ISO 55001 (Asset Management)

Assets, and value realized from them, are the basis for any organization delivering what it aims to do. Whether public or private sector, and whether the assets are physical, financial, human or ‘intangible’, it is good asset management that maximizes value-for-money and satisfaction of stakeholders expectations. It involves the coordinated and optimized planning, asset selection, acquisition/development, utilization, care (maintenance) and ultimate disposal or renewal of the appropriate assets and asset systems.

DQS offers certification to the Asset Management Standard ISO 55001 in combination with the GC-Mark assessment „Verified Asset Management”. In this article we would like to highlight some of the most interesting points regarding this norm and asset management.

What is ISO 55000?

The International Organization for Standardization published a set of three standards to help companies and organizations get value from their assets.

  • ISO 55000:2014 – Asset management – Overview, principles and terminology
  • ISO 55001:2014 – Asset management – Management systems – Requirements
  • ISO 55002:2014 – Asset management – Management systems – Guidelines for the application of ISO 55001

As the titles suggest, ISO 55000 contains definitions of key terms, as well as describing the principles which underpin the other two documents. ISO 55001 contains the specification of the requirements which an Asset Management system must meet in order to be certified compliant. ISO 55002 is a guidance document, intended to shed light on how ISO 55001 should be interpreted.

The key point here is that certification will take place against the requirements of ISO 55001 – not ISO 55000. However in order to interpret the (fairly broad) compliance statements contained within ISO 55001, it will be essential for auditors and those being audited to also understand the contents of ISO 55000, and, to a lesser extent, ISO 55002.

Who is this standard for?

The standards can be used to manage any assets, from railway sleepers to brand reputation to telecommunications networks and they are for many types of organizations and companies, public or private. Everything from a city or local service provider to a supermarket chain can benefit from good asset management.

Certifications Process

The process starts with the client’s needs and expectations. DQS wants to learn about the client’s organization, its management system, size and types of operation. Together both parties will define objectives for the assessment and/or certification, including applicable standards and specifications.

DQS will provide a detailed offer for assessment and certification services, tailored to individual client needs, based on the information provided initially. A written contract will specify all relevant deliverables as well as applicable assessment and certification criteria.

A pre-audit can serve as initial performance or gap analysis, identifying strengths and areas for improvement. For larger assessment and certification projects a project planning meeting provides a valuable opportunity for the client to meet the lead assessor and develop a customized assessment plan for all functions and locations involved. Both services are optional.

The assessment procedure itself begins with review and evaluation of system documentation, goals, results of management review and internal audits. During this process, it will be determined whether the client’s management system is sufficiently developed and ready for certification. The assessor will explain findings and coordinate any required activities to prepare for the on-site system assessment.

The assigned auditor team will audit the client’s management system at the place of production or service delivery. Applying defined management system standards and specifications, the assessment team will evaluate the effectiveness of all functional areas as well as all management system processes, based upon observations, inspections, interviews, review of pertinent records, and other assessment techniques. The audit result, including all findings will be presented to the client during the closing meeting. Required action plans will be agreed upon as necessary.

The independent certification function of DQS will evaluate the audit process and its results, and decide independently about issuance of the certificate. The client receives an audit report, documenting the audit results. When all applicable requirements are fulfilled the client also receives the certificate.

Either semi-annually or at least once per year, there will be an on-site audit of the critical components of the management system. Improvement potential will be identified, with a focus on continual improvement and sustained effectiveness.

A management system certificate is valid for a limited period of time, frequently for a maximum of three years. At the end of this cycle, a re-audit will be carried out to ensure the ongoing fulfillment of all applicable requirements. Subject to this fulfillment, a new certificate will be issued.

Why DQS?

DQS is one of the leading Management System Certification, Audits, Assessment & Training organization globally. 

TRULY-GLOBAL-BRAND

Truly Global Brand

EXPERT-AUDITORS

Expert Auditors with High Emotional Intelligence

LOCAL-CAPABILITIES

Local Capabilities & Delivery

INDUSTRY-LEADERS

Industry Leaders

CUSTOMIZED

Customized, Comprehensive & Actionable Insights

PIONEERING-INNOVATIVE

Pioneering Innovative Solutions

PASSION-FOR-QUALITY

Passion for Quality & Excellence

INTEGRITY-TRUST

Integrity & Trust

Want to Know more?

Ph: (080) 6661-6565 | +91 924 320 3043 | E: Sales.Support@dqs-india.in