Development of ISO 55000 Asset Management

From 10 to 14 October 2011, the second formal meeting of ISO Working Group PC251was held in Arlington, Virginia, USA. This ISO working group is developing a new standard in the field of asset management, ISO 55000.

Reviewing earlier drafts made a number of issues clear. These were discussed during the meeting. Thereupon, various work groups continued working on the development of the standard. The primary issues were:

• Scope of the standard: all asset types or physical assets only;
• Relationship between strategy, policy and objectives;
• The asset life cycle and particularly the period over which the organisation is responsible for the assets;
• Differences in interpretation between “asset”, “asset management” and “asset management system”;
• Integration of financial aspects.

By the end of the meeting, all three parts of this standard were fit to continue as “Committee Drafts”.