How Asset Management Changes the Impact of ISO 55001 Certification

Many entrepreneurs fail to realize how a minor change to asset management could affect their ISO 55001 certification. This article will define the dynamics of the relationship between asset management and ISO 55001 certification.

Often entrepreneurs come to the ISO experts with this question- Why should I consider ISO 55001 Standard before making any changes to my asset management system? You must realize how inclusive or exclusive your organisation is while developing your asset management strategies. Obviously, you will invest in an asset management system to cope with the limited resources.

If you start counting assets, it’s possible that you will find profit in every asset, however, it is true that counting and managing assets is challenging. Sometimes limited budgets compel organisations to be choosy. Referring to the emerging interest in highly valuable asset management strategies, when it comes to potential asset management strategies, modern companies cannot overlook the effectiveness of ISO 55001 certification.

What is ISO 55001?

ISO 55001 is an international standard that helps organisations develop and maintain an effective asset management system. This standard requires a framework that specifies certain principles critical to any asset management system. ISO 55001 includes a ‘Plan-Do-Check-Act’ model that can help the organisation follow the standard. Moreover, this asset management standard details quality standards for developing, incorporating, maintaining, and enhancing asset management inside an organisation.

As the ISO 55001 Standard plays an active role in crucial activities related to asset management, even a minor change to your asset management system may have an impact on your certification. The way any changes to an Information Security Management System or ISMS affect ISO 27001 certification, changes to asset management affect ISO 55001 certification.

The approach of ISO 55001 Standard to Asset Management

ISO 55001 Standard has introduced seven principles explaining building asset management systems. While adopting the standard, you must be able to consider multiple perspectives. It is a great advantage to you because it helps you employ a good asset management approach.

Let’s have a look at the seven principles of the standard:

1. Organisational context

This principle merges your asset management strategies with your business policies, it needs an organisation to develop a Strategic Asset Management Plan or SAMP. The SAMP should outline what asset management needs to cover and what is the least important element. This principle ensures that asset management understands the requirements and desires of stakeholders.

If you make any changes to the system, it would affect alignment between the asset management strategies and organisational or business policies. Such disharmony may make your certification harder to obtain.

2. Leadership

According to this principle, your leadership should demonstrate ownership and commitment to the SAMP. For resources, planning, and implementation of asset management, you will require an overall and ongoing commitment from the leadership. If you make any changes to the system based on an assumption that there is a broad level or top management level awareness about asset management, then it could affect the harmony and efficiency of your leadership

3. Planning

This principle defines how an organisation should develop an effective strategic asset management plan. The planning stage wants you to align your organisation objectives of the asset management with your stakeholders’ requirements. It is imperative to understand the reason, effect, and chances of an unplanned event. If you bring in a change by applying a risk assessment to every asset, your chances of gaining ISO 5001 certification will be increased.

4. Support

This principle wants the description and recognition of any resources essential to support the SAMP. Sometimes, the best place to start is resource-gap analysis. You should think of a well-rounded practice that engages capital, human, and equipment resources, and defines/documents external resources. After the resource-gap analysis, you will be able to address the identified competency

5. Operation

It is important to map out your operations in the initial stage. When you discuss your operations with your internal and external resources, then you will be able to deal with the operations efficiently. If any operation is subject to any changes, it will be reflected on the documentation required for certification audit (final assessment for achieving the certification).

6. Performance assessment

Performance assessment is important for every ISO certification, it helps an organisation to maintain continuous improvement. Any changes to the assessment method may affect the result as well as the certification process.

7. Continuous improvement

This last principle, continuous improvement, ensures the external auditors that your organisation is able to maintain it’s performance. If you modify anything within the system that affects the continuous improvement, then it is definitely going to affect your certification.

Now you can understand how even a minor change to the asset management would affect this ISO certification. Then, be careful while making any changes to your asset management system.