The Evolution of ISO 55000

A management standard is like any other product: you develop a first version, launch it, and eagerly await customers’ reactions. It’s been four years since the ISO 55000 series was released and the majority of feedback has been positive. Many organizations around the world have adopted it, either formally by obtaining certification or informally by complying with the standard.

When the ISO 55000 series was first launched, it contained limited guidance on how to implement the many clauses of ISO 55001. This is the role of ISO 55002, which was completely rewritten and expanded in 2018 based on the feedback collected over the years since its launch.

In addition to offering detailed guidance for every clause of the 55001 requirements document, the revised ISO 55002 includes a few key features:

  • the ISO 55000 “fundamentals” (value, alignment, leadership, and assurance) are addressed in each clause, stating its contribution to these fundamentals;
  • the application of the requirements of ISO 55001 to the domains of asset management identified in ISO 55000 are clarified, i.e. to the asset portfolio, to the asset management system, and to asset management itself;
  • guidance on cross-cutting concepts present in the main text of the document that need to be considered as part of an asset management system.

Among other topics, these annexes offer much requested guidance around the typical content of a Strategic Asset Management Plan, on the link between risk management and asset management, on how to apply ISO 55001 in organizations of all sizes, and on two topics very dear to Copperleaf™: value and decision making. Our decision analytics solution fully embraces the thinking of the ISO team, where optimal decisions should be made using the appropriate techniques, and should maximize the value that assets (and projects around assets) bring to the organization.

Read more about ISO 55002 on ISO’s site and about Copperleaf's Decision Analytics solution.

 

About the Author

Boudewijn Neijens

Boudewijn is the CMO at Copperleaf, Chair of the Canadian chapter of the Institute of Asset Management, and Convener of asset management working groups at the International Organization for Standardization ISO and at the International Council on Large Electric Systems CIGRE.

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