International Organization for Standardization (ISO)
ISO has published a set of standards on asset management. Standard 55000 provides an overview of asset management and asset management systems (i.e. management systems for the management of assets). It also provides the context for ISO 55001 and ISO 55002. International cooperation in the preparation of these standards has identified common practices that can be applied to the broadest range of assets, in the broadest range of organizations, across the broadest range of cultures. The adoption of this International Standard enables an organization to achieve its objectives through the effective and efficient management of its assets. The application of an asset management system provides assurance that those objectives can be achieved consistently and sustainably over time.
Additional standards related to asset management include ISO 55010 which covers guidance on alignment of asset management, finance and accounting; and ISO 55011 which covers guidance on the development of government asset management policy. For more information, the standard is available to purchase: https://www.iso.org/standard/55088.html
Figure 1.3 Relationship between key elements of an asset management program
The gray box designates the boundary of the asset management system
Source: Adapted from ISO 55000. 2016
Publicly Available Standard (PAS) 55
Prior to the development of ISO 55000, the Publicly Available Standard (PAS) 55 was released by the British Standards Institute. This standard contains terms and definitions; information on asset management policy, strategy, and objectives; discussion on implementing asset management plans; as well as performance assessment and improvement information. The standard is available to purchase: https://www.iso.org/obp/ui/#iso:std:iso:55000:ed-1:v2:en.