ISO 55001:2014 Asset management – Management systems – Requirements is a standard that specifies the requirements for strategic asset planning, asset risk and opportunity management and programming preventive maintenance activities. One of the key requirements of ISO 55001 is to establish a Strategic Asset Management Plan, otherwise known as an Asset Management Plan.
Who should consider developing an Asset Management Plan to meet ISO 55001 requirements?
An Asset Management Plan (AMP) is essential for any organisation that manages strategic assets including (but not limited to):
- Transport Assets
- Heavy Vehicles
- Fleet Vehicles
- Infrastructure Assets (Power, Water, Gas)
- Health Assets
What is an Asset Management Plan?
An Asset Management Plan sets out an organisation’s asset management and maintenance policy and objectives for all key assets operated by the organisation, as well as maintenance of an organisation’s facilities, workshops, and key infrastructure such as plant and equipment, in terms of mandatory preventive maintenance and minimum service frequency by asset type. The Asset Management Plan:
- aims to manage the asset costs, risks, performance, condition, and deliver the long-term sustainable management of assets in delivering organisational service outcomes, consistent with the organisations’ Asset Management Objectives;
- provides an assessment of the long term (eg, 5-10 years) asset management requirements and defines and documents the approach to manage an organisation key asset performance/condition and risks to meet the organisations required and contracted service delivery outcomes, consistent with the organisations’ Asset Management Objectives; and
- demonstrates how higher level organisational objectives are converted into asset management objectives and explains how the Asset Management Plan (AMP) supports achievement of an organisation’s asset management objectives.
As such, implementation/execution of the Asset Management Plan (AMP) provides an organisation with evidence-based mechanisms to select future investments with the optimal balance between cost, performance, quality, safe service delivery and risk management.
Asset Management Objectives
The primary objectives of the Asset Management Plan typically include:
- deliver on the Asset Management Policy, through the effective application of the AMP;
- deliver consistency in service provision across all key assets – to provide for a coordinated and integrated approach to organisational investment decision making, with the balance of cost, risk, performance and opportunity;
- define the information and analysis requirements to be fulfilled by organisation to articulate long term funding requirements and the approach to manage asset performance, and condition to meet the required service outcomes and align with organisational Asset Management Objectives;
- support proposed maintenance budget proposals for current and future organisational key assets (ie, having a baseline the maintenance works program (including asset program production and funding); and
- provide opportunities for the organisation to identify risks associated with proposed changes (eg, from service or asset condition).
Key Asset Management Plan (AMP) Outputs
Key organisational Asset Management Plan (AMP) outputs typically include:
- Technical Maintenance Plan (TMP), which defines and documents:
- an organisation’s key asset and facilities asset maintenance plan for achieving long-term key asset strategic objectives, customer expectations and organisational and contract performance standards; and
- the level of maintenance activities and investment required to deliver key asset services and results to customers for and on behalf of the organisation and client contracts.
- an organisation’s key asset and facilities asset maintenance plan for achieving long-term key asset strategic objectives, customer expectations and organisational and contract performance standards; and
- Service and Operations Plan (SOP), which defines and documents/describes current and future target service delivery levels including operational responses to meet desired future service provision for customers;
- Growth and Improvement Plan (GI), which defines and documents/describes future improvements to the functionality of existing physical assets and the creation of new assets to meet the growing needs of the community; and
- Maintenance Strategy/Plan, which defines and documents long-term asset strategic objectives and customer performance standards for asset maintenance, and also details the level of maintenance activities and investment required to deliver services and results to customers for all key assets.
- Key Asset Risk and Opportunity Registers, which define and documents risk assessments and risk control measures/mitigation strategies for the various categories of key assets (consistent with ISO 31000:2018 Risk Management Standard); and
- Key Asset Data Tables, which defines and documents data requirements effective long term (eg, 5 or 10 Year Maintenance Works Plan).
Our trained and experienced consultants have a 100% track record achieving certification for our clients and we guarantee your ISO 55001:2014 Asset Management System will be certified by a JAS-ANZ accredited Certification Body.
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