PECB ISO 55001 Foundation cheat sheet

Asset: an item, thing or entity that has potential or actual value to an organization; value can be tangible or intangible, financial or non-financial, and varies between organizations and over time.

Asset management: the coordinated activity of an organization to realize value from assets; it balances financial, environmental, social, and performance costs, risks, and benefits against the desired outcomes.

Asset management system (AMS): a management system for asset management whose function is to establish asset management policy and objectives, plus the processes needed to achieve those objectives.

ISO 55000 defines the discipline; ISO 55001 specifies requirements for an AMS (certifiable); ISO 55002 gives guidance on applying ISO 55001. The three form the ISO 55000 family.

The four fundamentals of asset management per ISO 55000: value, alignment, leadership, and assurance. Value is realized when assets fulfil organizational objectives.

Line of sight: organizational objectives translate into an asset management policy, then strategic asset management plan (SAMP), then asset management plans, then asset-level activities, with feedback upward.

Asset management is risk-based: the level of control applied to assets is proportionate to the risk and criticality of the asset's contribution to objectives, not uniform across all assets.

Life-cycle perspective: decisions consider acquisition, operation, maintenance, renewal, and disposal, including whole-life cost and long-term consequences rather than short-term cost alone.

Stakeholder and context awareness: interested parties, legal and regulatory requirements, and the organization's internal/external context shape the AMS scope and objectives.

Clause 4 (Context of the organization): determine external and internal issues, interested parties and their requirements, and define the AMS scope; the AMS itself is not a documented deliverable but its scope must be available as documented information.

Clause 5 (Leadership): top management must demonstrate leadership, establish the asset management policy and objectives, ensure integration into business processes, provide resources, and assign roles, responsibilities, and authorities.

Clause 6 (Planning): address risks and opportunities; asset management objectives must be measurable, monitored, communicated, and updated; plans must show how objectives are achieved and how changes are managed.

Clause 7 (Support): resources, competence, awareness, communication, and documented information; competence records and document control are required, including control of documents of external origin.

Clause 8 (Operation): plan and control operational processes to meet requirements, including criteria for processes, control of planned changes, and control of outsourced processes.

Clause 9 (Performance evaluation): monitoring, measurement, analysis, and evaluation; internal audit at planned intervals; management review covering inputs and outputs specified in the standard.

Clause 10 (Improvement): handle nonconformities and corrective actions (react, evaluate root cause, act, review effectiveness, retain documented information) and continually improve the AMS's suitability, adequacy, and effectiveness.

The strategic asset management plan (SAMP) is required documented information in Clause 6; it specifies how organizational objectives are converted into asset management objectives and the approach to develop asset management plans.

The asset management policy must be appropriate to the organization's purpose, provide a framework for setting objectives, include commitment to satisfy applicable requirements and to continual improvement, and be available as documented information.