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

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.

Services

ISO 9001:2015 –Quality Management (QMS) ISO 14001:2015 –Environmental Management(EMS) ISO/IEC 27001:2022 –Information Security Management (ISMS) ISO/IEC 20000-1:2018 –IT Service Management (ITSM) ISO/IEC 42001:2023 –Artificial Intelligence Management ISO/IEC 27701:2019 –Privacy Information Management (PIMS) ISO 45001:2018 –Occupational Health & Safety (OHS) ISO 22000:2018 –Food Safety Management (FSMS) ISO 50001:2018 –Energy Management (EnMS) ISO CEN/TS 16555-1:2013 - Innovation CE Marking & Product Certification HACCP (Codex 2023) – Hazard Analysis and Critical Control Points GMP (Updated 2023) – Good Manufacturing Practice Inspection and Testing General Data Protection Regulation (GDPR) Human Health Care HIPAA Compliance Certification Health Information Trust Alliance (HITRUST) System and Organization Controls (SOC) CMMI (Capability Maturity Model Integration) Vulnerability Assessment and Penetration Testing (VAPT) Payment Card Industry Data Security Standard (PCI DSS) Cyber Security Service

Benefits of ISO 55001 Certification

40% improved asset efficiency & ROI.

25% reduction in maintenance & operational costs.

Enhanced compliance with safety & regulatory standards.

Minimized downtime & improved business continuity.

Stronger financial performance through better asset planning.


Requirements of ISO 55001 Certification

Develop a structured Asset Management System (AMS).

Implement risk-based asset planning & lifecycle strategies.

Monitor asset performance & financial impact.

Ensure top management commitment & training.

Conduct regular audits & continuous improvement initiatives.


Cost of ISO 55001 Certification

The cost of ISO 55001 certification varies depending on the size and complexity of the organization. However, the investment can lead to significant energy cost savings and improved energy efficiency.

On average, ISO 55001 certification costs range from $3,000 to $15,000, including auditing and consultation fees.


PDCA Cycle | Accredify Global

  • Plan – to think that what do we need to achieve in our organization
  • Do – to execute a planned action which will help us achieve the required objective
  • Check – monitor against the standards) (policies, objectives, requirements)
  • Action – finally implementing what has been rechecked.

ISO CERTIFICATION. 3 STEPS. 30 DAYS. DONE !! | ACCREDIFY GLOBAL

Accredify Global, we follow a structured and transparent ISO certification process to help businesses achieve international compliance efficiently. Our streamlined approach ensures a hassle-free experience from initial consultation to final certification..

1. Plan & Gap Analysis

  • Objective: Identify gaps between your current practices and the ISO standard requirements.Assess your management system's compliance with the requirements of the applicable standard.
  • Actions:
    • Conduct a thorough review of your current processes and systems with the help of Accredify Global's experienced auditors.
    • Compare your existing practices with the ISO standard requirements.
    • Identify areas of non-compliance and create a detailed action plan to address them.
  • Outcome: A comprehensive gap analysis report and a tailored action plan to achieve compliance.

2. Implementation

  • Objective: Implement the necessary changes to meet the ISO standard requirements.
  • Actions:
    • Develop and document policies and procedures to address the identified gaps with guidance from Accredify Global's experts.
    • Train employees on the new processes and ensure they understand their roles in the ISO implementation.
    • Implement the new practices and monitor their effectiveness to ensure they align with ISO standards.
  • Outcome: A fully implemented management system that meets the ISO standard requirements, supported by ongoing training and expert advice from Accredify Global.

3. Audit Review & Certification

  • Objective: Validate your management system through an external audit and achieve certification.
  • Actions:
    • Conduct an internal audit to ensure readiness for the certification audit, utilizing Accredify Global's auditing tools and resources.
    • Schedule and undergo an external audit with Accredify Global's accredited certification body.
    • Address any non-conformities identified during the audit with support from Accredify Global's consultants.
  • Outcome: Successful certification and ongoing compliance with the ISO standard, with continuous support and guidance from Accredify Global.