BSI seeks input into news series of standards for asset management

Press Release - 11th December 2012

BSI is calling for input into a new series of international standards to promote best-practice asset management.

Working in partnership with an international group of influential experts in asset management, BSI, the business standards company, is challenging organizations to review the way they manage their assets in order to deliver continued business improvements; long-term profitability and to improve regulatory and legal performance.

The new ISO 55000 series of standards - due for publication late 2013/early 2014 -  builds on the success of the internationally respected PAS 55 standard, which provides a robust framework for organisations to optimise the cost, risk and performance efficiency of their assets over their lifecycles.

This series of standards will be of particular interest to senior managers who are responsible for managing the appropriate mix of investments in: capital, sustenance of an asset base or operational improvements. The standard will also be applicable to general managers, finance professionals, engineers and technical specialists amongst others.

Whilst the value of individual assets will differ according to each business, the benefits derived from effective management of those assets will drive essential commercial benefits such as: enhanced financial performance, mitigation of risk, improved business sustainability and corporate reputation. These benefits apply equally to public sector organisations with accountability for delivering value in a cost effective way.  Overall the greatest value from Asset Management can be derived from managing assets collectively rather than managing them separately.

Shirley Bailey-Wood, BSI’s Director of Publishing said: “The launch of a new globally recognized standard in this field is an opportunity for organizations to scrutinize their activities to increase efficiency, better manage risks and deliver stakeholder value. We therefore strongly encourage public review of the draft standard to ensure it delivers accordingly.”

Rhys Davies, Chair of the ISO committee developing the ISO 55000 series said: “Previous work in capturing good practice in this field led to the publication of PAS 55. It has become a well-respected and widely used benchmark in asset management however our panel of international experts have enabled us to capture new approaches and evolve previous work into an improved series of international standards which will be a significant step forward for asset management good practice.  The public comment period is the opportunity for asset intensive organizations globally provide their perspective on the standards prior to their publication in 2013/2014.”

BSI has facilitated the involvement of influential experts in the development of this global standard including the Institute of Asset Management, various international equivalents around the world and many other industry bodies.

The ISO 55000 series

The ISO 55000 series consists of three standards being developed in parallel:

  • ISO 55000 Asset management - Overview, principles and terminology
  • ISO 55001 Asset management – Requirements
  • ISO 55002 Asset management - Guidelines on the application of ISO 55001

PAS 55 exists in two parts:

About BSI

BSI (British Standards Institution) is a global organization that equips businesses with the necessary solutions to turn standards of best practice into habits of excellence. Formed in 1901, BSI was the world’s first National Standards Body and a founding member of the International Organization for Standardization (ISO).

Over a century later it continues to facilitate business improvement across the globe by helping its clients drive performance, reduce risk and grow sustainably through the adoption of international management systems standards, many of which BSI originated. Famed for its marks of excellence including the instantly recognizable Kitemark®, BSI’s influence spans multiple sectors including aerospace, construction, energy, engineering, finance, healthcare, IT and retail. With over 70,000 clients in 150 countries, BSI is an organization whose standards inspire excellence across the globe.