ISO/TC 251 - Asset management

This document provides guidance to advance the adoption of asset management through public policy, specifically focused on the external context of all organizations that manage assets. This guidance defines and describes an enabling environment for asset management, and outlines how it can be created, sustained and improved through the use of public policy (see Clause 4). It outlines how participants in that environment can act and interact with one another to influence the development and deployment of public policies to enable asset management in their countries and jurisdictions (see Annexes A and B). This document provides a consistent approach (see Annexes C and D) to the development of public policy instruments (see 5.2.1) that enable asset management and help achieve government objectives. These can include implementing a framework of recommended practices for effective public investment (see Table 1), achieving the United Nations Sustainable Development Goals (UN SDGs), and otherwise generating greater value to society.

This document gives guidance on the alignment between financial and non-financial asset management functions, to improve internal controls as part of an organization’s management system. This document is applicable to all types of assets and by all types and sizes of organizations.

This document defines terms and establishes principles and outcomes for asset management. It describes: — the benefits of asset management and an asset management system; — the relationship between asset management, the asset management system and asset portfolio; — asset management improvement and maturity. This document is applicable to all types of assets and all types and sizes of organizations. This document does not provide financial, accounting, human resources nor technical guidance for managing specific asset types. NOTE For the purposes of this document, ISO 55001 and ISO 55002, the term “asset management system” is used to refer to a management system for asset management.

This document gives guidance on managing data to support an organization in meeting its asset management objectives and by extension its organizational objectives. This document is applicable to any organization, regardless of its type or size. This document does not provide methodologies to derive or appraise value for data assets. This document does not provide methodologies to derive financial values for data assets. This document does not provide direction to organizations on the need (or not) for calculating financial values for asset data.

This document gives guidance on enhancing the involvement and commitment of personnel within an asset management system to improve the overall efficiency of translation of asset management objectives into results. This involves an evaluation of human and cultural factors that influence: a) the effectiveness of adoption of operational requirements and policies established by the organization’s strategic asset management plan (SAMP) across the organization; b) the degree of involvement that personnel have in the development and execution of asset management plans and strategies; c) the level of knowledge and awareness that personnel have of required activities established by asset management plans and strategies; d) the impact of competence on the ability of personnel to execute these activities; e) the process by which establishing development plans drives continual improvements in asset management system efficiency; f) the recognition of mutual dependencies in teams that contribute to organizational performance. These elements apply to the leadership accountable for the overall functioning of the asset management system, as well as to personnel responsible for the development and execution of plans, strategies and activities. This document is applicable to any organization, regardless of its type or size. Additionally, while asset management is not necessarily conducted within the construct of an asset management system, the principles within the guidance set out in this document can be more broadly applied regardless of the nature of asset management within an organization.

This document specifies requirements for an asset management system. This document is applicable to all types of assets and all types and sizes of organizations. Consistent with the organization’s asset management policy, the intended results of an asset management system include: — 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 the performance of assets. This document does not specify financial, accounting nor technical requirements for managing specific asset types. NOTE For the purposes of ISO 55000, this document and ISO 55002, the term “asset management system” is used to refer to a management system for asset management.

This document gives guidelines for the alignment between financial and non-financial asset management functions, in order to improve internal control as part of an organization's management system. Alignment of these functions will enable the realization of value derived from the implementation of asset management detailed within ISO 55000, ISO 55001 and ISO 55002, particularly ISO 55002:2018, Annex F. The guidance in this document is consistent with the requirements of ISO 55001 for an asset management system but does not add new requirements to ISO 55001 or provide interpretations of the requirements of ISO 55001. For an example of an organization aligning its asset management functions, see Annex F.

This document gives guidelines for the application of an asset management system, in accordance with the requirements of ISO 55001. This document can be applied to all types of assets and by all types and sizes of organizations. NOTE 1 This document is intended to be used for managing physical assets in particular, but it can also be applied to other asset types. NOTE 2 This document does not provide financial, accounting or technical guidance for managing specific asset types, however, in Annex F information is provided on the relationship between the financial and non-financial asset management functions. NOTE 3 For the purposes of ISO 55000, ISO 55001 and this document, the term "asset management system" is used to refer to a management system for asset management.

ISO 55000:2014 provides an overview of asset management, its principles and terminology, and the expected benefits from adopting asset management. ISO 55000:2014 can be applied to all types of assets and by all types and sizes of organizations.

ISO 55001:2014 specifies requirements for an asset management system within the context of the organization. ISO 55001:2014 can be applied to all types of assets and by all types and sizes of organizations.

ISO 55002:2014 provides guidance for the application of an asset management system, in accordance with the requirements of ISO 55001. ISO 55002:2014 can be applied to all types of assets and by all types and sizes of organizations.