ISO 55001 presentation

Prepared By
LRSN-M

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 What is ISO 55000

ISO 55000 is a collection of international standards

that establish guidelines for implementing,
maintaining, and improving an asset management
system (AMS). An AMS helps organizations get the
most out of their assets by optimizing performance,
minimizing risks, and extending asset lifespan.

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 ISO 55000 Family

•ISO 55000: provides an overview of asset management and

the key principles.
•ISO 55001: outlines the requirements for an asset
management system. Organizations can get certified against
this standard.
•ISO 55002: guidance for implementing an asset management
system based on ISO 55001.
•ISO 55010: guidance for Alignment of Financial and Non-
Financial Functions

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 Assets Types

Assets can be broadly categorized into two main types:

tangible and intangible.
•Tangible assets are physical assets that you can see and
touch. They can be further divided into:
• Fixed assets: These assets have a relatively long lifespan and are not
intended for resale. Examples include buildings, machinery, and
vehicles.
• Current assets: These assets are expected to be converted into cash
within a year. Examples include inventory, cash, and accounts
receivable.

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 Assets Types

•Intangible assets are non-physical assets that represent value

but cannot be physically touched. Examples include:
• Intellectual property: This includes patents, trademarks, copyrights,
and trade secrets.
• Goodwill: This is the intangible value of a business that arises from
its reputation, customer base, and brand recognition.
• Data: Valuable customer or business information can be a
significant intangible asset.

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 key aspects of ISO 55000

•Provides a framework: ISO 55000 offers a structured approach to

asset management, outlining best practices and guiding
organizations in making informed decisions about their assets.
•Applies to all asset types: ISO 55000 isn't limited to physical
assets. It encompasses tangible assets (buildings, machinery),
intangible assets (intellectual property, goodwill), and financial
assets (investments, cash).
•Improves organizational performance: By effectively managing
assets, organizations can optimize their use, reduce costs, and
achieve their strategic objectives.
•Risk management: ISO 55000 emphasizes identifying, analyzing,
and mitigating risks associated with assets. This proactive approach
safeguards business continuity and minimizes potential losses.

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Strategic asset management objectives

can vary depending on the organization's specific goals and priorities.

Common examples:
•Optimizing asset performance: This objective focuses on getting the
most out of your assets by ensuring they function reliably and
efficiently throughout their lifecycle.
•Minimizing risk: An effective AMS helps identify and mitigate risks
associated with asset failure, downtime, or safety hazards.
•Extending asset lifespan: By implementing proactive maintenance
strategies, organizations can extend the useful life of their assets and
delay costly replacements.
•Improving financial efficiency: Strategic asset management can help
organizations optimize their investment in assets, reducing lifecycle
costs and maximizing return on investment.

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Approach to implementing asset management based
on ISO 55000

1.Establish a strategic asset management plan

(SAMP): This plan defines your organization's asset
management objectives and how they align with overall
organizational goals. It also outlines the framework for
developing asset management plans for individual assets or
asset classes.
2.Identify and inventory your assets: Create a
comprehensive list of all your assets, including physical,
intangible, and financial assets. This inventory should include
details like location, condition, and criticality to the
organization.

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Approach to implementing asset management based
on ISO 55000

3. Assess asset condition and risk: Evaluate the current

condition of your assets and identify potential risks
associated with their failure or underperformance. This
helps prioritize maintenance activities and make informed
investment decisions.
4.Develop asset management plans: Create plans that outline
specific maintenance, repair, and replacement strategies for
each asset or asset class. These plans should consider factors
like risk assessment, lifecycle costs, and desired performance
levels.

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Approach to implementing asset management based
on ISO 55000

5. Implement and monitor your AMS: Put your asset

management system into action, including data collection,
performance measurement, and continual improvement
processes. Regularly monitor the effectiveness of your
AMS and make adjustments as needed

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 LRSN-M Contact Information

Website : www.lrsn-m.com
Email : ramy@lrsn-m.com
Name: Eng. Ramy Nour ElDien
Position : Managing Director
Mob: +2 01271752166

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