The 4 Fundamentals of Asset Management in ISO 55002

January 21, 2019 Boudewijn Neijens

The original ISO 55000 suite of asset management system standards was launched in 2014 – and the past four years have taught us a lot about how the standards are being implemented and where additional guidance was necessary. This led TC 251, the technical committee managing the ISO 55000 series, to initiate a complete rewrite of ISO 55002. General improvements include expanded detailed guidance for every clause of the 55001 requirements document, and clarification of the contribution of each requirement to the four ‘fundamentals’ of asset management:

  1. Value – assets exist to provide value to the organization and its stakeholders
  2. Alignment – asset management translates organizational objectives into technical and financial decisions and plans
  3. Leadership – leadership and workplace culture are determinants of realization of value
  4. Assurance – asset management gives assurance that assets will fulfill their required purpose

The new standard has doubled in size—largely because of seven new sections offering great hints on how to address key cross-cutting subjects within the standard such “value”, risk management, finance, decision-making, and the Strategic Asset Management Plan (SAMP).

I’m happy to report that Copperleaf’s state-of-the-art software solution is in perfect alignment with the new guidance, especially in the areas of value-based decision making and alignment with finance.

The new version of ISO 55002 is available now directly from ISO or from your national standards organization. Further information and details can be found on the TC 251 website.

Find out how the Copperleaf® Decision Analytics Solution can help you make higher-value decisions, improve performance, and manage risk, in alignment with the key principles of ISO 55000.

About the Author

Boudewijn Neijens

Boudewijn is the CMO at Copperleaf, a Board Member of the Institute of Asset Management, and Chair of the Canadian committees for the International Organization for Standardization (ISO) on asset management and the International Electrotechnical Commission (IEC) on managing electrotechnical assets.

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