BS ISO 55002:2018

What is this standard about?

This is the third in an international series of standards that grew out of the hugely successful PAS 55 – a specification on optimizing the management of physical infrastructure assets. BS ISO 55002 provides guidance on applying an asset management system in accordance with the requirements of BS ISO 55001. It can be applied to all types of assets and by all types and sizes of organization.

The other two parts of the series are:

• BS ISO 55000:2014 Asset management. Overview, principles and terminology
• BS ISO 55001:2014 Asset management. Management systems. Requirements

Who is this standard for?

• Any organization looking to effectively manage its assets
• Large and small businesses
• Private and public sector
• Senior management
• Asset managers
• Regulatory industries

Why should you use this standard?

This series of standards gives guidance and requirements for developing and maintaining a long-term asset management system. This incorporates an organization’s mission, values, objectives, business policies and stakeholder requirements. It also aims to:

• Facilitate the implementation of key principles with clear direction and leadership
• Achieve staff awareness, commitment and cross-functional coordination
• Obtain adequate information and knowledge of asset condition, performance, risks and costs and the interrelationships between these

BS ISO 55002 provides the specific guidelines for the application of this system, in accordance with the principles set out in BS ISO 55000.

NOTE 1: This document is intended to be used for managing physical assets in particular, but it can also be applied to other asset types.

NOTE 2: This document does not provide financial, accounting or technical guidance for managing specific asset types, however, in Annex F information is provided on the relationship between the financial and nonfinancial asset management functions.

NOTE 3: For the purposes of BS ISO 55000, BS ISO 55001 and this document, the term “asset management system” is used to refer to a management system for asset management.

What’s changed since the last update?

This new edition was developed to give improved guidance on the use of BS ISO 55001 by:

• Showing more closely the alignment of the requirements in ISO 55001 with the asset management “fundamentals” stated in ISO 55000
• Clarifying the concept of “value” in asset management
• Amplifying the advice on:

-          Defining the scope of an asset management system, especially with reference to service providers

-          The use of a strategic asset management plan (SAMP)

-          Asset management decision-making

-          Risk management within asset management

• Explaining the need for, and benefits of, alignment between the financial and non-financial functions for asset management within an organization
• Advising on the scalability of asset management systems, especially for their use by small and medium sized enterprises (SMEs)