What is ISO-FDIS 55000:2017

ISO-FDIS 55000:2017 is an international standard that provides guidelines and requirements for the implementation of asset management systems in organizations. This standard aims to enhance the value, performance, and sustainable growth of assets by establishing a systematic and structured approach to asset management. In this article, we will explore the key aspects of ISO-FDIS 55000:2017 and understand its significance in today's business landscape.

The Scope and Purpose

The scope of ISO-FDIS 55000:2017 encompasses all types of assets, including physical, financial, human, and intellectual assets. It applies to both public and private sector organizations, regardless of their size or nature of operations. The purpose of this standard is to provide organizations with a framework that enables them to achieve effective asset management, identify and manage risks, optimize asset performance, and drive continuous improvement.

The Three Core Components

ISO-FDIS 55000:2017 comprises three core components: Asset Management Policy, Asset Management Strategy, and Asset Management Objectives. These components are interconnected and form the foundation of a robust asset management system.

1. Asset Management Policy

The Asset Management Policy outlines the organization's commitment to asset management and defines the overall strategic direction. It establishes the context, roles, responsibilities, and authorities related to asset management. The policy should align with the organization's objectives, goals, and legal requirements.

2. Asset Management Strategy

The Asset Management Strategy translates the organization's objectives into actionable plans and initiatives. It identifies the key priorities, risks, and opportunities concerning asset management. This component helps in determining resource allocation, setting performance indicators, and developing strategies for asset acquisition, utilization, maintenance, and disposal.

3. Asset Management Objectives

The Asset Management Objectives are specific and measurable targets that support the implementation of the asset management strategy. These objectives align with the organization's overall objectives and are essential for monitoring performance, tracking progress, and driving continuous improvement in asset management practices.

Benefits of ISO-FDIS 55000:2017

Implementing ISO-FDIS 55000:2017 offers several benefits to organizations:

1. Enhanced Asset Performance

By following the guidelines provided by this standard, organizations can optimize their asset performance, reduce downtime, and improve reliability. This leads to increased productivity, efficiency, and profitability.

2. Risk Management

ISO-FDIS 55000:2017 helps organizations identify potential risks related to their assets and develop effective strategies to mitigate those risks. It enables proactive decisions on risk assessment, treatment, and monitoring.

3. Cost Optimization

A systematic approach to asset management allows organizations to make informed decisions regarding asset acquisition, utilization, maintenance, and disposal. This results in cost optimization, as resources are allocated effectively and efficiently.

4. Compliance and Legal Requirements

Implementing ISO-FDIS 55000:2017 ensures that organizations comply with relevant legal and regulatory requirements. It provides a benchmark for assessing the effectiveness of asset management systems and facilitates audits and certifications.

Conclusion

ISO-FDIS 55000:2017 is an essential standard that enables organizations to establish effective asset management systems. By following its guidelines, organizations can enhance asset performance, manage risks, optimize costs, and ensure compliance with legal requirements. Implementing this standard helps organizations in achieving sustainable growth, profitability, and long-term success.