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Asset management ISO 55000

An asset management system is a set of interrelated and interacting elements of an organization, whose function is to establish the asset management policy and asset management objectives, and the processes, needed to achieve those objectives ( ISO 55000 point 3.4.3). In this context, the elements of the asset management system should be viewed as a set of tools, including policies, plans, business processes and information systems, which are integrated to give assurance that the asset management activities will be delivered.

Asset management requires accurate asset information, but an asset management system is more than a management information system. Asset management interacts with many functions of an organization. The assets themselves can also support more than one function and more than one functional unit within the organization. The asset management system provides a means for coordinating contributions from and 
interaction between these functional units within an organization.

The asset management plan can enable an organization to create a link, if needed, between its asset management system (such as described by ISO 55001, ISO 55002 and this International Standard) and a variety of specific, technical asset management requirements. These specific, technical requirements are given in standards both inside and outside the ISO environment, and at the international, regional or national standardization levels; such standards provide information on strategies and tactics, as well as specific design, construction, material or process requirements. The definitions given in 3.4 refer specifically to the asset management system described in this International Standard; some of these terms may be defined differently for a specific, technical standard.

The establishment of an asset management system is an important strategic decision for an organization. ISO 55001 specifies the requirements of an asset management system, but does not specify the design of the system. ISO 55002 provides guidance on the design and operation of an asset management system.

An asset management system impacts the whole organization, including its stakeholders and external service providers, and can use, link or integrate many of the organization’s activities and functions that would otherwise be managed or operated in isolation. The process of establishing an asset management system requires a thorough understanding of each of its elements and the policies, plans and procedures that integrate them.

The organization’s asset management system can enable the directing, implementation and control of its asset management activities, including those that have been outsourced. Functional policies, technical standards, plans and processes for the implementation of the asset management plans should be fed back into the design and operation of the asset management system.

Operation of the asset management system can sometimes require planned changes to asset management processes or procedures, which can introduce new risks. Risk assessment and control in the context of managing change is an important consideration in operating an asset management system.

When an organization outsources some of its asset management activities, this should not remove those outsourced activities from the control of the organization’s asset management system. In situations where interacting activities are outsourced to different service providers, the responsibilities and complexity of control will be increased.

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