Courtesy: ISO 55000:2014 Asset management
ISO 55001Asset management – Management systems – Requirements is a standard developed for the use of people or organizations involved in asset management. This standard was developed by ISO technical committee ISO/TC 251. ISO 55001 was published for the first time in January 2014.
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 (the International Organization for Standardization) is a worldwide federation of national standards bodies (ISO member bodies). The work of preparing International Standards is normally carried out through ISO technical committees. Each member body interested in a subject for which a technical committee has been established has the right to be represented on that committee. International organizations, governmental and non-governmental, in liaison with ISO, also take part in the work. ISO collaborates closely with the International Electrotechnical Commission (IEC) on all matters of electrotechnical standardization.
Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings or equipment) and to intangible assets (such as human capital, intellectual property, goodwill or financial assets). Asset management is a systematic process of developing, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner (including all costs, risks, and performance attributes)
The term is commonly used in the financial sector to describe people and companies who manage investments on behalf of others. Those include, for example, investment managers that manage the assets of a pension fund.
It is also increasingly used in both the business world and public infrastructure sectors to ensure a coordinated approach to the optimization of costs, risks, service/performance, and sustainability.
ISO 55000, being developed by ISO TC 251, provides an introduction and requirements specification for a management system for asset management