ISO 55001

Asset Management

Manage business assets across their life cycle, from acquisition to decommission.

All organisations have assets. These can be physical, such as vehicles, buildings and equipment, or intangible, such as your brand or intellectual property. Such assets have a value to your business and the ISO 55001 standard helps you protect and enhance that value.

What is ISO 55001?

The ISO 55001 standard provides the framework for a structured Asset Management System. This will enable you to manage your business assets across their life cycle, from acquisition to decommission. The system provides an efficient way to control the risks and costs associated with asset ownership, while supporting continual improvement and value creation.

The Standard builds on the Publicly Available Specification 55 (PAS 55), which the Institute of Asset Management (IAM) developed in the UK. The PAS 55 approach has a proven record of success in the utility (water, electric and gas) industries. Now the ISO 55001 standard enables other sectors to benefit from a similarly robust approach to asset management.

The ISO 55001 Asset Management System will equip you with an industry best practice approach to managing assets. It will provide you with a common language for communicating the value of assets to financial stakeholders, such as investors, credit agencies, bondholders and insurers.

The Benefits of ISO 55001

Here are some benefits of using the ISO 55001 framework: 

  1. Improved financial performance – The ISO 55001 Asset Management System can improve your return on investment by managing expenditure, driving down costs and protecting asset values.
  2. Improved risk management – The framework’s structured reviews enable you to give your managers accurate information on assets. This will improve operational efficiency and effectiveness while reducing the risks of asset ownership.
  3. Standardised reporting – ISO 55001 enables your organisation to compare its performance with other industries, in the public and private sectors, to ensure you are implementing best practice.
  4. Enhanced reputation – Implementing ISO 55001 will ensure your company complies with its legal obligations and protects its assets, increasing customer satisfaction and stakeholder confidence.
  5. Strengthened business growth – This structured and coordinated asset management system will help you develop clear plans that everyone understands and can support, so driving process improvements across your organisation.
  6. Enhanced environmental performance – Through improved asset management, you will improve business sustainability and meet the expectations of your stakeholders for economic performance and social responsibility.

How much does ISO 55001 cost?

The cost of certification depends on several factors. These include your sector, annual turnover, and number of employees. We will also need to know if you require industry specific accreditation (such as ASCB or UKAS).

However, QMS is committed to providing a cost-effective route to ISO 55001 certification. That’s why we focus on making the process straightforward. We will save you money because, instead of creating complex document trails, we will build an Asset Management System that works for you.

Find out how affordable ISO 55001 certification really is by just using our Fee Calculator. We’ll email you a bespoke quote immediately.

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The Requirements of ISO 55001

The ISO 55001 standard uses a structure of ten clauses called Annex SL which, roughly grouped together, cover four key areas:

  1. Asset management - the processes your business must follow to run a successful Asset Management System that follows your assets, physical or intangible, throughout their life-cycle
  2. Management Responsibility - the areas your management team need to focus on, be involved with and be accountable for
  3. Resource Management - how resources such as people, infrastructure and facilities must be assigned to ensure the best possible performance
  4. Measurement, Analysis and Improvement - how you can determine if your Asset Management System is working as expected, facilitating the continual improvement of your system

Frequently Asked Questions

What is PAS 55-1:2008?

What is ISO 55001:2014?

Find out more

How can QMS help your Business?

The QMS process gets your business certified for success:

Expert

Our nationwide team of consultants and auditors has provided certifications to clients ranging from SMEs to blue chip organisations across a broad spectrum of verticals and industries.

Affordable

Our processes add value at every stage, without taking up unwarranted management time. We commit to providing you with the best possible value for money – including a price promise from the outset, along with the ability to stagger payments at no extra cost.

Simple

We remove the red tape and paperwork for you, making the process as smooth and uncomplicated as possible, and ensuring you get the framework that works for you.

A smiling QMS Certification Development Consultant takes a call on his headset

How businesses have benefited from ISO 55001?

Client Testimonials of QMS and the ISO Certification Process

    Excellent customer service

    The service we have received has been brilliant. I would not hesitate in recommending QMS to fellow businesses and have no doubt that with QMS assistance we have been able to make the journey to continuous improvement - THANK YOU!
    Nicola Rose, HR Manager. Fenland Leisure Products Ltd

    Originally posted on

    7th May

    General review

    [The Consultant] was very friendly and professional. She helped me to feel at ease with what was expected of us going forward. I have also been impressed by the process with QMS so far and look forward to working with them.
    Sarah Downs, Director. Doqaru Limited

    Originally posted on

    3rd January

    General review

ISO 55001 Certification Process

Our expert consultants will work with you and your business to make the certification process as straightforward as possible. This includes helping you make any necessary improvements to your business processes.

Our 3-stage certification process ensures you get the help you need at every step. We can even create your Asset Management System manual for you – saving you time and money.

Once you have achieved ISO 55001 certification, you will need to pass an audit each year. This will ensure your business continues to benefit from complying with the standard. Your first audit will happen one year after you receive your ISO 55001 certificate.

Once you have achieved certification the certification cycle will commence. This is made up of surveillance and re-certification audits, one of which must take place each year, around the anniversary of your certification. These visits confirm your continued compliance with the Standard and verify the validity of your certification.

Your all-in-one Management System Solution

QMS Connect delivers all the tools you need to achieve and maintain ISO compliance.

With simple navigation, real-time reporting and the ability to modify and update content on the go, QMS Connect keeps you in control. Accessible online via your computer, tablet or smartphone 24 hours a day, QMS Connect helps you manage your ISO Management System in real-time.

QMS Connect helps engage your teams, so that you can capture data that will drive business decisions – increasing repeat business, reducing customer complaints and ultimately saving you both time and money.

A screenshot of the QMS Connect system on various platforms from desktop to mobile

ISO 55001 Resources

    Guide to ISO certification

    Why you should choose QMS to assist your business with ISO certification

    Published 12/2018

    General downloads

    Standard Overview: ISO 55001

    Understanding the Basics of ISO 55001

    Published 12/2018

    ISO 55001 downloads

    QMS International Company Profile

    Find out about QMS, our achievements and some of our clients

    Published 02/2019

    General downloads

Latest ISO 55001 news

At QMS we are constantly updating our approach and process to meet the latest changes in how ISO 55001 works.

    How do you manage your management review?

    Tue, November 26 2019

    Make your next management review one to remember with these top tips on how to keep them engaging.

    What do I do if I’ve failed my ISO audit?

    Tue, November 12 2019

    A detailed guide on what to do if you have failed an ISO audit and how you can recover from a failure.

    Management System maintenance: what do businesses need to do?

    Wed, October 16 2019

    Ensuring that your Management System is kept up-to-date is one of the most important aspects of maintaining your certification to your chosen Standard. If you've ever wondered where to start; look no further.

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