ISO 55000

ISO 55000 is an international standard covering management of physical assets. Initially a Publicly Available Specification (PAS 55) published by the British Standards Institution in 2004, the ISO 55000 series of Asset Management standards was launched in January 2014.

PAS 55 was originally produced in 2004 by a number of organisations under the leadership of the Institute of Asset Management. It then underwent a substantial revision with 50 participating organisations from 15 industry sectors in 10 countries. PAS 55:2008 (available in both English and Spanish versions) was released in Dec 2008 along with a toolkit for self-assessment against the specification.

The PAS gave guidance and a 28-point requirements checklist of good practices in physical asset management; typically this was relevant to gas, electricity and water utilities, road, air and rail transport systems, public facilities, process, manufacturing and natural resource industries. It was equally applicable to public and private sector, regulated or non-regulated environments.

The standard was split into two parts:

It was also accompanied by a comprehensive Competencies Framework for asset managers.

Established in August 2010, ISO Project Committee 251 held its first plenary meeting in Melbourne, Australia in early 2011; its final meeting was in Calgary in early 2013. After almost 10 years of development, three international standards (55000/1/2) were launched in London on 5 February 2014. Currently three standards have been published:

- ISO 55000:2014 Asset management – Overview, principles and terminology

- ISO 55001:2014 Asset management – Management Systems – Requirements

- ISO 55002:2014 Guidelines for the application of ISO 55001

These standards are available in English, French, Spanish, Russian, Chinese, Japanese, Dutch, Swedish, Brazilian and Portuguese. In 2015 the ISO Technical Committee 251 was created to continue work on Asset Management standards and evolving the three existing standards. In 2016 the formal revision process of ISO 55002 was launched.

The Institute of Asset Management developed endorsement schemes for recommending competent assessors and training providers.

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