What is ISO 55001:2014- Asset Management System Certification?

ISO 55001 is an asset management system standard, the main objective of which is to help organizations manage the lifecycle of assets more effectively. By implementing ISO 55001 organizations will have better control over daily activities, achieve higher return with their assets, and reduce the total cost of risk.

The ISO 55001 introduces the involvement of assets, and value realized from them, it is the basis for any organization delivering what it aims to do. The concrete outcomes consist of a growth in effectiveness accompanied by a dramatic drop in unit cost. This framework also supports continual improvement of performance and offers improvements for an organization of any industry, type or size.

With ISO 55001 certification you demonstrate your skills in being able to support your organizational growth by:

• managing assets effectively; 
• mitigating and managing risk, and 
• improving the financial performance of your organization. 

In today's world of complex and ever-changing financial marketplaces, ISO 55001 certification is crucial in proving the ability to run a more streamlined operation and a good corporate reputation. Moreover, this certification helps you as an individual to differentiate yourself from other professionals involved in the Assets Management.

Why ISO 55001certification is important?

ISO 55001 will guide you toward significant asset management improvements by enabling you to meet the stakeholder, business and legal requirements. It is the company’s most potent defense for saving money and time. By managing the assets properly you will be able to use your available assets wisely and get more out of their utilization while delivering added value to the business.

It is designed to support you in the proper handling of processes and risks, which will lead to the improvement of current and future company performance. Moreover, the implementation of an Asset Management System that complies with ISO 55001 enables the organization to align its objectives with asset management system objectives which leads the organization towards achieving its intended outcomes.  Moreover, ISO 55001 aligns the organization’s objectives with asset management objectives since the purpose of asset management is achieving organizational objectives.  

What are the benefits of ISO 55001certification?

• Enhance  brand reputation
• Development of viable and predictable cash flows
• Ability to manage asset’s lifecycle
• Creating a transparent audit trail for what is done, when and why.
• Better understanding and usage of data and information to provide informed and consistent decisions.
• Alignment and coordination of existing initiatives, including competency development.
• Greater engagement of the workforce, including leadership, communications and cross-disciplinary teamwork.
• Increase profitability
• Manage risk related to asset ownership

Who can acquire ISO 55001certification?

This standard can be applied to all organizational structures of companies, and to all types of assets. Whether the organization is involved on the public or private sector, and whether the assets are physical, financial, human or ‘intangible’, it is good asset management that maximizes value-for-money and satisfaction of stakeholder’s expectations.

How long does ISO 55001 certificate valid for?

The cycle of the certificate is valid for 3 years from the date of certification, subject to the successful conduct of surveillance audits before completion of the 1st & 2nd year respectively.