BSI announces revisions to ISO Asset Management guidance standards

The updated series of standards aims to co-ordinate the whole lifecycle risks, performance, costs and sustainability of a given organisation’s asset portfolio. Assets can include physical equipment and infrastructure, personnel, expertise, software, data, reputation, inventory and anything of value to the organisation’s performance and delivery of its objectives.

For its part, an asset management system ensures the co-ordinated processes of an organisation to maximise the value realised from those assets over their whole lifecycles.

The updated standards provide the independent and objective criteria and guidance for establishing and sustaining a comprehensive asset management system. BS ISO 55001:2024 Asset Management – Asset Management System – Requirements covers the establishment of asset management policies, objectives, processes and governance in line with the host organisation’s strategic goals.

The aim of these standards is to help to demonstrate the organisation’s contributions to the United Nations’ Sustainable Development Goals. Specifically, they’re designed to improve an organisation’s sustainability by effectively managing expenditures and activities to achieve both short and long-term intended outcomes, including the management of risk, the sustainability of operational performance and addressing stakeholder satisfaction.

According to recent research, 76% of asset managers are now incorporating Environmental, Social and Governance (ESG) factors into their investment decisions.

People involvement and competence

The other standards that have been updated include BS ISO 55012:2024 Asset Management – Guidance on People Involvement and Competence. This standard affords guidance on enhancing the involvement and commitment of personnel within an asset management system to improve the overall efficiency of the translation of asset management objectives into results.

BS ISO 55013:2024 Asset Management – Guidance on the Management of Data Assets outlines guidance on managing data to support a given organisation in meeting its asset management objectives and, by extension, its organisational objectives as well.

Daan van der Wekken, head of sector for sustainability at the BSI, commented: “Having robust ESG practices in place can help organisations better prepare for and respond to challenges, in turn leading to sustainable long-term performance. The updated asset management standards provide a vital tool for those committed to responsible asset management and long-term value creation to manage their assets systematically and sustainably, positioning them to accelerate progress towards their sustainable development goals.”

Maximising value

John Woodhouse, CEO of TWPL (and the UK’s expert representative on the ISO TC 251 Asset Management Committee) observed: “Every organisation should seek to maximise the value obtained from all of its assets over their whole lifecycles. This is difficult, of course, in what’s now a changing and uncertain world, with competing stakeholder risks, demands, trade-offs and co-ordination challenges in play.”

Woodhouse continued: “To address these challenges, the ISO 55000 suite of standards provides the essential structure and minimum requirements for good asset management practices, greater alignment and robust governance. More importantly, these standards can help to deliver real and lasting performance improvements, directly contributing towards a more sustainable world.”

*Further information (and copies of the updated standards) are available by visiting the BSI’s website