ISO 55000 Launched

PAS 55 (the British Standard’s requirements specification for the optimal management of physical assets) was used as the basis by the International Standards Organization (ISO), for the first ever International Standard for Asset Management.

BSi PAS 55 was an international success story since 2004 – increasingly recognized as a cornerstone of good practices in the whole life cycle, optimized management of physical assets.  It was greeted as an essential, objective definition of what is required to demonstrate competence, establish improvement priorities and make better, more transparent connections between organizational strategic plans and the actual day-to-day work and asset realities.  As witnessed by its rapid take-up around the world in different industry sectors, such a reference standard  proved extremely valuable in de-silo’ing organizations, forcing long-term thinking and encouraging net value-for-money to be the basis for cost, risk and performance decision-making.

TWPL has been at the heart of these developments from the start.   John Woodhouse, Managing Director of TWPL, was Project Director for the Institute of Asset Management in the development of PAS 55 from its inception, and other TWPL personnel have been on the core development team throughout.  

The ISO developments were completed and approved by the 31 participating countries, and the International Standards Organisation published ISO 55000 in January 2014.  Purchase ISO 55000? This was the culmination of three years of work by the ISO/PC251 project committee initiated by the IAM through the British Standards Institution (BSi).  And on 5 February, the IAM and BSi collaborated to mark this significant step forward by holding a Launch Event in London. Founding member of the IAM, chair of the Panel of Experts and UK Expert Representative on the ISO/PC251 Committee, John Woodhouse, delivered a presentation on the evolution of the new standard entitled: 'Asset management is growing up.'  Watch this video at the

TWPL provides any level of support in the design and development of PAS 55 and/or ISO55000-based management systems, corresponding frameworks, documents, business processes, training and implementation assistance. 

Contact me now please regarding education and planning for ISO 55000?

More information on ISO55000?

ISO 55000 Press articles

Recent articles written by John Woodhouse, Chair of the Experts Panel for the Institute of Asset Management:

'Setting a good standard for Asset Management' (Times newspaper, June 2013)

'The meaning of life (cycle)'   Assets Magazine, September 2011 

'Setting the right standards in asset management', Assets Magazine

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