This new clause includes the mandatory common terms and definitions for management systems from the Harmonized Structure. It also includes two important definitions: preventive action (3.18) and incident (3.19), which are needed for subclause 10.2. All specific terms and definitions for asset management systems are in ISO 55000:2024. For ISO 55001:2014, the new or revised definitions of value, predictive action, data, information, and knowledge are especially important.
The latest version of ISO55001 comes after 10 years of industry usage and review by TC251. Typically, an ISO standard has a review period of 5 years; however, due to the change from a high-level structure (HLS) to the revised Harmonized Structure (HL) or Harmonized Approach (HA), the review commenced in June 2021.
Note: ‘Annex L’ refers to the annex in the ISO/IEC Directives Part 1, 2019 edition, dealing with proposals and criteria for management system standards (‘MSS’). It was introduced in 2012 as ‘Annex SL’ of the ISO Supplement to the ISO/IEC Directives and was originally only applicable to management system standards developed by ISO; from 2019, IEC will also apply this annex.
The following key changes have occurred in ISO55001:2024.
Section 1: Scope
The intended results of using an asset management system are included. These results match the Harmonized Structure and are important for identifying risks and opportunities (see 6.1.1). Addressing these risks and opportunities helps ensure that the asset management system achieves its goals.
Intended results include:
- realized value from assets throughout their life for the organization and its stakeholders;
- achievement of asset management objectives and fulfilment of applicable requirements;
- continual improvement of asset management, the asset management system and the performance of assets.
Section 2: Normative references
Reference is made to the revised ISO 55000:2024.
Section 3: Terms and definitions
This new clause includes the mandatory common terms and definitions for management systems from the Harmonized Structure. It also includes two important definitions: preventive action (3.18) and incident (3.19), which are needed for subclause 10.2. All specific terms and definitions for asset management systems are in ISO 55000:2024. For ISO 55001:2014, the new or revised definitions of value, predictive action, data, information, and knowledge are especially important.
Section 4: Context of the organization
4.1 Understanding the organization and its context
The new requirement for the Harmonized Structure is that the organization must decide if climate change is a relevant issue. For more details, see the article on the JTCG website.
4.2 Understanding the needs and expectations of stakeholders
Included are two new requirements:
- The organization shall determine which identified stakeholder requirements will be addressed in the asset management system:
- The organization shall determine the impacts of assets and asset management activities on stakeholders.
This makes it clear that the organization is responsible for deciding which stakeholder needs and expectations to consider in the AMS. The organization must also determine which impacts on stakeholders need to be addressed in the AMS.
4.3 Determining the scope of the asset management system
No substantial changes.
4.4 Asset management system
No substantial changes. The former requirement to develop a SAMP is now addressed in subclause 6.2.1.
4.5 Asset management decision-making
This new subclause outlines the creation and use of a framework for asset management decision-making. It specifies the criteria to be used and the selection of suitable methods, processes, and tools.
This major change from the 2014 edition helps better align asset management from the strategic to the operational level (‘line of sight’). It ensures consistent decision-making to maximize asset value while considering context, stakeholder requirements, and risks and opportunities.
Section 5: Leadership
5.1 Leadership and commitment
No substantial changes.
5.2 Asset management policy
No substantial changes; a bit shortened.
5.3 Roles, responsibilities and authorities
No substantial changes; shortened.
Section 6: Planning
6.1 Actions to address risks and opportunities
Actions to address risks and opportunities are now covered in two separate subclauses. This change recognizes that organizations typically handle risks and opportunities differently and don’t always view them as opposites.
The risk assessment process is specified in some more detail by lifting text from 6.2.2 in ISO 55001:2014 to 6.1.2 in this new edition.
6.2 Asset management objectives and planning to achieve them
A new subclause 6.2.1 is introduced that requires the development of the Strategic Asset Management Plan (SAMP) and specifies what it should include and bring about.
This acknowledges the importance of the SAMP as element of the AMS and the key role of the SAMP in alignment of asset management with general organizational objectives and policies and the realization of value of assets for the organization and its stakeholders.
The requirements related to asset management objectives (6.2.2) and planning to achieve those objectives (6.2.3) are not substantially changed.
A new subclause 6.3 on planning changes has been introduced, following the Harmonized Structure. It focuses on identifying the need for changes, assessing related risks, and implementing changes in a planned way. Control of planned changes is still covered in subclause 8.2. This update highlights the growing importance of change management in organizations due to ongoing developments and changes in both internal and external contexts, which should also be reflected in asset management.
Section 7: Support
7.1 Resources
No substantial changes.
7.2 Competence
An additional requirement is introduced on periodic competence assessments to validate whether required competencies are still valid.
7.3 Awareness
No substantial changes.
7.4 Communication
New requirements now cover stakeholder consultation on communication needs, evaluating the effectiveness of communications, and maintaining proper documented information.
7.5 Documented information
No substantial changes (this subclause was numbered as 7.6 in the 2014 edition).
7.6 Data and information
No substantial changes (this subclause was numbered as 7.5 in the 2014 edition).
The requirements are clearer and more concise.
7.7 Knowledge
This new subclause requires the organization to identify the knowledge needed to operate the AMS, implement processes for managing this knowledge, and ensure it stays current and reflects changing requirements and trends.
Together with 7.6 this reflects the growing importance of data, information and knowledge in asset management.
Section 9: Performance evaluation
9.1 Monitoring, measurement, analysis and evaluation
No substantial changes.
9.2 Internal audit
No substantial changes.
9.3 Management review
No substantial changes.
Section 10: Improvement
10.1 Continual improvement
No substantial changes (this subclause was numbered 10.3 in the 2014 edition).
10.2 Nonconformity and corrective action
No substantial changes (this subclause was numbered 10.1 in the 2014 edition).
Preventive actions are now explicitly included alongside corrective actions. Although preventive actions were implied in the 2014 edition (addressing actions and options to eliminate the cause of nonconformities or incidents to prevent recurrence or occurrence elsewhere), they are now clearly stated.
10.3 Predictive action
This new subclause replaces the previous subclause on preventive action (10.2 in the 2014 edition). It requires the organization to establish processes for predictive actions, which anticipate the future behaviour of parameters needed for decision-making. This helps the organization better anticipate and respond to future non-conformities and opportunities for improvement, determining optimal intervention points.
It emphasizes the growing importance of planning for future developments to ensure the continued realization of value from assets for the organization and its stakeholders.
