BSI makes standards an asset with launch of PAS 55

Press release: 29 April 2004

PAS 55 will be launched on Tuesday 11 May 2004 at the IEE, Savoy Place, London. Attendance is free and includes major speakers and lunch.

The Institute of Asset Management and BSI have worked together to reduce risks to business critical assets. This project has resulted in a Publicly Available Specification (PAS) 55: Asset Management standard, which is the culmination and agreement of latest thinking in terms of best practice in asset management systems.

Gareth Williams, of BSI’s Professional Standards Services division, says: "Effective asset management is central to many organisations. In some cases, where the very best financial gain of those assets is required, it can seriously impact upon business continuity. It was vital, therefore, that BSI could create best practice consensus from the industry. The resulting PAS is the assimilation from this rigorous process and, therefore, highly useful intellectual property."

Phil Jones, President of the Institute of Asset Management & Director of Strategy & Investment, CE Electric UK, says: "The consequences of sub-standard asset management arrangements include performance reduction, increased costs and failing the customer. PAS 55 helps reduce these risks by preventing organisations incurring unnecessary expenses."

Risk focus is an important feature in PAS 55

By identifying key risks associated with an organisation's assets and their management, the organisation can ensure suitable and sufficient management is applied.

PAS 55 allows asset management companies to prove reliability and provides their clients with peace of mind by demonstrating that corporate risk issues are being tackled properly and in a way that can be assessed and verified independently.

PAS 55 has two parts:

To attend the event Contact Ruth Wallsgrove at the Institute of Asset Management for more details at or 0845 456 0565.