PECB ISO 55001 Lead Auditor key terms

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.

The coordinated activity of an organization to realize value from its assets, balancing financial, environmental, social, and performance costs, risks, and benefits against the value delivered throughout the asset life cycle.

A management system comprising policy, objectives, processes, resources, and governance arrangements that an organization uses to direct, coordinate, and control asset management activities toward realizing value from assets.

Top management's documented intentions and direction for asset management, providing a framework for setting asset management objectives and committing the organization to satisfy applicable requirements and continually improve the system.

Documented information specifying how organizational objectives are converted into asset management objectives, the approach for developing asset management plans, and the role of the asset management system in supporting achievement of those objectives.

Documented information specifying the activities, resources, responsibilities, timescales, and expected outcomes required to manage a group of assets to deliver the required asset management objectives.

Measurable, consistent results to be achieved for assets or the asset management system, derived from and aligned with organizational objectives, and used to direct planning and evaluate performance.

The series of stages through which an asset passes from identification of need through acquisition or creation, operation and maintenance, to decommissioning and disposal, including any renewal or repurposing in between.

A technique for comparing options by aggregating all costs and, where relevant, revenues attributable to an asset across its whole life cycle, rather than considering only initial acquisition cost.

The process by which an organization converts the potential value of its assets into actual benefit, achieved by balancing performance, cost, risk, and opportunity across the asset life cycle.

The traceable alignment linking organizational objectives through the strategic asset management plan and asset management objectives down to individual asset management plans, activities, and performance measures.

A person or organization that can affect, be affected by, or perceive itself to be affected by a decision or activity, including regulators, customers, owners, communities, and employees whose needs inform asset management requirements.

The combination of internal and external issues, including legal, technological, competitive, cultural, and environmental factors, that are relevant to the organization's purpose and affect its asset management system.

An approach in which decisions about assets and the management system are made by considering uncertainty and its potential effects, so that effort is directed toward the areas of greatest consequence and opportunity.

The effect of uncertainty on objectives, where an effect is a deviation from the expected and can be positive or negative. In asset management, risk is assessed for both assets and system processes.

A favorable circumstance or combination of circumstances arising from uncertainty that can support the organization in achieving its asset management objectives and realizing additional value from assets.

Documented boundaries and applicability of the asset management system, defining which functions, physical locations, asset types, and organizational units are covered by the system's requirements.

The ability to apply knowledge and skills to achieve intended results, determined in asset management by education, training, experience, or a combination, and evidenced by records where required.

Information required to be controlled and maintained by the organization and the medium on which it is contained, covering both documents that provide guidance and records that evidence results achieved.

The systematic monitoring, measurement, analysis, and evaluation of asset management performance and the effectiveness of the asset management system against objectives, including internal audit and management review inputs.

A measure selected as significant for judging whether asset management objectives are being achieved, typically combining condition, performance, cost, and risk measures into a small set of decision-relevant metrics.

Top management's periodic evaluation of the asset management system's suitability, adequacy, and effectiveness, considering defined inputs such as audit results and performance, and producing decisions on improvement and resource needs.

A failure to meet a requirement, whether of ISO 55001, the organization's own asset management system criteria, or applicable legal and other requirements. It is recorded, investigated, and addressed through correction and corrective action.

Action taken to eliminate the cause of a nonconformity so that it does not recur, distinguished from correction, which merely removes the detected nonconformity itself without addressing root cause.

A recurring activity to enhance performance of the asset management system, applying methods such as analysis of data, corrective action, and innovation to increase the organization's ability to realize value from assets.

The extent to which an organization's asset management capability, processes, and governance are developed, systematic, and embedded, often assessed on a progressive scale to guide improvement priorities.

A systematic, independent, and documented process for obtaining objective evidence and evaluating it objectively to determine the extent to which audit criteria are fulfilled.

The set of requirements and expectations used as a reference against which audit evidence is compared, such as ISO 55001 clauses, the organization's own procedures, and applicable legal requirements.

Records, statements of fact, or other verifiable information relevant to the audit criteria that can be verified. It is the basis on which audit findings and conclusions are reached.

Data supporting the existence or verity of something, obtained through observation, measurement, or testing, and which is verifiable and free of the auditor's personal interpretation.

Results of the evaluation of collected audit evidence against audit criteria, which may indicate conformity or nonconformity and can be graded by severity, such as major or minor.

The auditor's judgement of the audit results after considering audit objectives and all findings, stating the extent of conformity with criteria and any recommendations, but excluding advice on specific corrective solutions.

A statement of what the audit is intended to accomplish, such as determining conformity, effectiveness, or suitability of the asset management system, which drives scope, criteria, and evidence collection.

The extent and boundaries of an audit, including the organizational units, locations, asset types, functions, and time period covered, agreed between the client and the audit team before the audit begins.

Arrangements for a set of one or more audits planned for a specific timeframe and purpose, including scheduling, resourcing, and the processes needed to ensure the programme's overall effectiveness.

A description of the activities and arrangements for a specific audit, covering objectives, criteria, scope, schedule, team roles, and sampling approach, kept sufficiently flexible to respond to findings.

The demonstrated personal attributes, knowledge of asset management and audit principles, and skills needed to conduct audits effectively, maintained through continuing professional development and evaluated against defined criteria.

The absence of bias or conflict of interest that could influence audit results, requiring auditors to be independent of the activity being audited and free from pressures affecting objectivity.

Selecting a portion of a population to obtain information about the whole, used in audits to gather sufficient evidence efficiently, with the basis and extent of sampling documented.

A formal meeting at the start of an audit where the audit team confirms scope, criteria, schedule, methods, and communication arrangements with the auditee, and clarifies expectations for conducting the audit.

A formal meeting at the end of an audit where findings, conclusions, and any nonconformities are presented to the auditee and client, with agreement on follow-up and reporting timelines.

A documented output of the audit that records objectives, scope, criteria, findings, conclusions, and any agreed follow-up actions, providing the formal record of results for the client and auditee.

An audit conducted after corrective actions have been implemented to verify their effectiveness in addressing previously reported nonconformities, often scheduled within the audit programme.