion, and a market value of $9.6 billion. As of 2017 CGI is based in forty countries with around 400 offices, and employs approximately 70,000 people. Canada made up 15% of CGI's client base revenue as of March 2015. 29% originated from the United States, while around 40% of their commissions came from Europe, and the remaining 15% derived from locales in the rest of the world.Services provided by CGI as of 2015 include application services, business consulting, business process services, IT infrastructure services, IT outsourcing services, and systems integration services, among others. CGI has customers in a wide array of industries and markets, with many in financial services. CGI also develops products and services for markets such as telecommunications, health, manufacturing, oil and gas, posts and logistics, retail and consumer services, transportation, and utilities. Clients include both private entities and central governments, state, provincial and local governments, and government departments dealing with defense, intelligence, space, health, human services, public safety, justice, tax, revenue and collections.

ISO/TC 251

ISO/TC251 is the ISO Technical Committee for Asset Management responsible for the development of the ISO 55000 family of standards. These standards define good practices in Asset Management and requirements for a management system. The standards apply to all types of assets and to all organizations. TC251 was created in March 2015 and currently (as of December 2018) includes members of 29 participating countries, plus 16 observer countries.

The Technical Committee manages six workgroups:

ISO/TC 251/WG3 – Communications: Manages the public communications plan for TC251 and the group's website.

ISO/TC 251/WG4 – Product Improvement: Collects feedback from different stakeholders regarding the ISO 55000 series of standards. Manages the liaison of TC251 with other ISO and external workgroups that are active in the asset management space.

ISO/TC 251/WG5 – Finance: Develops guidance specific to the financial aspects of asset management. WG5 is developing the new technical specification ISO/TS 55010 Guidance on alignment of asset management, finance and accounting.

ISO/TC 251/WG6 – Preparation for the next revision of ISO 55001, and manage the TC251 contribution to the revision of ISO's Annex SL.

ISO/TC 251/WG7 – Development of the new standard ISO 55011 Guidance on the development of government asset management policy.

ISO/TC 251/AHG1 – Spanish Translation Task Group.

ISO 31000

ISO 31000 is a family of standards relating to risk management codified by the International Organization for Standardization. The purpose of ISO 31000:2009 is to provide principles and generic guidelines on risk management. ISO 31000 seeks to provide a universally recognised paradigm for practitioners and companies employing risk management processes to replace the myriad of existing standards, methodologies and paradigms that differed between industries, subject matters and regions.

Currently, the ISO 31000 family is expected to include:

ISO 31000:2009 – Principles and Guidelines on Implementation

ISO/IEC 31010:2009 – Risk Management – Risk Assessment Techniques

ISO Guide 73:2009 – Risk Management – VocabularyISO also designed its ISO 21500 Guidance on Project Management standard to align with ISO 31000:2009.

Infrastructure asset management

Infrastructure asset management is the integrated, multidisciplinary set of strategies in sustaining public infrastructure assets such as water treatment facilities, sewer lines, roads, utility grids, bridges, and railways. Generally, the process focuses on the later stages of a facility’s life cycle specifically maintenance, rehabilitation, and replacement. Asset management specifically uses software tools to organize and implement these strategies with the fundamental goal to preserve and extend the service life of long-term infrastructure assets which are vital underlying components in maintaining the quality of life in society and efficiency in the economy.

Institute of Asset Management

The Institute of Asset Management is a UK-based not-for-profit professional body for those involved in acquisition, operation and care of physical assets, especially critical infrastructure. It was instrumental in the development of the international standard ISO 55000 for asset management.

List of International Organization for Standardization standards

This is a list of published International Organization for Standardization (ISO) standards and other deliverables. For a complete and up-to-date list of all the ISO standards, see the ISO catalogue.The standards are protected by copyright and most of them must be purchased. However, about 300 of the standards produced by ISO and IEC's Joint Technical Committee 1 (JTC1) have been made freely and publicly available.

Management system

A management system is a set of policies, processes and procedures used by an organization to ensure that it can fulfill the tasks required to achieve its objectives. These objectives cover many aspects of the organization's operations (including financial success, safe operation, product quality, client relationships, legislative and regulatory conformance and worker management). For instance, an environmental management system enables organizations to improve their environmental performance and an occupational health and safety management system (OHSMS) enables an organization to control its occupational health and safety risks, etc.

Many parts of the management system are common to a range of objectives, but others may be more specific.

A simplification of the main aspects of a management system is the 4-element "Plan, Do, Check, Act" approach. A complete management system covers every aspect of management and focuses on supporting the performance management to achieve the objectives. The management system should be subject to continuous improvement as the organization learns.

Elements may include:

Leadership Involvement & Responsibility

Identification & Compliance with Legislation & Industry Standards

Employee Selection, Placement & Competency Assurance

Workforce Involvement

Communication with Stakeholders (others peripherally impacted by operations)

Identification & Assessment of potential failures & other hazards

Documentation, Records & Knowledge Management

Documented Procedures

Project Monitoring, Status and Handover

Management of Interfaces

Standards & Practices

Management of Change & Project Management

Operational Readiness & Start-up

Emergency Preparedness

Inspection & Maintenance of facilities

Management of Critical systems

Work Control, Permit to Work & Task Risk Management

Contractor/Vendor Selection & Management

Incident Reporting & Investigation

Audit, Assurance and Management System review & Intervention

Software asset management

Software asset management (SAM) is a business practice that involves managing and optimizing the purchase, deployment, maintenance, utilization, and disposal of software applications within an organization. According to the Information Technology Infrastructure Library (ITIL), SAM is defined as “…all of the infrastructure and processes necessary for the effective management, control and protection of the software assets…throughout all stages of their lifecycle.”

Fundamentally intended to be part of an organization’s information technology business strategy, the goals of SAM are to reduce information technology (IT) costs and limit business and legal risk related to the ownership and use of software, while maximizing IT responsiveness and end-user productivity. SAM is particularly important for large corporations in regard to redistribution of licenses and managing legal risks associated with software ownership and expiration. SAM technologies track license expiration, thus allowing the company to function ethically and within software compliance regulations. This can be important for both eliminating legal costs associated with license agreement violations and as part of a company's reputation management strategy. Both are important forms of risk management and are critical for large corporations' long-term business strategies.

SAM is one facet of a broader business discipline known as IT asset management, which includes overseeing both software and hardware that comprise an organization’s computers and network.

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