ISO 55001 : Asset Management System

Introduction

ISO 55001 or Asset Management System is designed to support you in the proper handling of processes and risks that will ultimately lead to improvement of current and future company performances.  Assets come in all shapes and sizes, but one thing is certain that all organizations have assets. Assets can be a competitive advantage or can drain your organization’s resources. That’s why it is important to manage your assets effectively
This certification helps you as an individual to differentiate yourself from other professionals involved in Assets Management. By managing the assets properly you will be able to use your available assets wisely and get more out of their utilization while delivering added value to the business. It will guide you towards continuous asset management improvement that will enable you to meet the stakeholder, business, and legal requirements.
In today’s world of complex and ever-changing financial marketplaces, ISO 55001 certification is crucial in proving the ability to run a more streamlined operation and a good corporate reputation.
3 main aspects can be demonstrated through this certification like

  • Managing assets effectively
  • Mitigating and managing risks
  • Improving financial performance

ISO 55001 focuses on helping you develop a proactive lifecycle asset management system. This supports the optimization of assets and reduces the overall cost of ownership while helping you to meet the necessary performance and safety requirements.

Applicability

The standard is applicable for a range of organizations, responsible for the management of a number of assets like manufacturing organizations, water companies, public transport authorities, local authorities, etc.

Focus Points – ISO 55001 Asset Management System

  • Setting up system for documentation and records.
  • Management information system
  • Risk management for the business
  • Business performance and sustainability
  • Legal compliance
  • Cultural improvement with respect to Asset Management
  • Establishing and maintaining and internal audit program
  • Holding management review meetings to evaluate the performance

Benefits of ISO 55001 Certification

  • Ability to manage asset’s lifecycle
  • Improved quality assurance for customers/regulator
  • New business acquisition – stakeholders gain confidence from the knowledge that asset strategy is in place
  • Ability to ensure that assets fulfil their necessary function
  • Support improvement and international/national business growth
  • Support an organization during the process of establishing, implementing, maintaining and improving  an Asset Management System
  • Increase profitability
  • Manage risk related to asset ownership
  • Enhance brand reputation

ISO 55001 Certification Implementation Process by PQSmitra

The effective system implementation to ensure Asset Management at all stages of the operation is the prime objective of the PQSmitra.  As one of the few organizations that understand the standard from start to end, we don’t only assess how well you’re meeting them, we create new standards from scratch and train teams globally to use them and perform better. Our knowledge can transform your organization.  The implementation process is described below:

  • Initial visits and review of the existing operational controls
  • Identification of various operational risks
  • Creating awareness programmes
  • Training and Hand holding/ support for implementation
  • Creating asset management system
  • Documentation support
  • Internal audit for verification of implemented system
  • Management review
  • Certification audit
  • Closure of non-conformities
  • Rewarding the certificate to the organization

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