ISO 55001 Asset Management System (AMS)

What is ISO 55001?

In business terms, an asset is a resource of value that helps your business. These resources can be tangible or intangible.  Tangible assets may include cash, investments, physical property like buildings or land, computer equipment, machinery, automotive, software code, networks, product inventory, people, etc.  Intangible assets may include non-physical things like trademarks, patents, goodwill, reputation and brand.

Asset Management provides governance of these assets for which an organization has a fiduciary responsibility to protect, on behalf of their stakeholders and interested parties.

The ISO 55001 Standard establishes the international requirements for a Asset Management System (AMS) including the following clauses:

Clause 4 - Context of the Organization (scope)
Clause 5 - Leadership (Executive Level Policy & Directive)
Clause 6 - Planning (Risk Assessment Process)
Clause 7 - Support (Training & Awareness, Control of Documents, etc)
Clause 8 - Operation (Policies, Processes & Procedures)
Clause 9 - Performance Evaluation (Monitor & Measure, Audit Program, Management Review
Clause 10 - Corrective Actions

The requirements of ISO 55001 are generic and are intended to be applicable to all organizations (or parts of an organization), regardless of type, size and nature of activity, and whether in the public, private or not-for-profit sectors.

ISO 55001 certification also known as "registration", is a 3rd party audit performed by a certification body (registrar) such as MSECB (iCertWorks) who, upon verification that an organization is in conformance with the auditable requirements of ISO 55001, will issue an ISO 55001 Certificate.  This certification is then maintained through regularly scheduled annual surveillance audits by the registrar, with re-certification performed on a three year audit cycle.

The ISO 55001 Certification three year audit cycle includes:

• Year 1 - Full Stage 1 & Stage 2 Audit
• Year 2 - First Surveillance Audit (partial system audit)
• Year 3 - Second Surveillance Audit (partial system audit)
• Year 4 - 3 year Audit Cycle starts over (repeats)

For more information on ISO 55001 Certification, please fill out the request form on the right side of the page.

Benefits of ISO 55001 Certification

• Improved performance of an asset management and control of its life-cycle
• Reduced risks and costs related to assets ownership
• Provides reasonable assurance to stakeholders and interested parties
• Provides proof of conformance to international industry standards (best practices)
• Provides sales differentiator for products and services
• Promotes training and awareness
• Promotes a continuous improvement cycle
• Provides legal, regulatory and contractual compliance
• Ensures Governance, Risk and Compliance (GRC) requirements
• Reduces the likelihood of legal prosecution and fines
• Reduces insurance costs, litigation, claims and liability.