TS ISO 55001

TS ISO 55001 is a management system standard for asset management. It sets out requirements for how an organization establishes and operates a system to direct assets across their life cycle, with the emphasis on delivering value, aligning with management objectives, and improving performance in a controlled and systematic way. The focus is on the management framework, not on prescribing the technical design of any specific asset type.

What an asset management system brings together

In general technical terms, asset management is the coordinated activity of realizing value from assets while balancing performance, cost, risk and stakeholder expectations. Assets may include infrastructure, equipment, facilities and other resources that support an organization’s purpose. An asset management system provides the structure that links policy, objectives, planning, operational control, monitoring and continual improvement so that decisions about assets are consistent rather than ad hoc.

• Applicable to all types of assets, not a single asset category or industry.
• Applicable to organizations of all types and sizes.
• Built to be consistent with the organization’s asset management policy.
• Intended to support realized value from assets throughout their life.
• Also aims at achievement of asset management objectives, fulfilment of applicable requirements and continual improvement.

This document does not specify financial, accounting or technical requirements for managing particular asset types. In practice, that means it sets the management-system expectations that help an organization govern assets coherently, while detailed engineering, accounting and operational methods are handled elsewhere. For users, the value of the standard is in creating a common management logic for asset-related decisions, priorities and performance review.