ISO 55000 Will Up the Ante for Asset Performance Management
Keywords: Asset Performance Management (APM), ISO 55000, Risk Management.
Unless you've been living under a rock for the past few years, you have heard about the upcoming ISO 55000 Asset Management Systems standard. According to the ISO website, the current status of the standard is "40.60." This means it is still in the enquiry stage, but voting is closed. The final ballot is expected in the October/November 2013 timeframe, with publication in February 2014. How will this impact the manufacturing industries? While ARC Advisory Group does not anticipate immediate impact, we do encourage manufacturers to prepare for the trickle-down effect expected from regulatory bodies and insurance providers as a result of a formal international standard for managing assets.
A Quick Review of the Origins
Originally developed by the Institute of Asset Management (IAM), a UK-based asset management association and published by the BSI (British Standards Institution), PAS (Publicly Available Standard) 55 was launched in 2004 as a general standard for managing physical assets. The initial targeted industries were those serving the public, primarily regulated infrastructure and public utilities. The structure of the standard is analogous to Deming's Plan-Do-Check-Act (PDCA) continuous improvement cycle utilized in quality management systems. PAS 55 certification requires an enterprise to optimally manage capital investments, daily operations, maintenance, resources, risks, performance, and sustainability for all its assets.
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