National foreword

This British Standard is the UK implementation of EN IEC 63223‑2:2026. It is identical to IEC 63223‑2:2026.

The UK participation in its preparation was entrusted to Technical Committee AMS/1/-/1, Management of Assets in Power Systems.

A list of organizations represented on this committee can be obtained on request to its committee manager.

Contractual and legal considerations

This publication has been prepared in good faith, however no representation, warranty, assurance or undertaking (express or implied) is or will be made, and no responsibility or liability is or will be accepted by BSI in relation to the adequacy, accuracy, completeness or reasonableness of this publication. All and any such responsibility and liability is expressly disclaimed to the full extent permitted by the law.

This publication is provided as is, and is to be used at the recipient’s own risk.

The recipient is advised to consider seeking professional guidance with respect to its use of this publication.

This publication is not intended to constitute a contract. Users are responsible for its correct application.

Compliance with a British Standard cannot confer immunity from legal obligations.

This British Standard was published under the authority of the Standards Policy and Strategy Committee on 30 September 2026.

This European Standard was approved by CENELEC on 13 August 2026. CENELEC members are bound to comply with the CEN/CENELEC Internal Regulations which stipulate the conditions for giving this European Standard the status of a national standard without any alteration.

Up-to-date lists and bibliographical references concerning such national standards may be obtained on application to the CEN-CENELEC Management Centre or to any CENELEC member.

This European Standard exists in three official versions (English, French, German). A version in any other language made by translation under the responsibility of a CENELEC member into its own language and notified to the CEN-CENELEC Management Centre has the same status as the official versions.

CENELEC members are the national electrotechnical committees of Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Republic of North Macedonia, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Türkiye and United Kingdom.

European foreword

The text of document 123/135/FDIS, future edition 1 of IEC 63223‑2, prepared by TC 123 "Management of network assets in power systems" was submitted to the IEC-CENELEC parallel vote and approved by CENELEC as EN IEC 63223‑2:2026.

The following dates are fixed:

Attention is drawn to the possibility that some of the elements of this document may be the subject of patent rights. CENELEC shall not be held responsible for identifying any or all such patent rights.

Any feedback and questions on this document should be directed to the users’ national committee. A complete listing of these bodies can be found on the CENELEC website.

Endorsement notice

The text of the International Standard IEC 63223‑2:2026 was approved by CENELEC as a European Standard without any modification.

In the official version, for Bibliography, the following notes have to be added for the standard indicated:

FOREWORD

1) The International Electrotechnical Commission (IEC) is a worldwide organization for standardization comprising all national electrotechnical committees (IEC National Committees). The object of IEC is to promote international co-operation on all questions concerning standardization in the electrical and electronic fields. To this end and in addition to other activities, IEC publishes International Standards, Technical Specifications, Technical Reports, Publicly Available Specifications (PAS) and Guides (hereafter referred to as “IEC Publication(s)”). Their preparation is entrusted to technical committees; any IEC National Committee interested in the subject dealt with may participate in this preparatory work. International, governmental and non-governmental organizations liaising with the IEC also participate in this preparation. IEC collaborates closely with the International Organization for Standardization (ISO) in accordance with conditions determined by agreement between the two organizations.

2) The formal decisions or agreements of IEC on technical matters express, as nearly as possible, an international consensus of opinion on the relevant subjects since each technical committee has representation from all interested IEC National Committees.

3) IEC Publications have the form of recommendations for international use and are accepted by IEC National Committees in that sense. While all reasonable efforts are made to ensure that the technical content of IEC Publications is accurate, IEC cannot be held responsible for the way in which they are used or for any misinterpretation by any end user.

4) In order to promote international uniformity, IEC National Committees undertake to apply IEC Publications transparently to the maximum extent possible in their national and regional publications. Any divergence between any IEC Publication and the corresponding national or regional publication shall be clearly indicated in the latter.

5) IEC itself does not provide any attestation of conformity. Independent certification bodies provide conformity assessment services and, in some areas, access to IEC marks of conformity. IEC is not responsible for any services carried out by independent certification bodies.

6) All users should ensure that they have the latest edition of this publication.

7) No liability shall attach to IEC or its directors, employees, servants or agents including individual experts and members of its technical committees and IEC National Committees for any personal injury, property damage or other damage of any nature whatsoever, whether direct or indirect, or for costs (including legal fees) and expenses arising out of the publication, use of, or reliance upon, this IEC Publication or any other IEC Publications.

8) Attention is drawn to the Normative references cited in this publication. Use of the referenced publications is indispensable for the correct application of this publication.

9) IEC draws attention to the possibility that the implementation of this document may involve the use of (a) patent(s). IEC takes no position concerning the evidence, validity or applicability of any claimed patent rights in respect thereof. As of the date of publication of this document, IEC had not received notice of (a) patent(s), which may be required to implement this document. However, implementers are cautioned that this may not represent the latest information, which may be obtained from the patent database available at https://patents.iec.ch. IEC shall not be held responsible for identifying any or all such patent rights.

IEC 63223-2 was prepared by IEC Technical Committee 123: Management of network assets in power systems. It is International Standard.

The text of this International Standard is based on the following documents:

Full information on the voting for its approval can be found in the report on voting indicated in the above table.

The language used for the development of this International Standard is English.

This document was drafted in accordance with ISO/IEC Directives, Part 2, and developed in accordance with ISO/IEC Directives, Part 1 and ISO/IEC Directives, IEC Supplement, available at www.iec.ch/members_experts/refdocs. The main document types developed by IEC are described in greater detail at www.iec.ch/publications.

A list of all parts of the IEC 63223 series, under the general title Management of network assets in power systems, can be found on the IEC website.

The committee has decided that the contents of this document will remain unchanged until the stability date indicated on the IEC website under webstore.iec.ch in the data related to the specific document. At this date, the document will be

reconfirmed,
withdrawn, or
revised.

INTRODUCTION

0.1 General

This document specifies requirements, recommendations, and examples for implementing a risk-informed decision-making (RIDM) process for managing existing network assets on power systems. The main intended audience includes power network organizations’ stakeholders and decision makers, such as asset managers, risk managers, regulators, asset owners, and service providers.

ISO 55000:2024 [1] and ISO 55001:2024 [2] provide asset management principles and asset management system requirements for any organization. IEC TS 63224:2025 [3] gives recommendations for asset management aspects of power system network organizations. The IEC 63223 series [4] aims to establish International Standards specific to asset management for power system networks. While IEC 63223-1:2026 [5] provides an overview of the scope, principles, and terminology, this document focuses on a process for making risk-informed decisions regarding existing assets. These decisions are driven by the creation of asset related value through mitigation of the risks. Quantitative assessments such as cost-benefit analyses are generally the most advisable approach to justify renewal investments and risk mitigation measures such as inspections and monitoring. However, risk analysis relies on calculation and expert judgment, which depend on assumptions, models, and data that are not always validated. As a result, the outcomes can mislead decision makers if they do not adequately account for all uncertainties and risk controls derived from other risk management strategies such as the cautionary principle and the discursive strategy.

This document intends to support and inform asset managers, decision makers, and stakeholders affected by the risk in establishing the appropriate risk management approach consistent with the asset management objectives, decision-making criteria, and the risk decision-making context. It details the necessary steps for controlling risks in an asset management framework by specifying:

the risk decision-making context with regard to asset management objectives, available knowledge, and internal and external stakeholders' concerns;
the relevant risk management strategies consistent with the risk decision-making context (risk analysis, cautionary principle, and discursive strategy);
essential criteria to support decision-making;
evaluation criteria and actions to ensure continual improvement.

The RIDM process aims to support decision-making without mandating a specific method or providing detailed calculations for particular risk assessment techniques. It encourages the use of appropriate methods in each step, referencing other standards or scientific sources, such as the risk assessment techniques outlined in IEC 31010:2019 [6]. It also enhances the process described in IEC 31010:2019 [6] and ISO 31000:2018 [7] by integrating the asset management principles and providing guidelines to handle all manifestations of uncertainty.

0.2 Benefits of the risk-informed decision-making process

The RIDM process provides a structured approach for managing the risks of network assets in power systems. It contributes to achieving the organizational objectives by ensuring transparency, consistency, and traceability of risk-informed decisions, and detailing the steps that support asset management stakeholders in their analyses by:

providing guidance on the appropriate category of risk assessment techniques at each step of the process (risk identification, risk analysis, comparing risk mitigation options);
providing essential information and warnings when performing a risk analysis by:
- specifying the essential information for the risk analysis (probability model, consequences, performance criteria);
- specifying the strength of knowledge supporting assumptions, models and parameters;
guiding toward other complementary risk management strategies when necessary, deliberating on risk analysis output and detecting constraints and conflicts by:
- comparing options based on their performance;
- considering the background knowledge supporting the risk analysis;
- identifying the impacts of the decisions on the asset portfolio and for stakeholders;
implementing performance evaluation and continuous improvement, including:
- enhancing knowledge through information gathering, data collection, or experimentation;
- identifying deviations from assumptions or expected performance;
- ensuring that lessons learned are incorporated into future iterations of the process.

0.3 Relationship to asset management system

This document is based on the principles of asset management outlined in ISO 55000:2024 [1]. The focus is on implementing an RIDM process to mitigate network asset risks in power systems. Subclause 4.2 introduces essential elements of asset management and associated requirements. The requirements are independent but aligned with those of ISO 55001:2024 [2]. In the case of an asset management system conforming to ISO 55001:2024 [2], the RIDM process is part of the asset management decision-making framework described in 4.5 of ISO 55001:2024 [2], which is included in the strategic asset management plan according to 6.2 of the same standard. In addition, the RIDM process helps contribute to satisfying several subclauses of ISO 55001:2024 [2], including:

subclause 4.5 Asset management decision-making;
subclause 6.1 Actions to address risks and opportunities;
subclause 7.6 Data and information;
subclause 7.7 Knowledge;
subclause 9.1 Monitoring, measurement, analysis, and evaluation.

1 Scope

This document specifies requirements, recommendations, and examples for implementing a risk-informed decision-making (RIDM) process for managing existing network assets in power systems. The intended audience concerns power network organizations' stakeholders and decision makers, such as asset managers, risk managers, regulators, asset owners, and service providers. The RIDM process details the steps to ensure transparency, consistency, and traceability of the decision by:

specifying the risk decision-making context depending on asset management objectives, available knowledge, and risk stakeholders' concerns;
identifying the appropriate risk management strategies and the knowledge supporting the analyses;
detailing the essential steps for conducting a risk analysis and justifying investments, regardless of the calculation methods used;
providing essential information and warnings to decision makers;
implementing performance evaluation and continuous improvement.

The document is based on the asset management principles from ISO 55000:2024 [1] and is aligned with ISO 55001:2024 [2]. Compliance with the requirements of this document is independent of compliance with ISO 55001:2024 [2].

2 Normative references

3 Terms, definitions and abbreviated terms

3.1 Terms and definitions

3.2 Abbreviated terms

4 Risk-informed decision-making process and principles

4.1 Core concepts of risk science

4.2 Asset management requirements

4.3 Risk-informed decision-making process implementation

5 Risk decision-making context

5.1 Risk identification

5.2 Knowledge characterization

5.3 Stakeholders' concerns

6 Risk management strategies

6.1 Risk analysis

6.2 Cautionary principle

6.3 Discursive strategy

7 Managerial review and judgement

7.1 Quality of the analyses

7.2 Risk control option analysis

7.3 Portfolio analysis

8 Performance evaluation and improvement

8.1 Monitoring the decision

8.2 Reviewing

8.3 Improving

Bibliography