December 17, 2018, 11:58 pm

PAS 55 – The BSI Specification for Asset Management

PAS 55, is the British Standards Institute specification for Asset Management.  By default (at least until the release of ISO 55000), it acted as the de facto international standard for Asset Management.  First released in 2004, and subsequently updated and re-released in 2008, this specification became the basis on which many leading organisations have developed their Asset Management systems and processes.  

For those working in regulated industries, alignment (and certification) of their organisation's Asset Management system with the requirements of PAS 55 provides valuable, independent evidence that their assets are being managed well.  This assists in assuring both technical and economic regulators of compliance with their requirements and expectations.  It also greatly assists when submitting pricing proposals to economic regulators.

For those working outside regulated industries, alignment of their organisation's Asset Management system with the requirements of PAS 55 provides boards and shareholders with a similar level of assurance that risks and costs associated with the management of their assets are fully and properly being considered and optimised.

For more information on PAS 55, please view our article on "What is PAS 55?".

Assetivity is endorsed by the Institute of Asset Management (IAM) as an Endorsed Trainer to deliver Asset Management training that is aligned with the competency requirements of PAS 55. 

Assetivity is also endorsed by the Institute of Asset Management (IAM) as an Endorsed Assessor, capable of providing Gap Assessments and Certification against the requirements of PAS 55. 

Between 2011 and 2014, the international community, through the International Organization for Standardisation (ISO), worked to develop an international standard for Asset Management – ISO 55000.  This was released in January 2014.  Accordingly, PAS 55 was withdrawn in January 2015, one year after the release of ISO 55000.  Please click here for more information on ISO 55000

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