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Global the emerging ISO standard for asset management

Introduction
The last 2 decades have seen a strong push to codify many organisational procedures and processes to ensure
consistency, and many readers will undoubtedly be ISO accredited at various levels. This article examines the emerging
ISO standard for asset management and compares it (or at least what has emerged so far) with PAS 55.
Previous asset management standards
Most of us are well aware of PAS 55, which was developed in the UK in 2004 under the Institute Of Asset Managements
(IAM) sponsorship. In many sectors it has become the expected way of doing business and was subsequently revised in
2008.
Other countries subsequently developed useful parallel standards, so since 2008 the IAM has been working to encourage
the development of a true International Standard and in June 2010 a group of 40 representatives from 13 countries voted
to be involved in the development process.
The emerging ISO standard
In August 2010 ISOs Technical Management Board authorised Project Committee 251 (ISO/PC 251) to develop an
International Standard on Asset Management, and assigned the secretariat duties to the British Standards Institution. The
th
th
first meeting of PC 251 was held in Melbourne, Australia from 28 February to 4 March 2011, from which the following
salient points emerged...

A re-consideration of how risk might be included in ISO 55000 given that it is extensively covered by ISO 31000.
A recognition that key terms such as asset management need to embrace more than just physical assets.
PC 251 resolved to request ISO to allow PC 251 to develop the following 3 separate standards (as distinct from 1
standard in 3 parts):
ISO 55000 Asset management Overview, principles and terminology.
ISO 55001 Asset management Management systems Requirements.
ISO 55002 Asset management Management systems - Guidelines on the application of ISO 55001.
Planning the next PC meeting for October 2011 in Washington DC at the invitation of the ANSI.

Comparison with PAS 55-1

The following working drafts of the ISO standard were available on the IAMs website as of late February 2011...
Part 1 Overview, principles and terminology.
Part 2 Requirements.
Part 3 Guidelines for the application of ISO XXXX-Y.
A quick comparison indicates that Part 1 includes many of the elements of PAS 55-1:2008 and that Part 3 mirrors most of
the elements of PAS 55-2:2008.
Pipes & Wires will make further comment as the work of PC 251 makes progress.
Pipes & Wires is a monthly general interest newsletter published by Utility Consultants Ltd. of New
Zealand. It discusses global energy, utility and infrastructure policies, mergers, industry restructuring and
regulatory decisions to provide readers with general background information and a point of contact for
further insights. http://www.utilityconsultants.co.nz/pipes&wires1.htm
Phil Caffyn, Publisher

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