TS ISO 55001

TS ISO 55001 is a management system standard for asset management. It defines an organizational framework that supports the creation of value from assets throughout their life cycle and is applicable to organizations of all types and sizes, across all kinds of assets. It does not set out detailed technical rules for managing a specific asset class, nor does it prescribe financial or accounting methods.

In general technical terms, an asset can be anything that holds value for an organization and requires decisions about performance, risk, cost and opportunity over time: equipment, infrastructure, systems, information or other resources. A management system approach brings policy, objectives, planning, operation, evaluation and improvement together in one coherent structure. The focus of TS ISO 55001 is the requirements needed to establish and maintain that structure for asset management.

What the standard is intended to achieve

• Realized value from assets throughout their life for the organization and its stakeholders
• Achievement of asset management objectives and fulfilment of applicable requirements
• Continual improvement of asset management, the asset management system and asset performance

In practical terms, the value of this kind of standard is that asset-related decisions are made within a consistent management framework rather than as isolated actions. That helps align maintenance, renewal, use, performance and risk considerations under one common approach. TS ISO 55001 is a requirements standard for an asset management system, not a document that defines financial reporting rules or technical maintenance instructions for particular assets.