Five Facts You May Not Know About ISO 55001

1) ISO 55001:2014 – Asset management – Management systems – Requirementsis the first management system that was developed from the high-level framework defined in ISO/IEC Directives, Part 1, Consolidated ISO Supplement – Procedures Specific to ISO. This “Annex SL”, as it is more commonly referred to, is the former ISO Guide 83, High level structure and identical text for management system standards and common core management system terms and definitions. This annex contains the framework for all management systems going forward and contains 10 common elements (Scope, Normative References, Terms and Definitions, Context of the Organization, Leadership, Planning, Support, Operations, Performance Evaluation, Improvement) that are assembled in a Deming “Plan-Do-Check-Act” continuous improvement process is currently being developed using this framework for quality management systems and will be released next year. 

2) ISO 55001 emphasizes identifying and controlling risk to internal and external stakeholders of the defined asset portfolio, while looking for opportunities for continuous improvement throughout the life cycle. Documenting risks and opportunities are common themes throughout the standard and an organization will find it difficult, if not impossible, to comply with the requirements without following the principles and guidelines found in ISO 31000:2009, Risk Management.

3) The Strategic Asset Management Plan (SAMP) is derived from the Asset Management Policy and specifies the asset management objectives. In development of the SAMP, some level of stakeholder mapping is required in order to define the expectations of both internal and external stakeholders and communicate those expectations through the objectives. This ensures that the plans created for the defined asset portfolio take into account the risk to all stakeholders and specify how that risk will be managed and controlled. Line of sight is a significant theme in the standard. A corporation must be able to follow the golden thread from life cycle activities of their asset portfolio contained within the asset management plans all the way back to their business strategy to show documentation and control of risks and opportunities.

4) The asset management plan is an output of the asset management system and takes into account the technical requirements of the asset portfolio that is within scope of the system. The asset management plan is developed to ensure the asset management objectives are achieved throughout the life cycle. An organization should start small on its asset management plan. When planning how to achieve its asset management  objectives, the organization needs to determine and document:

  • the  method  and  criteria for decision making and  prioritizing of the activities  and  resources to achieve its asset management plans and asset management objectives
  • the processes and methods to be employed in managing its assets over their life cycles
  • what will be done
  • what resources will be required
  • who will be responsible
  • when it will be completed
  • how the results will be evaluated
  • the appropriate time horizons for the asset management  plans
  • the financial and non-financial implications of the asset management plans
  • the review period for the asset management plans
  • actions to address risks and opportunities associated with managing the assets, taking into account how these risks and opportunities can change with time, by establishing processes for:

- identification of risks and opportunities
- assessment of risks and opportunities
- determining the significance of assets in achieving asset management objectives
- implementation of the appropriate treatment, and monitoring, of risks and opportunities.

It is top level management’s responsibility to ensure the organization provides competent resources required for meeting the asset management objectives and for implementing the activities specified in the asset management plans.

5) This management system standard also differs from previous system standards in its focus on collaboration. Top management is required to demonstrate leadership and commitment with respect to the asset management system by promoting cross-functional collaboration within the organization. In his  September 2014 keynote address at the 2014 IADC Drilling HSE Europe Conference in Amsterdam, Transocean President and CEO Steven Newman urged the offshore drilling industry to embrace collaboration in order to go from good to great. BS 11000-1:2010, Collaborative business relationships - A framework specification, considered the standard for collaboration, is currently being adopted by ISO and will be published as ISO 11000:2015 next year.

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