ISO 55001 - Awareness

AWA R E N E S S T R A I N I N G O F I S O 5 5 0 0 1
CONTENT
• Introduction of asset, asset management, asset management system

• ISO and ISO 55000 standard series
• ISO 55001:2014
• How to implement ISO 55001:2014
AWARENESS TRAINING OF ISO 55001

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INTRODUCTION
WHAT IS ASSET
Item, thing or entity that has potential or actual value to an

organization
• Value can be tangible or intangible, financial or non-financial, and includes
consideration of risks and liabilities. It can be positive or negative at different stages of
the asset life
• Physical assets usually refer to equipment, inventory and properties owned by the
organization.
• Physical assets are the opposite of intangible assets, which are non-physical assets
such as leases, brands, digital assets, use rights, licences, intellectual property rights,
reputation or agreements.
• A grouping of assets referred to as an asset system could also be considered as an
asset

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WHAT IS ASSET
The period from the creation of an asset to the end of its life is the asset life
An asset’s life does not necessarily coincide with the period over which any
one organization holds responsibility for it; instead, an asset can provide
potential or actual value to one or more organizations over its asset life,
and the value of the asset to an organization can change over its asset life.

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ASSET MANAGEMENT
Asset management : Coordinated activity of an organization to realize

value from assets
• Realization of value will normally involve a balancing of costs, risks,
opportunities and performance benefits.
• Activity can also refer to the application of the elements of the asset
management system.
• The term “activity” has a broad meaning and can include, for example,
the approach, the planning, the plans and their implementation.

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ASSET MANAGEMENT
Effective control and governance of assets by organizations is essential to

realize value through managing risk and opportunity, in order to achieve
the desired balance of cost, risk and performance
Asset management translates the organization’s objectives into asset-
related decisions, plans and activities, using a risk based approach
Asset management involves the balancing of costs, opportunities and risks
against the desired performance of assets, to achieve the organizational
objectives.

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ASSET MANAGEMENT
Asset management enables an organization to examine the need for, and

performance of, assets and asset systems at different levels.
Additionally, it enables the application of analytical approaches towards
managing an asset over the different stages of its life cycle (which can start
with the conception of the need for the asset, through to its disposal, and
includes the managing of any potential post disposal liabilities).

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THE BENEFITS OF ASSET MANAGEMENT
improved financial performance : improving the return on investments and reducing

costs can be achieved, while preserving asset value and without sacrificing the short or
long-term realization of organizational objectives
informed asset investment decisions: enabling the organization to improve its decision
making and effectively balance costs, risks, opportunities and performance
managed risk: reducing financial losses, improving health and safety, good will and
reputation, minimizing environmental and social impact, can result in reduced liabilities
such as insurance premiums, fines and penalties
improved services and outputs: assuring the performance of assets can lead to
improved services or products that consistently meet or exceed the expectations of
customers and stakeholders

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demonstrated social responsibility: improving the organization’s ability to, for example,
reduce emissions, conserve resources and adapt to climate change, enables it to
demonstrate socially responsible and ethical business practices and stewardship;
demonstrated compliance: transparently conforming with legal, statutory and regulatory
requirements, as well as adhering to asset management standards, policies and
processes, can enable demonstration of compliance
enhanced reputation: through improved customer satisfaction, stakeholder awareness
and confidence
improved organizational sustainability: effectively managing short and long-term
effects, expenditures and performance, can improve the sustainability of operations and
the organization

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improved efficiency and effectiveness: reviewing and improving processes, procedures

and asset performance can improve efficiency and effectiveness, and the achievement of
organizational objectives.

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FUNDAMENTALS OF ASSET MANAGEMENT
Value: Assets exist to provide value to the organization and its stakeholders.
Asset management does not focus on the asset itself, but on the value that the asset can
provide to the organization. The value (which can be tangible or intangible, financial or
non-financial) will be determined by the organization and its stakeholders, in accordance
with the organizational objectives.
This includes:
1) a clear statement of how the asset management objectives align with the organizational
objectives;
2) the use of a life cycle management approach to realize value from assets;
3) the establishment of decision-making processes that reflect stakeholder need and
define value

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Alignment: Asset management translates the organizational objectives into technical and
financial decisions, plans and activities.
Asset management decisions (technical, financial and operational) collectively enable the
achievement of the organizational objectives.
This includes:
1) the implementation of risk-based, information-driven, planning and decision-making
processes and activities that transform organizational objectives into asset management
plans;
2) the integration of the asset management processes with the functional management
processes of the organization, such as finance, human resources, information systems,
logistics and operations;
3) the specification, design and implementation of a supporting asset management system.

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Leadership: Leadership and workplace culture are determinants of realization of value.

Leadership and commitment from all managerial levels is essential for successfully
establishing, operating and improving asset management within the organization.
This includes:
1) clearly defined roles, responsibilities and authorities;
2) ensuring that employees are aware, competent, and empowered;
3) consultation with employees and stakeholders regarding asset management.

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Assurance: Asset management gives assurance that assets will fulfill their required purpose.
The need for assurance arises from the need to effectively govern an organization. Assurance
applies to assets, asset management and the asset management system.
This includes:
1) developing and implementing processes that connect the required purposes and
performance of the assets to the organizational objectives;
2) implementing processes for assurance of capability across all life cycle stages;
3) implementing processes for monitoring and continual improvement;
4) providing the necessary resources and competent personnel for demonstration of
assurance, by undertaking asset management activities and operating the asset
management system

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ASSET MANAGEMENT SYSTEM
Management system Set of interrelated or interacting elements of an
organization to establish policies and objectives and processes to achieve
those objectives
• A management system can address a single discipline or several
disciplines.
• The system elements include the organization’s structure, roles and
responsibilities, planning, operation, etc.
• The scope of a management system may include the whole of the
organization, specific and identified functions of the organization,
specific and identified sections of the organization, or one or more
functions across a group of organizations.

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Asset management system:

• The asset management system is a subset of asset management.
• The elements of the asset management system should be viewed as a set of tools, including
policies, plans, business processes and information systems, which are integrated to give
assurance that the asset management activities will be delivered.

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The assets themselves can also support more than one function and more than
one functional unit within the organization. The asset management system
provides a means for coordinating contributions from and interaction between
these functional units within an organization
The establishment of an asset management system is an important strategic
decision for an organization.

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THE BENEFITS OF AN ASSET MANAGEMENT SYSTEM
An asset management system

• provides a structured approach for the development, coordination and control of activities
undertaken on assets by the organization over different life cycle stages, and for aligning
these activities with its organizational objectives.
• can provide improved risk control and gives assurance that the asset management
objectives will be achieved on a consistent basis.
However, not all asset management activities can be formalized through an asset
management system. For example, aspects such as leadership, culture, motivation, behavior,
which can have a significant influence on the achievement of asset management objectives,
may be managed by the organization using arrangements outside the asset management
system.

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Managing the
organization
Asset management
The relationship between

key asset management
terms
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PROCESS
Procedures
(specified way to carry out an activity or a process- can be
documented or not)
Inputs Outputs
PROCESS
Resources
Monitoring, measurement, analysis, evaluation

(before, during and after processes )
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PROCESS APPROACH
Process
network
Requirement
Defined s are met
requiremen
ts

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BENEFITS OF PROCESS APPROACH

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PROCESS APPROACH
1 2 3 4
KPI
KPI
KPI
KPI
KPI KPI KPI

Management by
Traditional process
management

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Suppliers Inputs Process Outputs Customers

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THE CURRENT SITUATION OF MANAGEMENT SYSTEMS
INTEGRATION EFFORTS

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NEED FOR ALIGNMENT OF MANAGEMENT SYSTEM
STANDARDS!
ISO Joint Technical Coordination Group (“JTCG”):
 Joint vision for management system standards
 High level structure for all ISO management systems standards
 Identical sub-clause titles under the high level structure
 Generic core vocabulary for management system standards
 Aim is to make life easier for those who wish to have a “single management system”

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ANNEX SL – APPENDIX 2
General requirements of MSS are mentioned in Consolidated ISO Supplement to

the ISO Directives, Part 1 (Procedures specific to ISO), Annex SL (normative)
Proposals for Management System Standards, SL.8 Guidance on the development
process and structure of an MSS plus Appendices 2-4 (from now called “Annex
SL”)
ISO 55001.2015\Annex-SL-Whitepaper.pdf

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ISO DIRECTIVES PART 1:2012 “ANNEX SL”
Incorporates the recommendations of the JTCG work

Defines the common structure and format for all new ISO management system
standards and revisions to existing standards
Common text (approx 30% or more of each standard will be identical text)

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ISO INTRODUCTION
..\..\..\Data\latest\iso_in_figures_2014.pdf

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ISO INTRODUCTION
(31/12/2018)
164 NATIONAL STANDARDS BODIES
120 MEMBER BODIES

40 CORRESPONDENT MEMBERS
4 SUBSCRIBER MEMBERS
More than 22500 standards and standard type documents

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GENERAL REQUIREMENTS IN “ANNEX SL”

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“ANNEX SL” HIGH LEVEL STRUCTURE
Incorporates the recommendations of the JTCG work

Defines the common structure and format for all new ISO management system standards and revisions to existing
standards
Common text (approx 30% or more of each standard will be identical text)
Significant impact on future revisions of ISO 55001 and ISO 14001

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ISO 55000 STANDARD SERIES
ISO 55002 ISO 55001

Guidelines for the Requirements of
application of ISO 55001 Management systems
ISO 55000
Overview, principles
and terminology

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INTRODUCTION ISO 55001: 2014

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STRUCTURE OF ISO 55001:2014
9
4 5 6 7 8 Performance 10
Context Leadership. Planning Support Operation evaluation Improvement
Monitoring,
Monitoring,
Understanding the Operational measurement,
Leadership and Actions to address measurement, Nonconformity and
organization and its Resourcesc planning and analysis
commitment risks and
control analysis and
and corrective action
context opportunities evaluationgiá
evaluation
Understanding the Management of
needs and Policy Asset management Competence change Internal audit Preventive action
expectations of objectives and
stakeholders planning
Organizational
Outsourcing Continual
roles, Awareness Management review
Determining the scope responsibilities improvement
and authorities
Communication
Asset management
system
Information
requirements
Documented
information

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PURPOSE
Specifies the requirements for the establishment, implementation,

maintenance and improvement of a management system for asset
management, referred to as an “asset management system”.

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PURPOSE

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SCOPE OF APPLICATION
Can be used by any organization. The organization determines to which of

its assets this International Standard applies.
Is primarily intended for use by:
— those involved in the establishment, implementation, maintenance and
improvement of an asset management system;
— those involved in delivering asset management activities and service
providers;
— internal and external parties to assess the organization’s ability to meet
legal, regulatory and contractual requirements and the organization’s
own requirements.

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4 CONTEXT OF THE ORGANIZATION
This clause sets out the requirements for an organization to take a high level overview of the
business, considering the key internal and external factors which impact it, and how it
should respond in the form of a management system:
 Understanding the organization and its context
 Understanding the needs and expectations of interested parties
 Determining the scope of the asset management system
 Asset management system and its processes......

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4.1 UNDERSTANDING THE ORGANIZATION AND
ITS CONTEXT
This clause requires the organization to consider potential factors which can impact on
the management system, in terms of its structure, scope, implementation and
operation.
Impacting factors can be of internal or external nature, and are wide-ranging;
 External factors can arise from legal, technological, competitive, market, cultural, social and economic
environments, whether international, national, regional or local.
 Internal factors may be related to values, culture, knowledge and performance of the organization.
Asset management objectives, included in the strategic asset management plan (SAMP),
shall be aligned to, and consistent with, the organizational objectives

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4.2 UNDERSTANDING THE NEEDS AND EXPECTATIONS OF
INTERESTED PARTIES
The organization shall determine
 the interested parties that are relevant to the AMS,
 the related requirements of these interested parties that are relevant to the AMS”
 the criteria for asset management decision making;
 the stakeholder requirements for recording financial and non-financial information relevant to
asset management, and for reporting on it both internally and externally

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4.2 UNDERSTANDING THE NEEDS AND EXPECTATIONS OF
INTERESTED PARTIES
Interested parties could include:

 Employees
 Contractors
 Clients/Customers
 Suppliers
 Regulators
 Shareholders
 Neighbors
 Non-Governmental Organizations (NGOs)
 Parent organizations

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4 CONTEXT OF THE ORGANIZATION
What is also clear is that the output from clauses 4.1 and 4.2 is a key input to
the assessment and determination of risks and opportunities required in
clause 6.

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4.3 DETERMINING THE SCOPE OF THE AMS
Determine the boundaries and applicability of the AMS to establish its scope.
Must consider
 the external and internal issues referred to in 4.1,
 the requirements referred to in 4.2
 the interaction with other management systems, if used.
Define the asset portfolio covered by the scope of the asset management system.
The scope shall be available as documented information.

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4.4 ASSET MANAGEMENT SYSTEM
 Establish, implement, maintain and continually improve an asset management system

including the processes needed and their interactions
 The organization shall develop a SAMP which includes documentation of the role of the asset
management system in supporting achievement of the asset management objectives

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DOCUMENTATION STRUCTURE
Asset policy, objectives,…
Asset manual
1
Procedures
2
Work instructions, specifications,

3 standards forms, …
4 Records

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5. LEADERSHIP
 Leadership and commitment

 Policy
 Organizational roles, responsibilities and authorities

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5.1 LEADERSHIP AND COMMITMENT
Leadership with respect to the AMS

 Leadership is not so much about actions but the thinking that leads to action.
 AMS leadership can be demonstrated by top management through positively
influencing the organization.
 Top management may appoint an individual to oversee the development,
implementation, operation and continual improvement of an AMS

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5.1 LEADERSHIP AND COMMITMENT
“Top management shall demonstrate leadership and commitment with respect to
the asset management system by
 ensuring policy, the SAMP and objectives are established and are compatible with the
organization objectives;
 ensuring the integration of the AMS requirement into the organization’s business processes;
 Ensuring that the resources are available
 communicating importance of effective asset management and of conforming to the AMS
requirements;
 ensuring that the system achieves its intended outcome(s)
 Directing and supporting persons to contribute to the effectiveness of the AMS;
 promoting continual improvement
 supporting other relevant management roles to demonstrate their leadership as it applies to
their areas of responsibility.”
 Ensuring that the approach used for managing risk in AMS is aligned with the organization’s
approach for managing risk
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5.2 POLICY
“Top management shall establish an asset policy that:

 is appropriate to the purpose of the organization,
 provides a framework for setting asset objectives;
 includes a commitment to satisfy applicable requirements, and
 includes a commitment to continual improvement of the asset management system

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5.2 POLICY
The asset policy shall

 be consistent with the organization plan
 be consistent with other relevant organization policies
 be appropriate to the nature and scale of the organization’s assets and operations;
 be available as documented information
 be communicated within the organization
 be available to stakeholders, as appropriate
 be implement and be periodically reviewed and, if required, updated

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5.3 ORGANIZATIONAL ROLES,
RESPONSIBILITIES AND AUTHORITIES
The responsibilities and authorities for relevant roles are assigned and
communicated within the organization
Assign the responsibility and authority for:
 establishing and updating the SAMP, including AMS objectives;
 ensuring that the AMS support delivery of the SAMP;
 ensuring that the AMS conforms to the requirements of this international standard;
 ensuring the suitability, adequacy and effectiveness of the AMS;
 establishing and updating the asset management plan (see 6.2.2)
 reporting on the performance of the AMS to top management .

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6 PLANNING
 Actions to address risks & opportunities

 Asset objectives and planning to achieve them

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6.1 ACTIONS TO ADDRESS RISKS & OPPORTUNITIES
Determine the risks and opportunities that need to be addressed to:

 give assurance that the AMS can achieve its intended outcome(s)
 prevent or reduce undesired effects
 achieve continual improvement.
Plan:
a) actions to address these risks and opportunities, taking into account how these risks and
opportunities can change with time;
b) how to:
 integrate and implement these actions into the AMS processes
 evaluate the effectiveness of these actions.”

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6.2 ASSET OBJECTIVES AND PLANNING TO ACHIEVE THEM
6.2.1 – Asset management objectives

Establish asset objectives at relevant functions and levels
The asset objectives shall
 be consistent and aligned with the organizational objectives;
 be consistent with the asset management policy;
 be established and updated using asset management decision-making criteria (see 4.2);
 be established and updated as a part of the SAMP
 be measurable
 take into account applicable requirements
 be monitored
 be communicated to relevant stakeholders, and
 be reviewed and updated as appropriate.
The organization shall retain documented information on the asset management objectives
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6.2 ASSET OBJECTIVES AND PLANNING TO ACHIEVE THEM
6.2.2 – Planning to achieve asset management objectives

 Integrate the planning to achieve asset management objectives with other organizational
planning activities, including financial, human resources and other support functions.
 Establish, document and maintain asset management plan(s) to achieve the asset management
objectives. These asset management plan(s) shall be aligned with the asset management policy
and the SAMP.
 Ensure that the asset management plan(s) take(s) into account relevant requirements coming
from outside the asset management system.

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6.2.2 PLANNING TO ACHIEVE ASSET MANAGEMENT OBJECTIVES
When planning how to achieve its asset management objectives, the organization shall
determine and document:
a) the method and criteria for decision making and prioritizing of the activities and
resources to achieve its asset management plan(s) and asset management objectives;
b) the processes and methods to be employed in managing its assets over their life cycles;
c) what will be done;
d) what resources will be required;
e) who will be responsible;
f) when it will be completed;
g) how the results will be evaluated;
h) the appropriate time horizon(s) for the asset management plan(s);

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6.2.2 PLANNING TO ACHIEVE ASSET MANAGEMENT OBJECTIVES
g) the financial and non-financial implications of the asset management plan(s);

h) the review period for the asset management plan(s) (see 9.1);
k) 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.
The organization shall ensure that its asset management related risks are considered in the
organization’s risk management approach including contingency planning

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7 SUPPORT PROCESSES
 Resources
 Competence
 Awareness
 Communication
 Documented information

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7.1 RESOURCES
 Determine and provide the resources needed for the establishment,

implementation, maintenance and continual improvement of the AMS.
 Provide the resources required for meeting the asset management
objectives and for implementing the activities specified in the asset
management plan(s)

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7.2 COMPETENCE
Determine the necessary competence of person(s) doing work under its control that affects
its asset performance, asset management performance and AMS performance
Ensure that these persons are competent on the basis of appropriate education, training, or
experience;
Where applicable, take actions to acquire the necessary competence, and evaluate the
effectiveness of the actions taken
Retain appropriate documented information as evidence of competence.
Periodically review current and future competency needs and requirements
NOTE: Applicable actions may include, for example: the provision of training to, the mentoring
of, or the re-assignment of currently employed persons; or the hiring or contracting of
competent persons.”

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7.3 AWARENESS
Persons doing work under the organization’s control who can have an
impact on the achievement of the AMS objectives, shall be aware of:
the asset policy and relevant objectives
their contribution to the effectiveness of the AMS, including the benefits of improved asset
performance
their work activities, the associated risks and opportunities and how they relate to each
other
the implications of not conforming to the AMS requirements.”

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7.4 COMMUNICATION
The organization shall determine the need for internal and external
communications relevant to assets, asset management and the asset
management system including:
 on what it will communicate;
 when to communicate;
 with whom to communicate;
 how to communicate

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7.5 INFORMATION REQUIREMENTS
Determine its information requirements to support its assets, asset management, asset
management system and the achievement of its organizational objectives. In doing this:
a) Include consideration of:
 the significance of the identified risks;
 the roles and responsibilities for asset management;
 the asset management processes, procedures and activities;
 the exchange of information with its stakeholders, including service providers;
 the impact of quality, availability and management of information on decision making
b) Determine :
 the attribute requirements of identified information;
 the quality requirements of identified information;
 how and when information is to be collected, analyzed and evaluated

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7.5 INFORMATION REQUIREMENTS
c) Specify, implement and maintain processes for managing its information

d) Determine the requirements for alignment of financial and non-financial terminology
relevant to asset management throughout the organization;
e) Ensure that there is consistency and traceability between the financial and technical
data and other relevant non-financial data, to the extent required to meet its legal
and regulatory requirements , stakeholders’ requirements and organizational
objectives.

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7.6 DOCUMENTED INFORMATION
“Previously known as “documents and records”

“Documents” need to be “maintained as documented information”
“Records” need to be “retained as documented information”
How to control
 identification and description (title, date, author, reference number);
 format (language, software version, graphics), media ( paper, electronic);
 review and approval
 distribution, access, retrieval and use;
 storage and preservation,;
 control of changes (e.g. version control);
 retention and disposition

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8 OPERATION
 Operational planning and control

 Management of change
 Outsourcing

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8.1 OPERATIONAL PLANNING AND CONTROL
“Plan, implement and control the processes needed to meet requirements and to implement
the actions determined in 6.1, the asset management plan(s) determined in 6.2, and the corrective
and preventive actions determined in 10.2 and 10.2 by:
 establishing criteria for the processes
 implementing the control of processes in accordance with the criteria;
 Keeping documented information to the extent necessary to have confidence and evidence that
the processes have been carried out as planned;
 Treating and monitoring risks using the approach described in 6.2.2”

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8.2 MANAGEMENT OF CHANGE
 Risks associated with any planned change, permanent or temporary that can have an
impact on achieving the asset management objectives, shall be assessed before the
change is implemented.
 Ensure that such risks are managed in accordance with 6.1 and 6.2.2.
 Control planned changes and review the unintended consequences of changes, taking
action to mitigate any adverse effects, as necessary.

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8.3 OUTSOURCING
When outsourcing any activities that can have an impact on the achievement of its asset
management objectives, shall assess the associated risks.
Outsourced processes and activities are controlled.
Determine and document how these activities will be controlled and integrated into the AMS.
Determine:
a) the processes and activities that are to be outsourced;
b) the responsibilities and authorities for managing the outsourced processes and activities;
c) the processes and scope for the sharing of knowledge and information between the
organization and its contracted service provider(s);
When outsourcing any activities, ensure that:
- the outsourced resources meet the requirements of 7.2, 7.3 and 7.6;
- the performance of the outsourced activities is monitored in accordance with 9.1.

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9 PERFORMANCE EVALUATION
 Monitoring, measurement, analysis and evaluation

 Internal Audit
 Management review

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9.1 MONITORING, MEASUREMENT, ANALYSIS AND EVALUATION
Determine:
 what needs to be monitored and measured
 methods for monitoring, measurement, analysis and evaluation, as applicable, to ensure valid
results
 when the monitoring and measuring shall be performed
 when the results from monitoring and measurement shall be analysed and evaluated.
Retain appropriate documented information.
Evaluate the asset performance and the effectiveness of the AMS

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9.1 MONITORING, MEASUREMENT, ANALYSIS AND EVALUATION
Evaluate and report on:

 The asset performance
 The asset management performance, including financial and non-financial performance;
 The effectiveness of the AMS
Evaluate and report on the effectiveness of the processes for managing risks and
opportunities.
Retain appropriate documented information as evidence of the results of monitoring,
measurement, analysis and evaluation.
Ensure that its monitoring and measurement enables it to meet the requirements of 4.2

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ANALYSIS OF DATA & MEASUREMENT
Food for Thought:

 Consider all the records and data that you collect and store in your company...
 How are each of these used for analysis, training, and improvement purposes?
 If you can’t answer this question for nearly every record you spend time and money collecting
then why do you do it?

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9.2 INTERNAL AUDIT
Conduct internal audits at planned intervals

 plan, establish, implement and maintain an audit programme(s);
 define the audit criteria and scope for each audit;
 select auditors and conduct audits to ensure objectivity and the impartiality of the audit
process;
 ensure that the results of the audits are reported to relevant management;
 take appropriate correction and corrective actions;
 retain documented information

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9.3 MANAGEMENT REVIEW
Top management shall review the organization’s asset management system, at

planned intervals, to ensure its continuing suitability, adequacy and effectiveness.
The management review shall include consideration of:
a) the status of actions from previous management reviews;
b) changes in external and internal issues that are relevant to the asset management system;
c) information on the asset management performance, including trends in:
• nonconformities and corrective actions;
• monitoring and measurement results;
• audit results;

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9.3 MANAGEMENT REVIEW
d) asset management activity;
e) opportunities for continual improvement;
f) changes in the profile of risks and opportunities.
The outputs of the management review shall include decisions related to continual improvement
opportunities and any need for changes (see 8.2) to the asset management system.
Retain documented information as evidence of the results of management reviews.

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10 IMPROVEMENT
 Nonconformity and corrective action

 Preventive action
 Continual improvement

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10.1 NONCONFORMITY AND CORRECTIVE ACTION
When a nonconformity or incident occurs in its assets, asset management or asset
management system the organization shall:
a) react to the nonconformity or incident, and, as applicable:
 take action to control and correct it;
 deal with the consequences;
b) evaluate the need for action to eliminate the causes of the nonconformity or incident, in order that it
does not occur or recur elsewhere, by:
 reviewing the nonconformity or incident;
 determining the causes of nonconformity or incident;
 determining if similar nonconformities exist, or could potentially occur;

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10.1 NONCONFORMITY AND CORRECTIVE ACTION
c) implement any action needed;
d) review the effectiveness of any corrective action taken; and
e) make changes (see 8.2) to the asset management system, if necessary.
Corrective actions shall be appropriate to the effects of the nonconformities or incident encountered.
Retain documented information as evidence of:
 the nature of the nonconformities or incident and any subsequent actions taken;
 the results of any corrective action.

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10.2 PREVENTIVE ACTION
Establish processes to proactively identify potential failures in asset performance and

evaluate the need for preventive action.
When a potential failure is identified the organization shall apply the requirements of 10.1

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10.3 CONTINUAL IMPROVEMENT
Continually improve the suitability, adequacy and effectiveness of its asset
management system

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RELATIONSHIP BETWEEN
KEY ELEMENTS OF AN AMS

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Q&A

Slide / 89

ISO 55001 - Awareness

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AWA R E N E S S T R A I N I N G O F I S O 5 5 0 0 1

• Introduction of asset, asset management, asset management system

AWARENESS TRAINING OF ISO 55001

Item, thing or entity that has potential or actual value to an

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

Asset management : Coordinated activity of an organization to realize

AWARENESS TRAINING OF ISO 55001

Effective control and governance of assets by organizations is essential to

AWARENESS TRAINING OF ISO 55001

Asset management enables an organization to examine the need for, and

AWARENESS TRAINING OF ISO 55001

improved financial performance : improving the return on investments and reducing

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

improved efficiency and effectiveness: reviewing and improving processes, procedures

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

Leadership: Leadership and workplace culture are determinants of realization of value.

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

Asset management system:

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

An asset management system

AWARENESS TRAINING OF ISO 55001

The relationship between

Monitoring, measurement, analysis, evaluation

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

KPI KPI KPI

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

General requirements of MSS are mentioned in Consolidated ISO Supplement to

AWARENESS TRAINING OF ISO 55001

Incorporates the recommendations of the JTCG work

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

164 NATIONAL STANDARDS BODIES

120 MEMBER BODIES

More than 22500 standards and standard type documents

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

Incorporates the recommendations of the JTCG work

AWARENESS TRAINING OF ISO 55001

ISO 55002 ISO 55001

AWARENESS TRAINING OF ISO 55001

INTRODUCTION ISO 55001: 2014

AWARENESS TRAINING OF ISO 55001

Specifies the requirements for the establishment, implementation,

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

Can be used by any organization. The organization determines to which of

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

AWARENESS TRAINING OF ISO 55001

Interested parties could include:

AWARENESS TRAINING OF ISO 55001