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An asset management standard is a strategic boon for companies. Regardless of the size and maturity level of the company, the ISO 55001 certification (asset management standard) is a mandatory requirement. To efficiently manage the lifecycle of pivotal assets, the ISO 55001 offers a practical set of clauses, which helps to minimise damages and losses. Understandably, the fundamental purpose of the standard is to support the management in effectively improving the lifecycle of the company facets. The ISO 55001 certification process ensures that a company’s asset management protocols align efficiently with the best practices of the industry. With the implementation of the ISO asset management system, a company achieves the ability to control daily activities more efficiently. The system ensures higher returns with each investment as well.

For a 2-year-old company that is merely a beginner in the business field, it is necessary to acquire the accreditation for continuous support to process maturity. The system is a strategic shield, which ensures that the management demonstrates commitment and hard work towards operational efficiency. As a young newly created organisations should not take asset management concerns lightly. There are countless internal and external causes, which can disrupt the operations and outcome. The following blog will concentrate on the significant elements of a company and must keep this in mind for compliance. It has elaborated on the steps that help to improve the system and achieve the certification with 100% regulatory compliance.

What must a company learn about the ISO 55001 certification process?

The requirements

•Asset management policy

•Strategic asset management plan (SAMP)

•Risk-based decision-making

•Asset lifecycle management

•Continual improvement mechanisms

After understanding the primary requirement of implementing an effective ISO 55001 system, the next step is gap analysis. This is an assessment of the system’s present performance and a comparison with the expected results. It highlights the difference between the performance and the objectives. Conduct the analysis to evaluate how your asset management practices compare to the ISO 55001 requirements. For a young company:

•Identify what formalised systems you already have.

•Highlight missing policies, procedures, and evidence of implementation.

Developing an asset management system is the next necessary element in the process. Based on the gap analysis, create, or update the following:

•Asset Management Policy: Define your company’s approach to managing assets.

•Strategic Asset Management Plan (SAMP): Outline how asset management aligns with business goals.

•Operational Controls and Procedures: Document processes for asset acquisition, maintenance, disposal, and risk management.

•Information Management Systems: Implement systems to record asset-related data.

At the same time, educate employees about the principles of the ISO 55001 and their roles within the AMS. Provide specific training for teams responsible for critical assets and decision-making. After that, start with the implementation procedure. Begin practicing the documented processes. Collect records to demonstrate the system’s operation, including:

•Maintenance logs

•Risk assessments

•Financial data related to assets.

After these, perform an internal audit. The audit helps to understand whether the implemented actions have proven effective enough or not. It helps to identify the non-conformities. The internal audit is the most effective way to refine the entire asset management system as it directly addresses the weakness. To complete everything efficiently, consider hiring consultants. Once the audit assessment is done, choose an accredited certification body recognized for the ISO 55001.

Schedule a two-stage audit:

•Stage 1: Document Review – The auditor evaluates your system documentation and readiness.

•Stage 2: On-Site Audit – The auditor assesses the implementation of the AMS.

Address Non-Conformities

•If the auditors identify gaps, create, and implement a corrective action plan.

•Submit evidence of resolution to the certification body.

Certification Issuance

•Upon successful audit completion, the certification body issues an ISO 55001 certificate, valid for 3 years.

•Plan for annual surveillance audits to maintain certification.

Focus on Continuous Improvement – Regularly review asset performance and refine processes to align with changing business goals or technologies.

What must a young company keep in mind?

Highlight your strategic plans and risk-based approaches if historical data is limited. Design processes flexible enough to grow with your company. Consider hiring consultants experienced in the ISO 55001 to expedite the setup and certification process.

By getting the certification done with 100% compliance, a young company can acquire a plethora of opportunities. The management system ensures optimal use of assets throughout their lifecycle, from acquisition to disposal. It reduces downtime and improves reliability through better maintenance strategies. Also, it helps to align asset management with business objectives for higher operational efficiency. The management system identifies and mitigates risks related to asset failure, safety, or compliance. It supports a proactive approach to managing risks associated with aging infrastructure or critical equipment. Companies get the opportunity to lower maintenance costs through predictive and preventive maintenance strategies.

Final words

Get professional assistance to learn about the ISO 55001 certification process in Australia. At Compliancehelp, you will find many services for conducting internal audits, gap analysis, and readiness reviews. Besides having a comprehensive guidance set, you can customise the package according to your needs. Your overall cost might come down to an unbelievable amount after the ISO 55001 consultancy experts assess and evaluate the exact requirements. Get bespoke solutions at the most competitive price in the country.