The ISO 55000 series of standards underwent a major update in 2024

The International Organization for Standardization ISO has released new standards and updated versions of the current ISO 55000 series standards in 2024. NPP SpetsTek has prepared their Russian-language versions, the release of GOST R is scheduled for 2025.

Management of physical assets is vital for all organizations dependent on the functions, technical reliability and performance of physical assets. These can be industrial, energy, and transport organizations that own physical assets, which include technological equipment, machines, inventories, real estate (industrial buildings, structures, roads), utility networks (energy supply, water supply and sanitation, etc.).

The international community, with the participation of Russia, has developed standards of the ISO 55000 series, which provide a methodological basis for asset management.

The key standard is ISO 55001, which defines the requirements for an asset management system. It has been updated taking into account the feedback and experience of more than 50 countries over 10 years. The 2024 version includes clearer and more specific requirements for decision making, capturing value from assets, asset management planning, how to address risks and opportunities, data and knowledge management, and lifecycle activities. It includes additions and supporting simplifications to make the standard’s requirements easier to understand.

The companion document ISO 55000, which describes the core concepts, terminology, principles, and benefits of asset management, has also been updated. The 2024 edition reflects the evolution since 2014, including an increased focus on asset management performance. The benefit statements have been refined based on feedback from asset managers and asset owners worldwide.

The second edition of ISO/TS 55010 has also been released. It provides asset managers, CFOs, and finance teams with guidance on integrating the financial and non-financial aspects of asset management. It is also needed by operations managers, technical managers in engineering and planning departments and other non-financial roles involved in asset management to ensure alignment between financial and non-financial activities in asset management.

Guidance on developing public policies that support asset management is provided in the new ISO 55011 standard. It is addressed to those who want to promote and support asset management in their countries or jurisdictions. The document describes a public policy toolkit that can be used to improve asset management results. The toolkit, supplemented by examples, provides information on the possibilities for selecting and developing public policy tools that can help achieve objectives and better results.

People’s participation is critical to many activities at different stages of the asset life cycle. The new ISO 55012 standard provides guidance on how to increase people’s involvement in the asset management system, as well as on developing their competence to participate appropriately in asset management activities, and emphasizes the importance of effective communication and collaboration within the organization.

Data has become a critical component of asset management. The new ISO 55013 standard provides comprehensive support for asset data and data asset management, including strategic decision-making, day-to-day asset management operations, data protection, financial analysis, compliance oversight, supplier support, and customer feedback. It aims to achieve organizational goals through effective and compliant data processing and management methods.

Specialists from NPP SpetsTek participate in the work of the international standardization committee ISO/TC 251 "Asset management", including their participation in the development of the above standards. As the base organization of the Technical Committee for Standardization "Asset Management" (TC086), NPP SpetsTek has prepared Russian-language versions of these standards. Their release in the form of GOST R is provided for by the National Standardization Program for 2025.