ISO 55001:2014 Certification – Asset Management System | Accredify Global

Evolution of ISO 55001:2014 Certification

ISO 55001 was introduced by the International Organization for Standardization (ISO) in 2014, evolving from the PAS 55 standard to provide a globally recognized framework for asset management. It helps businesses maximize the value of physical and intangible assets, reduce operational risks, and improve financial performance.

With organizations losing up to 34% of asset value due to poor management, ISO 55001 enables structured, efficient, and cost-effective asset utilization.

What is ISO 55001 - Asset Management System ?

ISO 55001 is an international standard for Asset Management Systems (AMS) that provides a systematic approach to managing assets throughout their lifecycle. It helps organizations:

• Reduce asset failure rates & downtime.
• Optimize maintenance & lifecycle costs.
• Enhance risk management & compliance.
• Increase asset performance & reliability.

Who Needs ISO 55001 Certification?

ISO 55001 is essential for industries with large-scale asset portfolios, including:

• Manufacturing & industrial facilities.
• Energy & utilities (oil, gas, renewables, power grids).
• Transportation & logistics (airports, railways, highways).
• Government infrastructure & public services.
• Real estate & facility management companies.
• IT & technology service providers.

Importance of ISO 55001 Certification

With 60% of businesses facing unexpected asset failures, ISO 55001 provides a structured approach to:

• Increase asset utilization by up to 40%.
• Reduce maintenance costs by 25%.
• Extend asset lifespan by 30%.
• Ensure compliance with industry regulations.
• Improve investment returns & financial planning.

ISO 55001 and Its Major Aspects in Business

ISO 55001 ensures optimized asset management across all business areas, including:

• Strategic planning & asset lifecycle management.
• Risk assessment & cost control.
• Asset acquisition, maintenance & disposal.
• Performance monitoring & continuous improvement.
• Regulatory compliance & sustainability initiatives.

The Principles of ISO 55001 Certification

ISO 55001 follows key principles to ensure efficient asset management:

• Value Maximization – Align assets with business goals.
• Risk-Based Decision Making – Prioritize risk mitigation & lifecycle planning.
• Data-Driven Approach – Improve decision-making with real-time asset data.
• Sustainability & Efficiency – Reduce environmental impact & operational waste.
• Continuous Monitoring & Improvement – Adapt asset strategies based on performance data.

Checklist for ISO 55001 Certification

1. Conduct an asset inventory & risk assessment
2. Define an asset management policy & objectives
3. Develop a structured asset lifecycle strategy
4. Implement asset performance monitoring tools
5. Train employees on best asset management practices
6. Establish a compliance & audit framework
7. Maintain records and documentation

Is ISO 55001 Certification mandatory or a legal requirement?

ISO 55001 is not legally required, but it is increasingly demanded by government agencies, financial institutions, and large enterprises to ensure:

• Regulatory compliance in infrastructure & utilities.
• Risk reduction in asset-heavy industries.
• Investor confidence in sustainable asset management.