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Blog

Is It Necessary to Implement the ISO 55001 Certification?

Asset management is among the top priorities for business organisations across the globe. Getting an ISO certification to implement effective asset management is necessary these days. ISO standards are effective in ensuring the efficient performance of different management systems. Since asset management is crucial for organisational sustainability, companies need to focus on getting the ideal ISO standard. Regarding this, the most common question on the internet is “what is ISO 55001 certification?” The ISO 55001 is an officially recognized benchmark for asset control, it outlines the requirements for establishing, implementing, maintaining, and improving an Asset Management System (AMS). It provides a structured approach for managing the life cycle of assets in a way that maximises their value, minimises risk, and ensures sustainability.

Small and medium companies often show reluctance to get certified. They find the process hectic and budget consuming. In reality, this accreditation shields the company from its rivals. It acts as a competitive edge too. Therefore, companies that face harsh competition in the market, need to get support.

More than the definition, people want to know about the necessity of getting it. The following blog will discuss the key aspects of this particular management system. It also highlights the necessity of getting it.

What is the ISO 55001 certification?

It is the asset management standard that applies to the asset-intensive industries across the globe. By getting the certification, a company efficiently adhere to the government rules and regulations.

The clauses

• Scope of the program

• Normative references

• Terms and definitions

• Organisational context

• Leadership

• Planning

• Support

• Operations

• Performance evaluations

• Continual improvement

What are the key aspects of the standard?

• The first aspect of the standard is establishing an asset management policy. The policy must align with the objectives and long-term vision of the organisation. A clear policy will direct the workforce to achieve the clauses of the ISO 55001.

• The second significant aspect of the standard is designing a strategic asset management plan. The aim is that it will help in ensuring every asset is being managed efficiently. The plan must focus on controlling the performance of the assets throughout their life cycle.

• The third aspect is conducting an effective risk management system. A risk management system has three parts – risk identification, risk assessments, and risk aggregation. After completing these three steps, the management can decide on the mitigation actions. The standard asks to identify and manage risks associated with assets to optimise their performance and minimise potential disruptions.

• The fourth aspect is maintaining an effective life cycle management. This includes everything from acquisition to disposal. To ensure the assets have long-term values, companies must establish an effective life cycle management system.

• Performance evaluation is the last aspect of the standard. It asks for continuously measuring the effectiveness of the system. To drive improvement timely, it is necessary to monitor the performance from time to time.

Is it necessary to occupy?

• Yes, it is necessary to get the certification. The following points will establish the advantages of the ISO 55001.

• Certification can demonstrate to customers, investors, and other stakeholders that your organization follows best practices in asset management, potentially giving you a competitive edge.

• The standard helps to identify the risks. Therefore, they help in minimising the severity. The management gets the time to reduce the waste of resources and costs.

• The certification ensures that a company abides by the regulations of the government. This way, the brand reputation of a company stays intact.

• A strong competitive edge is established. Especially medium-sized organisations find it easier to compete against their rivals.

To find the right professional support for asset management, contact us at Compliancehelp. We are a premium site for achieving any ISO certification in Australia. We provide bespoke solutions for ISO and other global certifications. We make the seemingly exhausting process of accreditation, comfortable and seamless. From basic consultation to audit and analysis, we will cover everything. Get help to clear your concepts regarding the clauses of any management system standard you require. We help you clear your doubts regarding the most vital queries related to risk aversions.

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