TS ISO 55001

TS ISO 55001 is a management system standard for asset management. It defines the managerial framework that helps an organization realize value from its assets throughout their life cycle, rather than prescribing the technical design of any particular asset. Its focus is on a system that is aligned with the organization’s asset management policy, objectives, and wider business needs.

What the asset management system is meant to control

The standard is applicable to all types of assets and to organizations of all types and sizes. In asset management, an asset is generally understood as something of value to the organization that is planned, acquired, operated, maintained, renewed, and ultimately disposed of or replaced over time. The emphasis is on ensuring that these decisions are not isolated or ad hoc, but are governed in a structured way and aligned with applicable requirements.

The intended outcomes named by the standard are threefold: realized value from assets, achievement of asset management objectives, and continual improvement of both the management system and asset performance. In that sense, TS ISO 55001 is a requirements standard for establishing and maintaining a management system that contributes to organizational performance.

Key boundaries of the scope

• It does not specify financial requirements for managing specific asset types.
• It does not specify accounting requirements for managing specific asset types.
• It does not specify technical requirements for managing specific asset types.
• Within the context of ISO 55000 and ISO 55002, the term “asset management system” is used to mean a management system for asset management.