The New ISO 55002

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.

The one consistent request heard by the ISO technical committee managing the asset management standards is the need for better and stronger guidance on “how” to implement the many clauses of ISO 55001. This is the role of ISO 55002, which has been completely rewritten and expanded based on the numerous feedback collected over the past four years. The new 2018 version was officially approved by all participating countries in early October and will be available for sale in December through the various national standardization bodies such as ANSI in the USA, BSI in the UK, and SCC in Canada.

In addition to offering detailed guidance for every clause of the 55001 requirements document, new key features include:

  • the ISO 55000 “fundamentals” (value, alignment, leadership and assurance) have been 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 have been clarified, i.e. to the asset portfolio, to the asset management system and to asset management itself;
  • annexes have been added on cross-cutting concepts present in the main text of the document, to provide a combined guidance for specific themes in asset management that were identified as being addressed in several clauses.

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 C55™ 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 C55 Investment Decision Optimization.


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. Learn more about Boudewijn here and connect with him on LinkedIn.

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