Asset management system manual or equivalent to show how the am. The necessity for good asset management is growing rather than reducing. Heres some insight into this framework for maximizing the return on your assets and improving safety. Alpiq als erstes stromunternehmen europas iso 55001zertifiziert. Asset management in npdes permits npdes wastewater. Network rails asset management system to bsi pas 55 was achieved as part. Local government asset management better practice guide. Presentational conventions the requirements of pas 551 are reproduced in outlined boxes. Nevertheless, it is expected that pas 55 will continue to be used as an expanded guidance tool on the management of physical assets woodhouse, 2014, while iimm will carry on being one of the. The pas 55 specification and enterprise asset management a capital asset. Implementing pas 55, asset management standard, through. Pas 55 evolved into the iso 55000 asset management standard. Guidelines for the application of pas 551 british standards institution on.
The specifications and guidelines were first developed in 2004 in response to industry need for a. Part 1 of pas 55 specifies the requirements for an asset management system for the management of physical assets and asset systems over their life cycles. This is a publicly available specification pas published by the british standards institution bsi. In 2004, the british standards institute bsi, together with the. The british standard pas 55 asset management, published by bsi, could be named the predecessor of iso 55000. Moving from pas 55 to bs iso 55001 the new international standard for asset management transition guide pas 55, published by bsi in conjunction with the institute of asset management and 49 organizations from 15 industries in 10 countries. Pas 55 was originally produced in 2004 by a number of organisations under the leadership. Certification to pas 55 or the iso 55001 standard is a common management aim when companies use them. Recovery rate of npa npa recovered as a % of previous years gross npa 50 55 60 65 70 a npa recovered as a % of previous years gross npa 55.
A holistic, efficient and whole life approach to the management of physical assets is vital to be able to manage costs and risk and align operations with business. The aim of this chapter is to describe pas55, the asset management specification published by the british standards institute. The development of the initial pas 55 documents was led by the iam in collaboration with the bsi. Asset management is essentially a riskbased process 2. Pas 55 asset management gap analysis high performance requirements were imposed by the government and public opinion on one of the most completely utilized infrastructure networks in europe. Applying the guidelines of bsi pas 55 to facility management. Practical implementation of asset management through iso. Pas 551 describes asset management as the systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems, their associated performance, risks and expenditures over their life cycles for the purpose of achieving its organizational strategic plan. The organization must design, implement and maintain a system for management asset management information. The publiclyavailable specification for asset management pas 55 outlines what. Public asset management companies in east asia case studies. Pas 55 1 describes asset management as the systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems, their associated performance, risks and expenditures over their life cycles for the purpose of achieving its organizational strategic plan. Pas 55 was initiated by the iam, and is an internationally recognised specification defining what good asset management means and the hallmark for demonstrating competent governance of critical infrastructure.
The publiclyavailable specification for asset management pas 55 outlines what a standardised asset management system should. How to build your iso 55001 asset management system. Iso 55001 asset management if your organization has multiple assets at the heart of the business, youll know that an efficient asset management strategy, regardless of whether the assets are financial, physical or organizational, should contribute to better operating results, performance and ultimately improve your bottom line. Pas 55 is a high level guidance defining asset management as systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems. Park asset management plan missoula, mt official website. Iso 55000 is an international standard covering management of assets of any kind. Successful businesses understand that the optimized management of their assets is vital to. National asset management unit trust investments in sri. Pas 55 gives guidance and a 28point requirements checklist of proposed good practices in physical asset management. Pas 55 asset management standard gives guidance and best practices on developing and implementing what to for asset management. Pas 55 optimal management of physical assets specification. The british standards institution first published publicly available specification pas 55 in 2004 after years of collaboration among consultants and private sector companies under the direction of the institute of asset management, a notforprofit organization.
Ventyx ellipse is a fully integrated enterprise asset management solution that is aligned with pas 55. Pas 55 clearly indicates what is needed to manage your assets throughout the entire life cycle, starting from organizational objectives. Reference guide for asset management tools is designed for state staff and technical assistance providers who are assisting small and mediumsized drinking water or wastewater systems in identifying resources that can be used to. Asset management iam, in collaboration with the british standards institution bsi, with the assistance of the following cooperating organizations and individuals. Energy company scottishpower, a division of iberdrola, was the first power generator and the second company in the world to be certified on bsi publicly available specification 55 pas 55. Why enterprise asset management is necessary for pas 55. Ivaras assetwise performance management software and the bentley asset performance management apm methodology, coupled with the amor group. Implementation of asset management plans requirements for the execution and control of life cycle activities and management of the tools, facilities and equipment as required to deliver the asset management plans note this is a short section, reflecting the pas 55 focus on the management system rather than the assets. However iso 55001 is a standard for any asset type, whereas pas 55 is explicitly focussed on the optimal management of physical assets. The iso 55000 series of asset management standards was launched in january 2014 history. The iso 55000 set of documents is a concept with universal appeal to industry worldwide.
Local government asset management better practice guide 2 introduction local government victoria lgv is pleased to release this better practice guide on local government asset management. An emerging global standard for asset management written by john benders, mincom monday, june 2011 12. Pdf measuring the performance of asset management systems. Strategic, tactical, and technical asset management have developed at a rapid pace in recent years culminating in the development of organizations like the uk based institute of asset management iam, and development of a formalised publicly available specification pas 55 covering the optimized management of physical infrastructure assets. Written by the institute of asset management and published by the british standards institute in the uk, pas 55 is a publicly available specification which lays down a series of requirements for a business to undertake asset management.
In 20022004 the institute of asset management iam in conjunction with british standards institution bsi developed pas 55, the first publicly available specification for optimised management of physical assets. Measuring the journey to excellence in asset management. Before it, a publicly available specification pas 55 was published by the. Pas 55 is part 1 of the standard for asset management. Jemena electricity networks vic ltd it asset management plan 20162020 version 4. Asset management on an industrial site introduction of the demand and supply concept across the site the development of improvement ideas within the overall policies the interface with contractors and the levels of control the need for legislative compliance supported by strong business processes and systems. Asset management and process safety benefit from pas 55. National asset management limited namal is the pioneer unit trust management company in sri lanka established in 1991 with 26 years of experience and a successful track record of investing in equity and fixed income markets. New guidance has been introduced for contingency planning see 4. Namal launched the first unit trust to be licensed in sri lanka national equity fund and the first listed unit trust. Asset management is an integrated approach to monitoring, operating, maintaining, upgrading, and disposing of assets costeffectively, while maintaining a desired level of service. This has become an international bestseller, with widespread adoption in utilities, transport, mining, process and manufacturing industries worldwide. Asset management system requirements are becoming more sophisticated.
Pas 55 complaint organizations must also provide employees and stake holders access to information that is relevant to their activities, and to their responsibilities. Before it, a publicly available specification pas 55 was published by the british standards institution in 2004 for physical assets. Infrastructure related businesses invest heavily in asset management systems to help manage their assets and improve their overall performance. Asset management is an important part of any organis, as it allows themation to extract value from their assets. Pas 55 and enterprise asset management control global. Report on international asset management practices 4 1 introduction 1.
The park asset management plan catalogs the cyclical maintenance, feature renovations, and replacement needs for a majority of the citys major park assets and recreation service amenities. As mentioned, pas 55 and the iso 55000 series only tell the user what to do, not how. How to build your iso 55001 asset management system quickly and make iso 55001 certification easy the iso 55001 asset management standard provides a universal framework for managing the use of physical assets, such as mobile or fixed operating plant and equipment. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Pas 55 is structured around the familiar plandocheckact cycle of continual improvement, and introduces the need for a number of essential enablers and controls to ensure alignment, integration and sustainability of efficient and effective asset management activities. Building an inventory of your assets scheduling and tracking maintenance tasks through work orders managing your budgeted and actual annual expenses and revenue. The guide has been prepared to provide greater currency to previously issued guidance material and reflects improved practices and.