August 8, 2020, 1:51 am

ISO 55000

The Vital Importance of Asset Management Objectives

Written by Sandy Dunn.   

Without clear Asset Management objectives, Asset Management Plans will, at best, be less effective than they should be, and at worst, could actually take the organisation in the wrong direction.  In this article, we discuss the vital role that Asset Management Objectives play in the Asset Management Planning process.

 

Meeting Asset Management Stakeholders Needs and Expectations

Written by Janez Marinic.   

How do you make sure that you meet your Asset Management Stakeholder Needs and Expectations?

ISO 55001:2014, the global standard for Asset Management, places great emphasis on making sure that an organisation’s Asset Management System meets the needs and expectations of its stakeholders.  In this article, we will discuss why this is important and recommend a tool that can help you to make sure that you understand what those needs and expectations are and identify the actions that are needed to be put in place to meet those needs and expectations.

Why are Stakeholders important?

ISO 55001 defines a stakeholder as a “Person or organisation that can affect, be affected by, or perceive itself to be affected by a decision or activity” with a note stating that “A stakeholder can also be referred to as an interested party”. Other management system standards including ISO 9001 (Quality), ISO 14001 (Environment) and ISO 45001 (Safety) refer to an ‘interested party’ rather than ‘stakeholder’, but the two terms are interchangeable. A common requirement across all of these management system standards is to understand the needs and expectations of stakeholders/interested parties (Clause 4.2). 

Understanding stakeholder needs and expectations is important for two reasons.

First, at a strategic level, the needs and expectations of key external stakeholders are vital inputs into your organisation’s strategic planning process.  Their needs shape the objectives (the “results to be achieved”) that the organisation sets for itself and the strategies and plans that it adopts for achieving those objectives.  Indeed the organisation’s very reason for existence revolves around the need to meet stakeholder’s needs and expectations.  Consequently, your Asset Management System needs to support meeting these needs and expectations.

Secondly, the needs and expectations of stakeholders also shape Asset Management decisions in a more tactical sense.  The very definition of stakeholder tells us why we need to understand their needs and expectations, i.e. we can affect them, or they can affect us, by decisions made and activities performed. Consequently, if we don’t understand and properly manage the needs and expectations of stakeholders at all levels, then we run the risk of not delivering the required value proposition to the organisation.  If some of the needs and expectations of stakeholders relate to compliance with mandatory regulatory or statutory requirements, a lack of understanding or management can potentially result in the risk of having your moral or legal license to operate removed.  Increasingly we are seeing the rise in importance for organisations to have in place robust Environmental, Social and Governance (ESG) practices that meet the community’s moral and ethical expectations and not just meet legal obligations.  The recent incident involving Rio Tinto Iron Ore at the Juukan Gorge caves is just one example of the power of stakeholders to influence an organisation’s reputation and affect the future operations of an entire industry.

 

How do I become an Asset Management Assessor?

Written by Sandy Dunn.   

To become a certified ISO 55001 auditor you need to meet the competences outlined in ISO 17021-5:2013 – Part 5: Competence requirements for auditing and certification of asset management systems. The Global Forum on Maintenance and Asset Management (GFMAM) also provides some guidance in their Auditor Assessor Specification.

 

The New ISO TS 55010-2019 – What’s it about?

Written by Janez Marinic.   

QuestionMark500Finance is an integral part of Asset Management. Asset management is defined as “coordinated activity of an organization to realise value from assets”.  Value can be financial (revenues and costs) and non-financial (benefits and risks) and achieving the balance between these requires coordination and alignment across financial and non-functions in the organisation. One of the key outputs of the asset management planning process is an estimate of the cashflows that are needed to deliver value from assets and to support achievement of overall business objectives.  These cashflows could be operating expenses (OpEx) or capital expenditure (CapEx) as well as revenues that flow from this expenditure.  In many organisations, this coordination and alignment across financial and non-functions is often inadequate. Consequently, ISO/TS 55010 has been produced to provide guidance on achieving alignment across the financial and non-functions of an organisation.

 

Asset Management Strategy vs Strategic Asset Management Plan (SAMP) – Has ISO got it wrong?

Written by Sandy Dunn.   

In dealings with our clients, I often find that there is considerable confusion regarding what should be contained in a Strategic Asset Management Plan (SAMP). We have seen SAMPs that are upwards of 200 pages long – a mighty tome that is destined to rapidly become “shelfware” and of little value to anybody. This confusion is exacerbated by the lack of clarity in guidance that is provided in ISO 55000, ISO 55001 and ISO 55002. In our view, it appears that ISO itself (or at least TC251 – the technical committee that put together ISO 55001) is confused regarding its definition of the SAMP. More specifically, they have confused two separate documents – an Asset Management Strategy, and the Strategic Asset Management Plan. We hope that this will be clarified in the next version of ISO 55001, but in the meantime, I outline the reasoning for why improvements are needed below.

First, let’s make sure we are all on the same page when it comes to terminology.

 

Linking Asset Management & Quality – ISO 55000 & ISO 9000 Synergies

Written by Scott Yates.   

There is growing acceptance that the organisational benefits of formal asset management and quality management systems are real and significant, but there are also many concerns about the very real and significant cost associated with establishing and maintaining such systems. This is particularly true where the demanding requirements of the International Organisation for Standardisation (ISO) are being followed, such as ISO 9001 for Quality Management Systems and ISO 55001 for Asset Management Systems. Fortunately, ISO is aware of this and is actively working to reduce the compliance burden associated with its management system standards. With the recent release of ISO 9001:2015, we undertook a review to understand the synergies that exist between this and ISO 55001:2014 and how they might be exploited to reduce costs and increase benefits associated with compliant systems.

 

Certification Against ISO 55000 - Implementing ISO 55000

Written by Scott Yates.   

Congratulations! You have reached the last article in our series on implementing ISO 55000. In this article, we want to discuss how to get your asset management system certified, including various certification schemes and certifying bodies. This will be critical information if your organisation is seeking certification, but will likely be of interest to those seeking to align or comply with ISO 55000 as well. This is because these organisations will still usually require gap assessments and audits to guide their implementation efforts and choosing a reliable independent provider is key to obtaining value from these activities.

 

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