FprEN IEC 63223-2:2026

SLOVENSKI STANDARD
oSIST prEN IEC 63223-2:2025
01-september-2025
Upravljanje omrežnih sredstev v elektroenergetskih sistemih - Postopek
odločanja, ki upošteva tveganja
Management of network assets in power systems - Risk-informed decision-making
process
Gestion des actifs des réseaux d'énergie électrique - Processus de prise de décision
éclairée par les risques
Ta slovenski standard je istoveten z: prEN IEC 63223-2:2025
ICS:
29.240.01 Omrežja za prenos in Power transmission and
distribucijo električne energije distribution networks in
na splošno general
oSIST prEN IEC 63223-2:2025 en
2003-01.Slovenski inštitut za standardizacijo. Razmnoževanje celote ali delov tega standarda ni dovoljeno.

oSIST prEN IEC 63223-2:2025
oSIST prEN IEC 63223-2:2025
123/117/CDV
COMMITTEE DRAFT FOR VOTE (CDV)
PROJECT NUMBER:
IEC 63223-2 ED1
DATE OF CIRCULATION: CLOSING DATE FOR VOTING:
2025-07-11 2025-10-03
SUPERSEDES DOCUMENTS:
123/111/CD, 123/114A/CC
IEC TC 123 : MANAGEMENT OF NETWORK ASSETS IN POWER SYSTEMS
SECRETARIAT: SECRETARY:
Japan Mr Hiroki SHIGETSUGU
OF INTEREST TO THE FOLLOWING COMMITTEES: HORIZONTAL FUNCTION(S):

TC 7,TC 8,SC 8C,TC 11,TC 13,TC 14,TC 15,TC
17,TC 20,TC 22,TC 32,TC 33,TC 36,TC 37,TC
38,TC 42,TC 56,TC 57,TC 95,TC 99,TC 115,TC
120,TC 122,PC 127
ASPECTS CONCERNED:
Electricity transmission and distribution
SUBMITTED FOR CENELEC PARALLEL VOTING NOT SUBMITTED FOR CENELEC PARALLEL VOTING
Attention IEC-CENELEC parallel voting
The attention of IEC National Committees, members of
CENELEC, is drawn to the fact that this Committee Draft
for Vote (CDV) is submitted for parallel voting.
The CENELEC members are invited to vote through the
CENELEC online voting system.
This document is still under study and subject to change. It should not be used for reference purposes.
Recipients of this document are invited to submit, with their comments, notification of any relevant patent rights of
which they are aware and to provide supporting documentation.
Recipients of this document are invited to submit, with their comments, notification of any relevant “In Some
Countries” clauses to be included should this proposal proceed. Recipients are reminded that the CDV stage is
the final stage for submitting ISC clauses. (SEE AC/22/2007 OR NEW GUIDANCE DOC).

TITLE:
Management of network assets in power systems - Risk-informed decision-making process

PROPOSED STABILITY DATE: 2031
NOTE FROM TC/SC OFFICERS:
It was approved at the WG4 meeting on 2025-04-30 to proceed to the CDV stage.
electronic file, to make a copy and to print out the content for the sole purpose of preparing National Committee positions.

You may not copy or "mirror" the file or printed version of the document, or any part of it, for any other purpose without
permission in writing from IEC.

oSIST prEN IEC 63223-2:2025
IEC 63223-2 ED1 © DRAFT © IEC:2025
IEC 2025
Link to Committee Draft for Vote (CDV) online document:
https://osd.iec.ch/#/editor/archive/bfb9cbdb-294d-4756-887d-60f242866e01/en/CCDV/1

How to access
This link leads you to the Online Standards Development (OSD) platform for National Mirror
Committee’s (NMC) comments. The project draft may be found further down this document.

Resource materials
We recommend NCs to review the available materials to better understand the member commenting
on the OSD platform. This includes the:
• OSD NC roles overview: here
• How to add and submit comments to the IEC: here
Contact
Should you require any assistance, please contact the IEC IT Helpdesk at helpdesk@iec.ch.
oSIST prEN IEC 63223-2:2025
IEC 63223-2 ED1 © DRAFT © IEC:2025
IEC 2025
CONTENTS
CONTENTS . 1
FOREWORD . 5
INTRODUCTION . 7
General . 7
Benefits of the Risk-Informed Decision-Making process . 7
Relationship to asset management system . 8
1 Scope . 9
2 Normative references . 9
3 Terms, definitions and abbreviated terms . 9
3.1 Terms and definitions. 9
3.2 Abbreviated terms . 9
4 Risk-Informed Decision-Making process and principles. 10
4.1 Core concepts of risk science . 10
4.1.1 General . 10
4.1.2 Uncertainty . 10
4.1.3 Risk . 10
4.1.4 Risk control . 11
4.1.5 Risk management strategy . 11
4.2 Asset management requirements . 11
4.2.1 General . 11
4.2.2 Asset portfolio . 12
4.2.3 Decision-making criteria . 12
4.2.4 Asset management objectives . 12
4.2.5 Asset management plans . 13
4.3 Risk-Informed Decision-Making process implementation . 13
4.3.1 General . 13
4.3.2 General documented information of the RIDM process . 14
4.3.3 Roles in the RIDM process . 14
4.3.4 Documented information at each iteration of the RIDM process . 15
5 Risk decision-making context . 15
5.1 Risk identification . 15
5.2 Knowledge characterization . 16
5.3 Stakeholders' concerns . 16
6 Risk management strategies . 16
6.1 Risk analysis . 16
6.1.1 Risk mitigation options identification . 16
6.1.2 Probability models . 17
6.1.3 Consequences evaluation . 17
6.1.4 Risk mitigation options evaluation . 18
6.1.5 Strength of knowledge . 18
6.2 Cautionary principle . 19
6.2.1 Actions to improve knowledge . 19
6.2.2 Identifying cautionary measures . 19
6.2.3 Impact of the cautionary measures on the stakeholders . 20
6.3 Discursive strategy . 20
oSIST prEN IEC 63223-2:2025
IEC 63223-2 ED1 © DRAFT © IEC:2025
IEC 2025
6.3.1 Sharing knowledge and objectives . 20
6.3.2 Alignment on values and objectives . 20
6.3.3 Alignment on risk controls . 20
7 Managerial review and judgement . 21
7.1 Quality of the analyses . 21
7.1.1 Competence and independence of the analysts . 21
7.1.2 Conformity of the analyses . 21
7.1.3 Consensus among the analysts . 21
7.2 Risk control option analysis . 21
7.2.1 Performance of risk control options . 21
7.2.2 Operational impact of risk control options . 21
7.2.3 Other considerations of risk control options . 21
7.3 Portfolio analysis . 22
7.3.1 Portfolio performance . 22
7.3.2 Portfolio constraints . 22
8 Performance evaluation and improvement . 22
8.1 Monitoring the decision . 22
8.2 Reviewing . 22
8.3 Improving . 23
Bibliography . 24

Figure 1 – The Risk-Informed Decision-Making process for managing network assets of
power systems. The process accounts for the asset management framework, including
asset management objectives and decision-making criteria, and contributes to the
establishment of asset management plan(s). . 13

Table 1 – Example of parameter(s) to optimize, implementation costs and residual
risks (not limited to financial aspects) for some preventive risk mitigation options. . 18

oSIST prEN IEC 63223-2:2025
IEC 63223-2 ED1 © DRAFT © IEC:2025
IEC 2025
INTERNATIONAL ELECTROTECHNICAL COMMISSION
____________
Management of network assets in power systems - Risk-informed
decision-making process
FOREWORD
a) The International Electrotechnical Commission (IEC) is a worldwide organization for standardization comprising
all national electrotechnical committees (IEC National Committees). The object of IEC is to promote international
co-operation on all questions concerning standardization in the electrical and electronic fields. To this end and
in addition to other activities, IEC publishes International Standards, Technical Specifications, Technical
Reports, Publicly Available Specifications (PAS) and Guides (hereafter referred to as “IEC Publication(s)”). Their
preparation is entrusted to technical committees; any IEC National Committee interested in the subject dealt
with may participate in this preparatory work. International, governmental and non-governmental organizations
liaising with the IEC also participate in this preparation. IEC collaborates closely with the International
Organization for Standardization (ISO) in accordance with conditions determined by agreement between the two
organizations.
b) The formal decisions or agreements of IEC on technical matters express, as nearly as possible, an international
consensus of opinion on the relevant subjects since each technical committee has representation from all
interested IEC National Committees.
c) IEC Publications have the form of recommendations for international use and are accepted by IEC National
Committees in that sense. While all reasonable efforts are made to ensure that the technical content of IEC
Publications is accurate, IEC cannot be held responsible for the way in which they are used or for any
misinterpretation by any end user.
d) In order to promote international uniformity, IEC National Committees undertake to apply IEC Publications
transparently to the maximum extent possible in their national and regional publications. Any divergence between
any IEC Publication and the corresponding national or regional publication shall be clearly indicated in the latter.
e) IEC itself does not provide any attestation of conformity. Independent certification bodies provide conformity
assessment services and, in some areas, access to IEC marks of conformity. IEC is not responsible for any
services carried out by independent certification bodies.
f) All users should ensure that they have the latest edition of this publication.
g) No liability shall attach to IEC or its directors, employees, servants or agents including individual experts and
members of its technical committees and IEC National Committees for any personal injury, property damage or
other damage of any nature whatsoever, whether direct or indirect, or for costs (including legal fees) and
expenses arising out of the publication, use of, or reliance upon, this IEC Publication or any other IEC
Publications.
h) Attention is drawn to the Normative references cited in this publication. Use of the referenced publications is
indispensable for the correct application of this publication.
i) attention to the possibility that the implementation of this document may involve the use of (a) patent(s). no
position concerning the evidence, validity or applicability of any claimed patent rights in respect thereof. As of
the date of publication of this document, notice of (a) patent(s), which may be required to implement this
document. However, implementers are cautioned that this may not represent the latest information, which may
be obtained from the patent database available at https://patents.iec.ch and/or www.iso.org/patents. shall not
be held responsible for identifying any or all such patent rights.
IEC 63223-2 was prepared by IEC Technical Committee 123, Management of network assets
in power systems. It is International Standard.
The text of this International Standard is based on the following documents:
Draft Report on voting
Full information on the voting for its approval can be found in the report on voting indicated in
the above table.
The language used for the development of this International Standard is English.
oSIST prEN IEC 63223-2:2025
IEC 63223-2 ED1 © DRAFT © IEC:2025
IEC 2025
This document was drafted in accordance with ISO/IEC Directives, Part 2, and developed in
accordance with ISO/IEC Directives, Part 1 and ISO/IEC Directives, IEC Supplement, available
at www.iec.ch/members_experts/refdocs. The main document types developed by IEC are
described in greater detail at www.iec.ch/standardsdev/publications.
The committee has decided that the contents of this document will remain unchanged until the
stability date indicated on the IEC website under webstore.iec.ch in the data related to the
specific document. At this date, the document will be
• reconfirmed,
• withdrawn,
• replaced by a revised edition, or
• amended.
oSIST prEN IEC 63223-2:2025
IEC 63223-2 ED1 © DRAFT © IEC:2025
IEC 2025
INTRODUCTION
General
This document specifies requirements, recommendations, and examples for implementing a
Risk-Informed Decision-Making (RIDM) process for managing existing network assets on power
systems. The main intended audience concerns power network organizations' stakeholders and
decision-makers, such as asset managers, risk managers, regulators, asset owners, and
service providers.
ISO 55000:2024 and ISO 55001:2024 [1] provide asset management principles and asset
management system requirements for any organization. IEC TS 63224:2025 [2] gives
recommendations for asset management aspects of power system network organizations. The
IEC 63223 series [3] aims to establish International Standards specific to asset management
for power system networks. While IEC 63223-1:2025 [4] provides an overview of the scope,
principles, and terminology, this International Standard focuses on a process for making risk-
informed decisions regarding existing assets. These decisions are driven by the creation of
value through mitigation of the risks and development of opportunities. Quantitative
assessments such as cost-benefit analyses are the most advisable approach to justify renewal
investments and risk mitigation measures such as inspections and monitoring. However, risk
analysis is based on calculation and expert judgment, which rely on assumptions, models, and
data that are not always validated. As a result, the outcomes can mislead decision-makers if
they do not adequately account for all uncertainties and risk controls derived from other risk
management strategies.
This document intends to support and inform asset managers, decision-makers, and
stakeholders affected by the risk in establishing the appropriate risk management approach
consistent with the asset management objectives, decision-making criteria, and the risk
decision-making context. It details the necessary steps for controlling risks in an asset
management framework by specifying:
– the risk decision-making context with regard to asset management objectives, available
knowledge, and internal and external stakeholders' concerns;
– the relevant risk management strategies consistent with the risk decision-making context
(risk analysis, cautionary principle, and discursive strategy);
– essential criteria to support decision-making;
– evaluation criteria and actions to ensure continual improvement.
The RIDM process aims to support decision-making without mandating a specific method or
providing detailed calculations for particular risk assessment techniques. It encourages the use
of appropriate methods in each step, referencing other standards or scientific sources, such as
the risk assessment techniques outlined in IEC 31010:2019 [5]. It also enhances the process
described in IEC 31010:2019 [5] and ISO 31000:2018 [6] by integrating the asset management
principles and providing guidelines to handle all manifestations of uncertainty.
Benefits of the Risk-Informed Decision-Making process
The RIDM process provides a structured approach for managing the risks of network assets in
power systems. It contributes to achieving the organizational objectives by ensuring
transparency, consistency, and traceability of risk-informed decisions, and detailing the steps
that support asset management stakeholders in their analyses by:
– providing guidance on the appropriate category of risk assessment techniques at each step
of the process (risk identification, risk analysis, comparing risk mitigation options);
– providing essential information and warnings when performing a risk analysis by:
• specifying the essential information for the risk analysis (probability model,
consequences, performance criteria);
oSIST prEN IEC 63223-2:2025
IEC 63223-2 ED1 © DRAFT © IEC:2025
IEC 2025
• specifying the strength of knowledge supporting assumptions, models and parameters;
– guiding toward other complementary risk management strategies when necessary,
deliberating on risk analysis output and detecting constraints and conflicts by:
• comparing options based on their performance;
• considering the background knowledge supporting the risk analysis;
• identifying the impacts of the decisions on the asset portfolio and for stakeholders;
– implementing performance evaluation and continuous improvement, including:
• enhancing knowledge through information gathering, data collection, or experimentation;
• identifying deviations from assumptions or expected performance;
• ensuring that lessons learned are incorporated into future iterations of the process.
Relationship to asset management system
This document is based on the principles of asset management outlined in ISO 55000:2024.
The focus is on implementing a RIDM process to mitigate network asset risks in power systems.
Clause 4.2 of this document introduces essential elements of asset management and
associated requirements. The requirements are independent but aligned with those of ISO
55001:2024 [1]. In the case of an asset management system conforming to ISO 55001:2024
[1], the RIDM process is part of the asset management decision-making framework described
in 4.5 of ISO 55001:2024 [1], which is included in the Strategic Asset Management Plan as per
6.2 of the same standard. In addition, the RIDM process helps contribute to satisfying several
clauses of ISO 55001:2024 [1], including:
– Clause 4.5 Asset management decision-making;
– Clause 6.1 Actions to address risks and opportunities;
– Clause 7.6 Data and information;
– Clause 7.7 Knowledge;
– Clause 9.1 Monitoring, measurement, analysis, and evaluation.
oSIST prEN IEC 63223-2:2025
IEC 63223-2 ED1 © DRAFT © IEC:2025
IEC 2025
1 Scope
This document specifies requirements, recommendations, and examples for implementing a
Risk-Informed Decision-Making (RIDM) process for managing existing network assets in power
systems. The intended audience concerns power network organizations' stakeholders and
decision-makers, such as asset managers, risk managers, regulators, asset owners, and
service providers. The RIDM process details the steps to ensure transparency, consistency,
and traceability of the decision by:
– specifying the risk decision-making context depending on asset management objectives,
available knowledge, and risk stakeholders' concerns;
– identifying the appropriate risk management strategies and the knowledge supporting the
analyses;
– detailing the essential steps for conducting a risk analysis and justifying investments,
regardless of the calculation methods used;
– providing essential information and warnings to decision-makers;
– implementing performance evaluation and continuous improvement.
The document is based on the asset management principles from ISO 55000:2024 and is
aligned with ISO 55001:2024 [1]. Compliance with the requirements of this document is
independent of compliance with ISO 55001:2024 [1].
2 Normative references
The following documents are referred to in the text in such a way that some or all of their content
constitutes requirements of this document. For dated references, only the edition cited applies.
For undated references, the latest edition of the referenced document (including any
amendments) applies.
IEC 60050-693:2024, Management of network assets in power systems - Terminology
ISO 55000:2024, Asset management — Overview, principles and terminology
3 Terms, definitions and abbreviated terms
3.1 Terms and definitions
For the purposes of this document, the terms and definitions given in IEC 60050-693:2024
apply.
ISO and IEC maintain terminology databases for use in standardization at the following
addresses:
– IEC Electropedia: available at https://www.electropedia.org/
– ISO Online browsing platform: available at https://www.iso.org/obp
3.2 Abbreviated terms
RIDM Risk-Informed Decision-Making
oSIST prEN IEC 63223-2:2025
IEC 63223-2 ED1 © DRAFT © IEC:2025
IEC 2025
4 Risk-Informed Decision-Making process and principles
4.1 Core concepts of risk science
4.1.1 General
The management of power network assets is significantly influenced by risk, particularly due to
asset failures. Effectively managing risk requires a sound understanding of the essential
concepts of risk science, as appropriate risk controls depend heavily on the nature of the
uncertainties involved. Risk science establishes the foundational concepts and principles
necessary for understanding, characterizing, evaluating, and managing risks. This section
details key concepts such as uncertainty, risk, risk representation, and risk control, providing
the groundwork for the three main risk management strategies central to the RIDM process.
The formal definitions applicable to this document are those established in IEC 60050-
693:2024. The following clauses provide additional references, explanations, and comments to
facilitate understanding.
4.1.2 Uncertainty
Uncertainty reflects incomplete information or knowledge related to assumptions, quantities,
events, and their occurrence [7]. It is generally categorized into the following types (see IEC
31010:2019 [5], [8] and [9]):
– Aleatory uncertainty refers to the inherent variability within a population, such as the time
to failure, the deterioration, or the failure within a specific time interval after a monitoring
alert for an asset fleet. Aleatory uncertainty is mainly represented by a probability model,
such as the probability distribution of the time-to-failure within an asset fleet or a stochastic
process describing the deterioration of an asset over time.
– Epistemic uncertainty arises from incomplete knowledge, affecting understanding of the
problem under consideration and the ability to model it. In quantitative assessment,
epistemic uncertainty refers to the lack of justification or validation of assumptions, models,
and parameters' values, reflecting issues with scientific knowledge of the problem, data, or
accuracy. It can result from complexity (the difficulties in predicting a system's behaviour
despite knowledge of its components) and interpretative ambiguity due to differing
interpretations of an assessment's results.
– Normative ambiguity involves differing implicit values, priorities, or objectives among
stakeholders. This can manifest as constraints on the resources required to implement
decisions, conflicts between decisions and operational rules, or issues of responsibility
arising after an unwanted event (involving decision-makers, affected stakeholders, and
legally accountable parties).
Recognizing and addressing uncertainty is crucial in risk management, as it guides the
appropriate strategies for risk mitigation and decision-making.
4.1.3 Risk
In this document, risk (see IEC 31010:2019 [5], ISO 31073:2022 [10] and [7]) is considered as
the combination of consequences related to an event or activity and the associated
uncertainties, as introduced in 4.1.2. This document mainly addresses negative consequences
relating to network assets on power systems and the organization's objectives.
Risk representation is a combination of the specified consequences, a measure of uncertainty
(such as a probability model), and the supporting background knowledge.
Risk representation reflects our understanding of risk, which is limited by the available
knowledge on consequences, events, and the ability to quantify uncertainty. When knowledge
is insufficient (i.e. in cases of epistemic uncertainty, such as a lack of data, unvalidated
assumptions or models), risk management should guide decision-makers toward appropriate
actions to effectively control the risk.
oSIST prEN IEC 63223-2:2025
IEC 63223-2 ED1 © DRAFT © IEC:2025
IEC 2025
4.1.4 Risk control
Risk control is a measure intended to modify risk (see ISO 31073:2022 [10]). It includes any
actions having an impact on the consequences or the associated uncertainties by:
– improving knowledge when there are significant epistemic uncertainties;
– clearing up ambiguities from assessment results, differing values or priorities among risk
stakeholders;
– reducing or preventing the occurrence of an undesirable event through preventive
measures;
– minimizing the consequences of an undesirable event through preventive measures;
– limiting the extent of the consequences of an undesirable event through reactive actions.
4.1.5 Risk management strategy
Risk management covers all coordinated activities to direct and control an organization with
regard to risk (see ISO 31073:2022 [10]). Adequate risk controls depend on the nature of the
uncertainties and consequences underlying the risk. There are three main risk management
strategies to address the risk decision-making context and identify the relevant risk control
options [9]:
– Risk analysis with quantitative assessment aims to compare risk control options based on
socio-economic criteria. A probability model represents uncertainty, while monetary values
often reflect the consequences (see 6.1). This approach is the most desirable, as it
optimizes asset value realization and anticipates the necessary resources. However,
sufficient knowledge and data are essential to validate assumptions, models, and parameter
values in order to provide relevant information to decision-makers.
– The cautionary principle applies when there is large uncertainty (e.g. lack of knowledge,
complexity, interpretative ambiguity) and potential for significant consequences. It focuses
on improving knowledge and finding temporary risk controls that reliably reduce risk without
creating new issues for the risk stakeholders (see 6.2). This approach complements risk
analysis by addressing situations where the knowledge underlying the quantitative
assessment is weak. It also accounts for high-impact, low-frequency events where economic
assessment often fails to justify the implementation of necessary risk controls. However,
significant uncertainty and limited knowledge can complicate the establishment or long-term
sustainability of risk controls, particularly when they impose additional constraints on
stakeholders, such as operating or maintenance personnel. In such cases, conducting a
more informed risk analysis or adopting a discursive strategy may be necessary.
– The discursive strategy is applied when stakeholders affected by the risk have differing
values and priorities (normative ambiguity), often revealed by constraints or conflicts. It
focuses on reaching a consensus on the risk representation, the objectives, and available
risk controls (see 6.3). The strategy also involves making compromises to address the
concerns of all stakeholders, which may include revising objectives and criteria, as well as
partially implementing the risk controls.
Risk management aims to balance these three strategies appropriately, taking into account the
identified risks, available knowledge, and stakeholders' concerns. The RIDM process provides
a structured and iterative framework that defines the steps for integrating these strategies,
proposing context-appropriate risk controls, and assessing their performance [11] [12].
4.2 Asset management requirements
4.2.1 General
This document is based on the principles of asset management detailed in ISO 55000:2024. Its
implementation is compatible with the requirements of ISO 55001:2024 [1]. The following
clauses detail prerequisites of asset management that are essential for the RIDM process.
oSIST prEN IEC 63223-2:2025
IEC 63223-2 ED1 © DRAFT © IEC:2025
IEC 2025
4.2.2 Asset portfolio
The asset portfolio refers to all the organization's assets contributing to achieving objectives
and realizing value. In this document, the asset portfolio includes, but is not limited to, the
physical assets involved in the electricity transmission or distribution function.
The organization shall determine the asset portfolio covered by the RIDM process.
The asset portfolio covered by the RIDM process may constitute a subset of the assets within
the scope of an asset management system.
The asset portfolio covered by the RIDM process shall be available as documented information
and adequately updated.
EXAMPLE The asset portfolio can include:
– Electric lines, such as overhead conductors and their accessories, towers and their foundations, earth wires,
earthing arrangements, underground or submarine cables, junction elements, etc.
– Substation equipment, such as circuit breakers, disconnectors, power transformers, instrument transformers,
compensation systems, etc.
– Protection and control devices, etc.
– Distribution lines and equipment, such as transformers, switchgears, cables and wires, distribution boxes,
electric meter, protective devices, poles, etc.
– Communication lines and equipment, such as cable and fiber optic communication lines, communication
equipment, etc.
– Other types of assets such as buildings, data, intellectual property, etc.
4.2.3 Decision-making criteria
Decision-making criteria reflect the organization's objectives. They ensure the consistency and
alignment of decisions. These criteria are essential for determining value and comparing risk
mitigation options, considering risks, costs, benefits, and performance (see Clause 4.5.2 of ISO
55001:2024 [1]).
The organization shall define the decision-making criteria for evaluating and comparing risk
control options in asset management.
The decision-making criteria shall be available as documented information and adequately
updated.
EXAMPLE Decision-making criteria can include the discount rate, time horizons, economic equivalence, societal
costs such as the value of lost load, the value of a statistical life, the shadow price of carbon, and legal aspects.
4.2.4 Asset management objectives
Asset management objectives reflect the organization's and its stakeholders' expectations
regarding the assets in order to achieve the organization's objectives. They enable efforts to be
focused on specific targets at different levels of the organization, considering assets' risk and
performance (see Clause 6.2.2 of ISO 55001:2024 [1]).
The organization shall establish asset management objectives that are aligned with the
organizational objectives.
The asset management objectives shall be available as documented information and
adequately updated.
EXAMPLE For a power network organization, asset management objectives can be defined in terms of ensuring,
achieving, maintaining, increasing, reducing, or optimizing specific indicators aligned with organizational objective
categories, such as financial performance, reliability, safety, and environmental impact (see Clause 6.2.2 of IEC TS
63224:2025 [2]).
oSIST prEN IEC 63223-2:2025
IEC 63223-2 ED1 © DRAFT © IEC:2025
IEC 2025
4.2.5 Asset management plans
An asset management plan is documented information that specifies how the organization will
implement decisions to achieve asset management objectives. It specifies the deployment
schedule, required resources, responsibilities, method for evaluating the performance of
implemented actions, and the frequency of updating.
The iterations of the RIDM process shall contribute to the organization's asset management
plan(s).
Depending on the organization, one or more asset management plans may be developed. See
Clause 6.2 of ISO 55001:2024 [1] for guidance on structuring strategic asset management
plans, asset management objectives, and asset management plan(s).
4.3 Risk-Informed Decision-Making process implementation
4.3.1 General
The Risk-Informed Decision-Making (RIDM) process is an iterative process illustrated in Figure
1. The following outlines the steps for ensuring consistency, transparency, and traceability of
risk-informed decisions in an asset management framework, considering the available
knowledge, asset management objectives, and decision-making criteria.

Figure 1 – The Risk-Informed Decision-Making process for managing network assets of
power systems. The process accounts for the asset management framework, including
asset management objectives and decision-making criteria, and contributes to the
establishment of asset management plan(s).
The process starts with Clause 5, which defines the risk decision-making context. Based on
asset management objectives and feedback from previous iterations, this step consists of
obtaining a qualitative description of the risk for a group of assets. It characterizes the
uncertainties and stakeholders’ expectations to guide analysts toward the most appropriate risk
management strategies.
Clause 6 deals with the risk management strategies. Depending on the type of consequences
in relation to the asset management objectives and the manifestation of the uncertainties, the
three main risk management strategies are considered (see 4.1.5) to appropriately address the
risk decision-making context defined in Clause 5. Risk management strategies are
complementary, with each addressing distinct objectives and dimensions of risk:
– The risk analysis (6.1) aims to evaluate and compare the performance of different risk
control options (6.1.1). A probabilistic model usually represents aleatory uncertainty by
capturing the variability of the phenomenon (6.1.2), while consequences are assessed using
oSIST prEN IEC 63223-2:2025
IEC 63223-2 ED1 © DRAFT © IEC:2025
IEC 2025
a value scale (6.1.3). Risk controls are then evaluated and can be optimized or calibrated
according to the decision-making criteria (6.1.4). Finally, the results are complemented by
characterizing the strength of knowledge supporting the assumptions, models, and
parameters’ values (6.1.5).
– The cautionary principle (6.2) applies when significant epistemic uncertainties (mainly due
to lack of knowledge, complexity and interpretative ambiguity) are identified in the risk
decision-making context, along with the potential for severe consequences regarding the
asset management objectives. It consists of identifying actions to improve knowledge (6.2.1)
and implementing specific temporary risk controls (6.2.2) while assessing their impact on
stakeholders affected by the risk (6.2.3).
– The discursive strategy (6.3) seeks alignment when stakeholders have differing values,
priorities, and objectives regarding the risk decision-making context (normative ambiguity).
The approach promotes sharing knowledge and objectives (6.3.1), aligning stakeholder
values, notably by updating asset management objectives and decision-making criteria
(6.3.2), and finding compromises on responsibilities and risk controls implementation
(6.3.3). For example, the implementation of risk controls may create constraints or conflicts
for internal and external stakeholders. Seeking compromises may challenge the
achievement of asset management objectives and necessitate their transparent adjustment.
The managerial review and judgment step outlined in Clause 7 evaluates the previous stages
to ensure their quality and confirm that analysts have fulfilled all process requirements (7.1).
This review summarizes and interprets performance outcomes and remaining uncertainties
related to risk control options derived from the various risk management strategies (7.2). It also
integrates additional assessments or constraints not addressed by the process but relevant to
decision-making (7.3). The resulting decisions contribute to the asset management plan(s),
including their monitoring indicators. Decisions can also involve reviewing asset management
objectives and decision-making criteria, ensuring alignment with stakeholders’ expectations.
Finally, Clause 8 on performance evaluation and improvement aims to identify deviations
between planned actions, expected outcomes, and actual implementation and observations
(8.1). Deviations are analysed with respect to operational issues, the underlying knowledge
supporting the analyses (such as assumptions, models, and parameters' values), and their
impact on achieving asset management objectives (8.2). This step is also devoted to enhancing
understanding of the risk representation and refining risk control options (8.3).
4.3.2 General documented information of the RIDM process
The organization shall establish and maintain documented information on the RIDM process
itself as well as its implementation.
4.3.3 Roles in the RIDM process
The organization shall assign the roles of analysts, decision-makers, and evaluators for each
iteration of the RIDM process, with the following responsibilities:
– Analysts are involved in Clause 5, Clause 6, Clause 7 and in 8.3. Their role requires
expertise related to the group of assets considered, including risk identification, risk
analysis, and scientific, normative, regulatory and technological monitoring.
– Decision-makers are involved in Clause 7. They ensure the quality of the analysis and rely
on the analysts' results to make informed decisions that contribute to the asset management
plan(s).
– Evaluators take part in 8.1 and 8.2. They assess the implementation of decisions, examine
deviations between expected and actual outcomes, verify the validity of assumptions used
in risk analysis modelling, and raise alerts on any issues affecting the achievement of asset
management objectives.
The roles of analyst, decision-maker, and evaluator should be assigned to separate individuals.
oSIST prEN IEC 63223-2:2025
IEC 63223-2 ED1 © DRAFT © IEC:2025
IEC 2025
Depending on organizational constraints, a single person may fulfil more than one of the three
roles.
The organization can decide to outsource some of the three roles.
NOTE A role refers to a set of specified responsibilities and does not necessarily correspond to a formal position
or job title within the organization. Several individuals can share or contribute to the same role in the RIDM process,
regardless of their official titles or positions.
4.3.4 Documented information at each iteration of the RIDM process
For each iteration of the RIDM process on a specific group of assets, the organization shall
establish and update documented information related to:
– the roles assigned in the RIDM process accordingly to 4.3.3;
– the analyses conducted in Clause 5, Clause 6, and Clause 7;
– the conclusions and decisions reached at the end of the managerial review and judgment
following Clause 7;
– Performance evaluation of the decisions and potential deviations following Clause 8.
During an iteration, the organization may choose to revisit previously completed steps if the
analyses reveal new significant elements
...