BS ISO 55001:2024

What is BS ISO 55001 - Asset management system about?

The second in a series on asset management, BS ISO 55001:2024 specifies requirements for a long-term management system that manages tangible and intangible organizational assets.

It is complemented by BS ISO 55000, which provides an overview, principles and terminology; and BS ISO 55002, which gives guidance for its application.

Who is BS ISO 55001 - Asset management system for?

Those who would benefit from implementing this standard include:

• any organization looking to effectively manage its assets
• large and small businesses
• private and public sector
• senior management
• asset managers
• regulatory industries

Why should you use BS ISO 55001 - Asset management system?

• Performance improvements: Effective and efficient management of short and long term opportunities improves sustainability, allowing the organization to consistently meet or exceed the performance and social responsibility expectations of stakeholders.
• Cost improvements: An asset management system facilitates improved return on investment and cost reduction metrics without sacrificing short or long term organizational performance. Additionally, it improves the asset value to advance the bottom line.
• Risk management: The ongoing review of processes, procedures, and asset performance enables informed management decisions that balance cost, risk, and performance data to improve organizational efficiency and effectiveness.
• Assurance of business growth and improvement: A robust asset management system aids improvements with formal, collaborative, prioritized and coordinated implementation plans that enable the entire organization to communicate and understand the goals and commitments.
• Reliable decision making: Implementing an asset management system drives reliable decision making for the development, coordination and control of asset related activities. It also aligns these activities with core organizational objectives.
• Enhanced stakeholder confidence through compliance and improved reputation: Using the BS ISO 55001 standard, based on the guidance in BS ISO 55002, supports a clear policy and strategy that maintains and continuously improves the asset management system and demonstrates alignment with other management systems.

What has changed?

BS ISO 55001:2024 supersedes BS ISO 55001:2014. The main changes to this edition are:

1. application of the 2021 edition of the Harmonized Structure in Annex SL of the ISO Directives part 1, which includes the incorporation of the common core management system terms and definitions in clause 3
2. inclusion of new subclauses dealing with asset managment decision-making, the strategic asset management plan and knowledge
3. making clear that operational planning and control includes life cycle management activities
4. making clear distinction between how an organization shall address "risk" and how it shall address "opportunities"
5. renaming the subclause "preventive action" to "predictive action" and full technical revision of the content of this subclause
6. a stronger emphasis on leadership and its role in supporting the enablement and success of the asset management system.