Asset management is an essential practice for organizations seeking to achieve their organizational objectives through the effective and efficient management of their assets. The ISO 55000 standard provides a structured framework for establishing, implementing, maintaining, and improving an asset management system. A critical component of this framework is the clear definition and interaction between asset management policy, strategy, and plans. Understanding how these elements fit together is key to aligning operational activities with organizational goals.
The ISO 55000 Framework: An Overview
ISO 55000 provides a global benchmark for asset management practices. It emphasizes the need for a systematic approach to managing assets throughout their life cycles, from acquisition to disposal. The standard specifies distinct requirements for the asset management policy, strategy, and plans, which are interrelated and collectively ensure that asset management practices effectively support the organization’s strategic goals.
1. Asset Management Policy
The asset management policy serves as the cornerstone of an organization’s asset management system. It is a high-level statement that reflects the overarching principles and intentions regarding asset management, directly aligning with the organization’s vision and strategic direction. This policy provides the framework for setting objectives and outlines the general approach for managing assets, ensuring compliance with legal, regulatory, and organizational requirements.
Key aspects of the Asset Management Policy:
2. Asset Management Strategy
The asset management strategy establishes a long-term approach for asset management. It specifically outlines the asset management objectives and the methods for achieving them. It translates these high-level principles into practical terms, specifying how the organization plans to manage its assets to generate value while balancing financial, environmental, and social costs, risks, opportunities, and performance benefits.
Functions of the Asset Management Strategy:
3. Asset Management Plans
Asset management plans are detailed documents that describe the specific activities, resources, and timelines for managing individual asset groups or types. These plans are tactical tools used to implement the strategy, ensuring that every asset is managed according to the strategy and policy directives.
Characteristics of Asset Management Plans:
How Policy, Strategy, and Plans Fit Together
Understanding the flow from policy to strategy to plans is crucial for effective asset management:
Conclusion: A Holistic Approach to Asset Management
The successful implementation of an asset management system under ISO 55000 involves a seamless integration of policy, strategy, and plans. Each component serves a specific purpose but must work in concert to ensure that asset management activities are aligned with the broader organizational goals. By demystifying these components and understanding their interrelationships, organizations can enhance their asset management practices, leading to improved sustainability, efficiency, and profitability. This holistic approach not only aligns with ISO 55000 but also positions organizations to better meet the challenges of an ever-changing operational landscape.
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Victoria is a Principal Consultant & our Product Manager for the SALVO Decision-Making Framework.
She has over 20 years’ asset management experience, across transport, energy and defence sectors and is a specialist in asset management decision-making and risk management.
With plenty of hands-on experience developing optimized, risk-based asset maintenance and renewal strategies, and deploying these to develop multi-year investment plans, her industry positions include the Head of Asset Management (Electrical Utility), Manager Network Risk & Performance (Electrical Utility), Associated Director, Safety and Engineering Systems (Government Transport Agency), Team Leader, Asset & Risk Management Systems (Electrical Utility), Team Leader, Structural Safety, Risk & Reliability (Government Highways Agency)
Patrick is a specialist in data-enabled business transformation design and executive-level delivery governance to enable asset- and workforce-intensive organizations to deliver better customer and operational outcomes. He has 30 years of experience in the industry, working at the executive and board levels with critical national infrastructure organizations to shape and lead major value-realization programs with data and digital enablers at their core.
His core skills include Data strategy, Transformation design, Strategic roadmap development, Transformation governance and assurance, Transformation leadership, Business data services operating model design, Data skills and leadership development, and Leadership coaching, and mentoring.
Patrick is also a graduate of the Australian Institute of Company Directors (GAICD).
Susan Steyn is a seasoned expert with over 30 years of experience in Management, Operations, Business Development, and Supply Chain across diverse industries. Her core focus lies in spare parts management and inventory optimization. Throughout her career, Susan has held key leadership roles in multinational companies such as GE, Dow, Roche, Bayer, Lloyds Register, and Woodhouse Partnership.
With a strong background in strategic leadership, P&L management, and lean manufacturing, Susan has consistently driven business turnarounds and growth. She excels in international global business management and has a proven track record of expanding market presence and building strong client relationships.
As a Six Sigma Black Belt and PMP certified professional, Susan is adept at implementing process improvements and managing complex projects. Her expertise in data analysis, project management, and ERP systems ensures effective spare part management and optimal inventory levels.
Susan’s contributions to various companies include revenue growth, cost reduction, successful software launches, and the establishment of strategic alliances. Her commitment to diversity and inclusion, coupled with her leadership in team building and mentorship, have created a culture of excellence in every organization she has worked with.
Overall, Susan Steyn is a results-oriented leader with a passion for leveraging data-driven decision-making and innovative strategies to optimize spare parts management, reduce downtime risks, and enhance profitability in any business environment.
José Luis cuenta con una experiencia exitosa en multi-industrias públicas y privadas, donde desempeñó cargos gerenciales, líder de aplicación técnica especializada, puestos operativos y en mantenimiento, así como en áreas de consultoría sustentando nivel operativo, táctico y estratégico.
Ha formado parte de proyectos de mejoramiento de gestión de activos, confiabilidad operacional, integridad y mantenimiento en Latinoamérica en diferentes empresas creando valor al negocio con resultados técnicos y económicos importantes.
Facilitador e instructor acreditado en temas relacionados con la gestión de activos, mejores prácticas, metodologías de administración gerencial y técnicas especializadas.
Mechanical Engineer with 31 years of experience. Specialist in implementation processes of activities
associated with Asset Management under the ISO 55001 approach, Implementation of diagnostic
programs and audits of management systems, Specialist in applying reliability methodologies such as
Reliability-Centered Maintenance, risk-based inspection, Cause Analysis Root, Life Cycle Cost Analysis,
Condition Based Maintenance, Failure Modes and Effects Analysis, Mechanical Integrity among others.
He has been an Equipment Mechanical Integrity Engineer, an experienced user of traditional NonDestructive Testing such as Ultrasound, Infrared Thermography, Superficial Techniques, Industrial
Radiography.
He has led and participated in countless applications in the field of reliability and condition monitoring,
with special emphasis on the generation and execution of policies and maintenance plans aimed at
achieving the “minimum total business impact” guaranteeing Safety, Hygiene and Environment
standards.
Over his 28 plus year span in the industrial sectors with working technical backgrounds in Project & Construction Management, Asset Operations and Maintenance Reliability Management, and being certified in various courses of study; Damien has gained the knowledge and experience and has had proven successes throughout his tenure in the Oil, Gas, Petro-Chemical and Construction sectors. Establishing his-self in the various sectors, Damien’s first experience and success started in the Construction Sector in estimating engineering. This was the stepping stone for Damien and has paved the way for his passion and continued success in supporting People, Process, and Systems in an organization.
Damien has held positions in local, international and multi-national corporations and comes from a working background in the fields of environmental, operations, project and construction management, operations maintenance and reliability management, planning, supervisory management, and has proven his abilities to succeed in each field.
Rich was an Engineer and Project Manager professional at the New York Power Authority for over 30-years. In addition to being the first Project Manager for the Niagara Project Upgrade, Rich rose to be the Vice President of Engineering having started in Operations Engineering decades earlier. Rich went on to be Vice President, Transmission and Substation at AECOM responsible for hundreds of millions of dollars in design and construction. Rich joined Woodhouse Partnership, North America and participates in aligning organization towards ISO 55000 and many reliability studies supporting DST.
Executive in Operational Excellence, Asset Management and Best Practices in Projects, Operations and Maintenance in the Energy and Industrial Sector.
Consultant, Instructor and International Lecturer on issues related to project management (risk management), operational reliability, strategic management of operations, maintenance, Asset Management in the energy sector (ISO 55001) and Applied Data Analytics.
PMP, CMRP, IAM and CAMA certifications, being recognized by the SMRP in 2019 as CMRP of the Year https://smrp.org/2019-CMRP-Winners.
George has over twenty-five years of experience as a consulting engineer providing design, planning, program and project management, and strategic asset management services for asset-intensive organizations in the Americas, Africa, and the Middle East. His primary focus has been in the public infrastructure sector; as a result, he has intimate knowledge of the assets, processes, and resources necessary to deliver and sustain safe, reliable services to the customers of public asset-owning organizations.
George has assisted organizations with the development of PAS 55, ISO 55000, and GFMAM AM Landscape aligned asset management systems (AMS), has performed gap analyses of their AMS against industry standards and best practices, and has guided them through the creation of strategic asset management plans (SAMPs), asset management plans (AMPs), AM policy and supporting documents. He has undertaken asset risk modelling to ascertain organizations’ capability to sustain their desired levels of service. George has performed asset health-informed lifecycle cost modelling and forecasting capital and operational expenditures over near and long-term planning horizons.
With 30 years’ experience in utilities, oil & gas, transport and other sectors, John is one of the most widely known experts in integrated asset management projects for some of the largest companies in the world.
John is a Founder and Life Fellow of the IAM; he has written 4 books, chaired the development of BSI PAS55 and represents the UK on the ISO55000 committee.
He also led the international MACRO and SALVO collaboration projects in optimised asset management decision-making.
