Table of Contents

5.2.4 ISO 55001 requirements

ISO 55001:2014 has particular requirements for monitoring and reviewing the asset management system and internal audit (refer to Part 2, Section 4.3) in order to ensure ongoing effectiveness, as well as improvement of the asset management system (refer to Part 2, Section 4.3).

ISO 55002:2014provides extensive commentary on what this means for asset management, and it reference should be made to it for further information. Coverage includes:

  • 9.1 Monitoring, measurement, analysis and evaluation:
    • processes for the systematic measurement, monitoring, analysis and evaluation of the assets, asset management system, and asset management activity
    • making reference to the AMP and objectives
    • performance indicators, including their relationship and alignment
    • evidence-based (e.g. proactive management, training and competencies, compliance, etc.).
  • 9.2 Internal audit
    • frequency and scope
    • support learning and improvement
    • self-assessment driving continual improvement.
  • 9.3 Management review
    • reviewing the assets, asset management system, asset management activity, policy, objectives and plans to ensure ongoing suitability, adequacy and effectiveness
    • nature of the inputs and outputs.
  • 10.1 Non-conformity and corrective action
    • establishing plans and processes to control events and manage associated consequences
    • processes for investigation of asset related events
    • processes for implementing corrective actions.
  • 10.2 Preventive action
    • may be predictive actions
    • addressing the root causes of potential failures before they occur
    • documenting the processes.
  • 10.3 Continual improvement
    • identifying, assessing and implementing opportunities for improvement in asset management processes
    • may be top-down or bottom-up
    • seek out knowledge about new asset management related technology and practices
    • steps for processing improvement opportunities.