What is ISO 55002:2014?

ISO 55002:2014 is an international standard that provides organizations with guidance for implementing, maintaining, and improving an asset management system. It is a critical companion to ISO 55001:2014, which specifies the requirements for an effective asset management system.

The Purpose of ISO 55002:2014

The purpose of ISO 55002:2014 is to provide organizations with practical advice on how to establish an asset management system, effectively manage their assets, and achieve the intended outcomes. It aims to help organizations align their asset management objectives with their overall business goals and strategies.

Key Components of ISO 55002:2014

ISO 55002:2014 covers various aspects of asset management, including:

Leadership and commitment: The standard emphasizes the importance of top management's involvement in the organization's asset management activities.

Planning: It provides guidance on developing an asset management plan that outlines the organization's objectives, strategies, and resources for managing its assets.

Asset life cycle: ISO 55002:2014 focuses on managing assets throughout their entire life cycle, from acquisition to disposal.

Performance evaluation: It offers guidance on monitoring, measuring, analyzing, and evaluating asset management performance to ensure continuous improvement.

Risk management: The standard provides a framework for identifying, assessing, and mitigating risks associated with the organization's assets.

Continual improvement: ISO 55002:2014 emphasizes the importance of a systematic and structured approach to continually improving the organization's asset management system.

The Benefits of Implementing ISO 55002:2014

Implementing ISO 55002:2014 can bring numerous benefits to organizations, including:

Improved asset performance: By following the guidance provided in the standard, organizations can optimize the performance, availability, and reliability of their assets.

Enhanced risk management: ISO 55002:2014 helps organizations identify and mitigate risks associated with their assets, reducing the likelihood of failures or accidents.

Cost savings: Effective asset management can lead to cost savings through improved maintenance practices, better resource allocation, and extended asset lifecycles.

Compliance with regulations: Implementing ISO 55002:2014 can help organizations meet relevant legal and regulatory requirements related to asset management.

Increased stakeholder confidence: Certification to the ISO 55002:2014 standard demonstrates an organization's commitment to effective asset management, enhancing stakeholder confidence.