ISO 55000:2014 – Asset Management Family of Standards – An Overview

By: Brad Moore, Senior Project Manager
Pinnacle Advanced Reliability Technologies

ISO 55000:2014 - Asset Management Family of Standards - An Overview - PinnacleART White Paper

The ISO 55000 family of standards describes requirements for a comprehensive asset management system, which aligns business objectives to asset performance. The core of the program is the asset management plan, which details the activities, resources and timing required for an individual asset to achieve specified objectives, such as maximizing return on investment (ROI). Supporting the development and implementation of these asset management plans are: organizational objectives and policies, addressing of risks, ensuring personnel competency, performance evaluation, and continuous improvement. The successful implementation of an asset management system results in a consistent, risk-based approach to identifying and correcting individual equipment failures and overall facility performance improvement.

THE CHALLENGE

Facilities depend on their assets day in and day out to reliably perform various processes. In fact, the success of a company is directly affected by the performance of its assets and the way they are managed. If a critical asset fails, potential results include safety or environmental events, and associated fines can be financially draining. Additionally, if the failure requires repair or replacement, the facility may suffer from unbudgeted expenses and unplanned downtime, which can lead to a loss of profits. Thus, as facilities age and budget restraints increase, proper asset management becomes increasingly important.

For facilities, the goal should be to operate responsibly in regards to safety and environment, while maximizing ROI and optimizing costs. All of these goals can be achieved by efficient and effective management of risk. Although companies do strive to reach these goals, oftentimes the efforts are managed across separate groups within the organization, with no coordination (e.g. different definitions of risk and different criteria for success). This lack of coordination is inefficient, and will only waste precious time, funds, and resources.

Most facilities in the oil and gas and petrochemical industries utilize a Computerized Maintenance Management System (CMMS) to manage their assets, but the sole act of using the CMMS will not result in an effective asset management program. For an asset management system to be considered effective, the organization must have the following: a plan, leadership support, clearly defined roles and business goals, evaluation of performance, and implementation of continuous improvement actions.