ISO 55001 is an internationally recognized standard outlining the requirements for establishing, implementing, maintaining, and improving an asset management system. As a core member of the ISO 55000 family, ISO 55001 helps organizations manage the lifecycle of their assets, aligning asset-related decisions with business objectives to maximize value while controlling risks and costs.

Key Features of ISO 55001 (2024 Edition)

The 2024 edition introduces several new and revised sections to enhance clarity, scalability, and usability across organizations of varying sizes and industries:

• Strategic Asset Management Plan (SAMP): The SAMP has been clarified and positioned as a central document for aligning asset management objectives with organizational strategy.

• Risk and Opportunity Management: Risk-related provisions have been updated to separate risk from opportunities, ensuring both are managed effectively.

• Decision-Making Framework: A new section emphasizes scalable frameworks that integrate decision-making at all organizational levels.

• Data and Information Management: A dedicated section highlights the critical role of data and knowledge in enabling informed decision-making and fostering innovation.

• Predictive Action: This new concept replaces the traditional "preventive action," encouraging proactive adaptation to internal and external changes.

Revised and New Provisions

• Operational Planning and Control: Greater emphasis on lifecycle management ensures operational decisions align with long-term asset value.

• Externally Provided Processes and Technologies: Revised requirements underscore the importance of managing outsourced services, technologies, and intellectual property to achieve asset-related objectives.

• Management Review: Expanded considerations include assessing risks, opportunities, and decision-making to foster continuous improvement.

Benefits of ISO 55001

Organizations adopting ISO 55001 experience significant advantages, including:

• Optimized Asset Lifecycle: Efficient management from acquisition to disposal, maximizing value at every stage.

• Improved Risk Management: Proactive measures to mitigate operational, financial, and compliance risks.

• Sustainability: Promotes resource-efficient and environmentally responsible asset management.

• Enhanced Financial Performance: Reduces costs while improving profitability and operational efficiency.

• Stakeholder Confidence: Demonstrates a commitment to reliable and effective asset management, strengthening trust among investors, regulators, and customers.

Applicability

ISO 55001 is suitable for organizations in diverse sectors, such as utilities, transportation, manufacturing, and public services. Its scalable requirements make it accessible to organizations of any size or complexity, from small businesses to large multinational enterprises.

Alignment With the ISO 55000 Family

While ISO 55000 provides an overview and terminology, ISO 55001 specifies the requirements, and ISO 55002 offers guidance on their implementation. Together, these standards form a comprehensive framework for asset management excellence.

Contribution to Sustainable Development Goals

ISO 55001 aligns with multiple UN Sustainable Development Goals (SDGs), including:

• SDG 6: Clean Water and Sanitation

• SDG 7: Affordable and Clean Energy

• SDG 8: Decent Work and Economic Growth

• SDG 9: Industry, Innovation, and Infrastructure

• SDG 11: Sustainable Cities and Communities

• SDG 12: Responsible Consumption and Production

• SDG 13: Climate Action

New Edition Availability

ISO 55001:2024 (2nd Edition) was published in July 2024, replacing ISO 55001:2014. The official page provides information about the standard and lists its availability in English, French, and Spanish.