What has to be documented in ISO 55001

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11 things you’ll have to document - if you want to comply with ISO 55001

Documented information required by ISO 55001 Asset Management

1 The scope of the asset management system

You will have to work out the boundaries and applicability of the asset management system to establish its scope. The scope has to be available as documented information.

2 Asset management system

You will have to develop a strategic asset management plan (but it can be called anything you like). This has to include documentation of the role of the asset management system, showing how it supports achievement of the asset management objectives.

3 Policy

The asset management policy has to be available as documented information.

4 Asset management objectives

You have to establish asset management objectives at relevant functions and levels. You must keep documented information about the asset management objectives.

5 Planning for asset management

When planning how to achieve its asset management objectives, you will have to work out and then document:

  • the method and criteria for decision making and how it’s going to prioritize the activities and resources that are needed to achieve your asset management plans and your asset management objectives
  • the process and methods that are going to be employed in managing its assets over their life cycles (which could be from creation to end-of life)
  • what is going to be done with the assets and associated processes
  • what resources will be required
  • who is going to be responsible
  • when will things be completed
  • how the results are going to be (monitored and) evaluated
  • the most suitable time span for the asset management plans – (these may need to be quite long if the asset life-cycles are long, or to comply with statutory requirements)
  • the financial and non-financial risks that are associated with the asset management plans
  • the review period that is going to be used for the asset management plan(s)
  • actions to address risks and opportunities associated with managing the assets. This has to take into account the way these risks and opportunities can change over time. This will require establishing processes for:
    • Identifying the risks and opportunities
    • Assessing the risks and opportunities
    • Determining the significance (criticality) of assets (in terms of their importance for achieving) asset management objectives
    • Implementating appropriate ways of handling and monitoring risks and opportunities.

6 Documented Information

Your asset management system has to include:

  • documented information as required by ISO 55001 (i.e. similar to this list)
  • documented information that’s needed to comply with applicable legal and regulatory requirements
  • documented information that you decide is necessary for the effectiveness of the asset management system (we can give guidance on what this means).

7 Operational planning and control

You will have to plan, implement and control the processes needed to meet requirements, and to implement the actions (to address the risks and opportunities), the asset management plans and the corrective and preventive actions. This will mean that you have to:

  • decide on criteria for the processes
  • implement suitable control of the processes in accordance with the criteria
  • keep documented information that is necessary to have confidence and evidence that the the processes have been carried out as planned – i.e. how these points have been carried out (you don’t have to have documented records of everything – we can give you guidance on what this means)
  • handle and monitor risks

8 Performance evaluation

You will have to keep appropriate documented information so that you can provide evidence of the results from the monitoring, measurement, analysis and evaluation.

9 Internal audit

You have to conduct internal audits at planned intervals (etc.) and retain documented information so that you have evidence of the results of implementing its audit programme and evidence of the audit results.

10 Management review

Top management has to review the asset management system, at planned intervals, to make sure it continues to be suitable, adequate and effective.

You must keep documented information as evidence of the results of management reviews.

11 Improvement – Nonconformity and corrective action

You have to keep documented information as evidence of:

  • the nonconformities or incidents as well as any actions taken
  • the results of any corrective action that was taken.

The Standard is copyright © ISO 2014. The requirements above have been presented in an accessible way in different terms. The actual requirements are worded differently in the Standard. You will need to access the actual Standard to see the full terms of the requirements.

What does “documented” actually mean?

Documented information does not necessarily mean that it has to be on paper. Several types of documentation are used, including electronic media such as intranet, portable devices and control systems. We can advise you on this.

The extent of the documented information for an asset management system should be carefully managed so that it’s suitable for your organization. Several factors can be used to get this right:

  • the size of your organization and the type of activities, processes, products and services it provides;
  • the complexity of processes and how they interact;
  • the competence of people (training experience, qualifications etc.);
  • the complexity of the assets, asset systems, technical processes etc.

This means that the level of documentation for different processes could range from possibly none at all (e.g. low-risk activity, with assurance through training, supervision or built-in process controls) through to very detailed step-by-step procedures for some activities (high-risk, complex).

We can advise on the best form and extend of documentation. We also cover this in our training courses.

To discuss any of these issues, or for help and guidance with your asset management system, just Contact Us