ISO 55000 Asset Management Overview
ISO 55000 is the international standard for asset management. Learn its principles and how it applies to maintenance and reliability engineering.
What ISO 55000 Is
ISO 55000 is the international standard for asset management — the systematic coordination of an organisation's assets to achieve its objectives. It provides a framework for managing physical assets (equipment, infrastructure) throughout their lifecycle, from acquisition through operation and maintenance to disposal.
The standard consists of three documents: ISO 55000 (overview, principles, terminology), ISO 55001 (requirements for asset management systems), and ISO 55002 (guidelines for applying ISO 55001).
Core Concepts
- Asset lifecycle: Assets are managed from planning and acquisition, through operation and maintenance, to disposal — not just the operational phase.
- Risk-based approach: Asset management decisions are based on risk assessment — what can fail, how likely, and what's the consequence?
- Alignment with organisational objectives: Asset management supports the organisation's strategic goals — not just maintenance KPIs in isolation.
- Continuous improvement: The asset management system is reviewed and improved over time using the Plan-Do-Check-Act cycle.
- Stakeholder value: Assets deliver value to stakeholders — not just financial, but safety, environmental, and social value.
How It Applies to Maintenance
ISO 55000 elevates maintenance from a tactical function (fix what breaks) to a strategic function (optimise asset value over its lifecycle). This means:
Maintenance planning is driven by risk assessment, not just a calendar.
Asset criticality determines maintenance strategy — not all assets get the same treatment.
Performance is measured against organisational objectives, not just maintenance KPIs like availability.
Decision-making considers lifecycle cost, not just the cheapest immediate option.
Important note
This article explains what ISO 55000 covers and how it applies to maintenance. It does not reproduce the standard. Consult the published standard for specific requirements.
How CHI can help
Ask CHI about ISO 55000 asset management principles and how to apply them to your maintenance strategy. The CHI assistant can explain what each standard covers, why it matters for your plant, and how to ensure compliance with key requirements.