What Information has to be Included in the ISO 55001 Asset Management System Documentation?

The primary goal of the ISO 55001 standard for the asset management system, is to assist organizations in more efficiently managing the lifecycle of their assets. Organizations will improve everyday operations through the implementation of ISO 55001, increase the returns on their assets, and lower overall risk costs. All corporate organizational models and all asset kinds are subject to this standard. A rise in efficacy and a sharp decrease in unit cost make up the tangible results. Additionally, this framework encourages performance improvement over time and provides enhancements for businesses of any size, style, or sector. Some of the essential components that the documentation kit must include are listed below.

• The scope of the asset management system: To determine the scope of the asset management system, you must first define its boundaries and applicability. The scope must be provided as recorded data.
• The asset management system: You must create a strategic asset management plan (which may be termed whatever you choose). This must include evidence of the asset management system’s function, demonstrating how it aids in the attainment of asset management objectives.
• The Policy: The asset management policy must be recorded and accessible.
• Asset management objectives: Asset management goals must be established at all relevant departments and levels. The asset management objectives must be documented.
• Planning for asset management: When determining how to meet its asset management objectives, you must first determine and then document:
  • The decision-making approach and criteria, as well as how it will prioritise the activities and resources required to meet your asset management goals and objectives.
  • The procedure and methods that will be used to manage its assets throughout their life cycles (which might range from creation to end-of-life)
  • What will be done with the assets and procedures linked with them?
  • What resources are needed?
  • Who will be held accountable?
  • How the outcomes will be (monitored and) assessed
  • The most appropriate time frame for asset management plans – (they may need to be rather long if asset life cycles are extensive, or to meet legislative requirements)
  • The financial and non-financial risks associated with asset management strategies
  • Actions to handle risks and opportunities connected with asset management, taking into consideration how these risks and opportunities may vary over time.
• Documented Information: Your asset management system must have the following components:
  • documented information as required by ISO 55001
  • Documented information required to meet applicable legal and regulatory requirements
  • Documented information that you determine is required for the asset management system’s success (we can provide assistance on what this entails).
• Operational planning and control: You will be responsible for planning, implementing, and controlling the processes required to achieve requirements, as well as implementing actions (to address risks and opportunities), asset management plans, and corrective and preventative measures. It means that you must:
  • Determine the procedure criteria
  • Implement appropriate process control based on the criteria
  • Maintain recorded information that is required to have confidence and evidence that the procedures were carried out as intended (you do not have to keep written records of everything – we can advise you on what this entails)
  • Risks must be managed and monitored
• Performance evaluation: You will have to keep appropriate documented information so that you can provide evidence of the results from the monitoring, measurement, analysis, and evaluation.
• Internal audits: Internal audits must be conducted at regular intervals to offer conformity information and to keep recorded information so that you have ISO 55001 documentation of the results of executing the audit program as well as evidence of the audit results.
• Management review: Top management must assess the asset management system on a regular basis to ensure that it is appropriate, adequate, and effective. You must preserve documentation as proof of the outcomes of management reviews.
• Improvement – Nonconformity and corrective action: You must preserve documentation as proof of the following:
  • The non-conformities or incidents as well as any actions taken
  • The results of any corrective action that was taken. 

Do you believe that the document preparation process might be exceedingly challenging and time-consuming? The ready-to-use ISO documentation kit from Certificationconsultancy.com makes it possible for anybody to create documents in just a couple of working days. Certificationconsultancy.com offers ready-to-use ISO 55001 documents for the asset management system, the documents are designed to help global clients in preparing ISO 55001 asset management systems. The Asset Management System documentation kit contains a well-designed sample editable document set, which is designed as per requirements for ISO 55001:2014 certification. The documents are user-friendly and easy to adapt, it also written in plain English and provided in editable MS Word format. Any organization can easily modify the ISO 55001:2014 documents as per their organization’s assets and processes and within three days their total documents with all necessary controls can be ready for implementation.