[Note: This is a partial preview. To download this presentation, visit: https://www.oeconsulting.com.sg/training-presentations] ISO 55001:2014 is the latest Asset Management (AM) international standard. The ISO 55001 management system provides a framework to establish asset management policies, objectives, processes and governance, and facilitates an organization's achievement of its strategic goals. ISO 55001 utilizes a structured, effective and efficient process that drives continual improvement and ongoing value creation by managing asset-related cost, risk and performance. The benefits of implementing the ISO 55001 framework include the realization of increased value from assets, improved financial performance and improved organizational sustainability. This presentation can be used to brief staff, new hires and potential auditees so as to create awareness of the ISO 55001:2014 standard. Alternatively, the presentation may be used to supplement your materials for the training of Asset Management professionals and internal auditors. This presentation includes the what and benefits of ISO 55001, the AM structure, the certification process and offers practical tips on how to handle an audit session. LEARNING OBJECTIVES 1. Provide background knowledge on ISO 55001 2. Gain an overview of ISO 55001 structure and the certification process 3. Gather useful tips on handling an audit session CONTENTS 1. Introduction to ISO 55001 2. ISO 55001 Structure 3. ISO 55001 Certification 4. Handling the Audit Session

1. © Operational Excellence Consulting. All rights reserved.
ISO 55001:2014
Asset Management
© Operational Excellence Consulting. All rights reserved.

2. © Operational Excellence Consulting. All rights reserved. 2© Operational Excellence Consulting. All rights reserved. 2
Learning Objectives
Provide
background
knowledge of
ISO 55001
Gain an
overview of the
ISO 55001
structure
Understand the
ISO 55001
certification
process
Learn useful tips
on handling an
audit session
NOTE: This is a PARTIAL PREVIEW. To
download the complete presentation, please
visit: https://www.oeconsulting.com.sg

3. © Operational Excellence Consulting. All rights reserved. 3
Contents
2
3
4
ISO 55001 Structure
ISO 55001 Certification Process
Handling an Audit Session
1 Introduction to ISO 55001

4. © Operational Excellence Consulting. All rights reserved. 4
About ISO
 Non-governmental organization (NGO) established in
1947, based in Geneva, Switzerland
 Has a membership of over 160 national standards
institutes from countries in all regions of the world
 The world’s largest developer of voluntary International
Standards, based on global and market relevance

5. © Operational Excellence Consulting. All rights reserved. 5
What is ISO 55000?
 ISO 55000 is the international standard for Asset
Management (AM)
 The standard is aimed at enabling an organization to
obtain lifetime value from its assets
 The standard provides organizations a structured
approach to manage its assets efficiently and effectively
 Applies to organizations who already has a mature Asset
Management System (AMS), or is just starting its
journey to obtain value from its assets

6. © Operational Excellence Consulting. All rights reserved. 6© Operational Excellence Consulting. All rights reserved. 6
The ISO 55000 Family
TERMS & DEFINITIONS
Asset
Management
(AM)
ISO 55000
Overview,
principles and
terminology
ISO 55001
Asset
management
requirements
ISO 55002
Implementation
and application
guide
REQUIREMENTSGUIDELINES

7. © Operational Excellence Consulting. All rights reserved. 7
Objectives of ISO 55001
 Help the organization to
manage the lifecycle of
assets more effectively
 Optimize value by making
appropriate trade-offs
between risk, cost and
performance
 Improve the organization’s
financial performance

8. © Operational Excellence Consulting. All rights reserved. 8© Operational Excellence Consulting. All rights reserved. 8
Examples of Assets
Buildings Equipment Cash
Computers People

9. © Operational Excellence Consulting. All rights reserved. 9
Image credit: New York Times
 Costs BP over $62 Billion in fines and
other penalties (USA Today, 14 July, 2016)
Value destruction is caused by poor
asset management practices

10. © Operational Excellence Consulting. All rights reserved. 10
What is Asset Management?
 Asset management enables the
realization of value from assets
 Value realization is achieved
through the use of analytical
approaches and implementation
processes that have similar
core characteristics, no matter
what the industry

11. © Operational Excellence Consulting. All rights reserved. 11
Benefits of Adopting ISO 55001
 Improved financial performance
 Informed asset management decisions
 Managed risk
 Improved services and outputs
 Improved efficiency and effectiveness
 Demonstrated social responsibility
 Demonstrated compliance
 Improved organizational sustainability

12. © Operational Excellence Consulting. All rights reserved. 12
ISO 55001 is Based on the ISO High-Level
Structure for Management System Standards
1. Scope
2. Normative References
3. Terms & Definitions
4. Context of the Organization
5. Leadership
6. Planning
7. Support
8. Operation
9. Performance Evaluation
10. Improvement

13. © Operational Excellence Consulting. All rights reserved. 13
ISO 55001 Approach is Based on the Plan-Do-
Check-Act (PDCA) Model
Organization and
its context (4)
Intended
Outcomes
Needs and expectations
of stakeholders (4)
Leadership
(5)
Performance
evaluation
(9)
Support &
Operation
(7,8)
Planning
(6)
Improvement
(10)
Plan Do
CheckAct

14. © Operational Excellence Consulting. All rights reserved. 14
ISO 55001:2014 Clause Structure (4-10)
PLAN DO CHECK ACT
4. Context of the
organization
5. Leadership 6. Planning 7. Support 8. Operation 9. Performance
evaluation
10. Improvement
4.1 Understanding the
organization and its
context
5.1 Leadership and
commitment
6.1 Actions to address
risks and
opportunities
7.1 Resources 8.1 Operational
planning and control
9.1 Monitoring,
measurement,
analysis and
evaluation
10.1 Nonconformity
and corrective action
4.2 Understanding the
needs and
expectations of
stakeholders
5.2 Policy 6.2 AM objectives and
planning to achieve
them
7.2 Competence 8.2 Management of
Change
9.2 Internal audit 10.2 Preventive action
4.3 Determining the
scope of the Asset
Management (AM)
system
5.3 Organizational
roles, responsibilities
and authorities
7.3 Awareness 8.3 Outsourcing 9.3 Management
review
10.3 Continual
improvement
4.4 AM system 7.4 Communication
7.5 Information
requirements
7.6 Documented
information

15. © Operational Excellence Consulting. All rights reserved. 15
ISO 55001 Certification Process
Implementation
of AM System
Conduct Internal
Audit and Review
Result by Top
Management
Selection of a
Certification Body
Stage 1 Audit
Bridge the Gaps
& Fine-tune the
AM System
Stage 2 Audit
Confirmation of
Registration
Continual
Improvement and
Surveillance
Audits

16. © Operational Excellence Consulting. All rights reserved. 16
Audit Findings
Minor Non-conformity
Observation
Major Non-conformity

17. © Operational Excellence Consulting. All rights reserved. 17
Auditee’s Conduct
 Polite
 Professional
 Positive / Receptive
 Sincere
 Commitment
 Formal but not overly
serious

18. © Operational Excellence Consulting. All rights reserved. 18
Interacting with Auditors
 Be honest and open
 Recognize they may be experts
 Realize they may not be subject
matter experts
 Understand the purpose of the
meeting and review related records
prior to interviews
 Turn mobile phones to silent mode

19. © Operational Excellence Consulting. All rights reserved. 19
Interacting with Auditors
 Assume auditors are familiar with
your organization’s AM system
 Challenge auditors
 Show more competence in ISO
55001
 Argue internally
 Express unfairness
 Ask for solution
 Fix non-conformities on the spot

20. © Operational Excellence Consulting. All rights reserved.
END OF PREVIEW
To download this presentation,
please visit:
www.oeconsulting.com.sg