ISO 55001 and PAS 55

Lloyds Register

In 2004 the Institute of Asset Management, in conjunction with British Standards

Institution, developed PAS 55, the first publicly available specification for the
management of physical assets. Recognising the key need for a sustainable, riskbased, asset management approach, Lloyds Register took a leading role in the
development of PAS 55, its revision in 2008 and its evolution into the ISO 5500x
suite of standards.

The International Standards Organisation

(ISO) has now accepted PAS 55 as the
basis for development of the new
ISO 55000 series of international
standards and these standards are
due for publication in early 2014. This
factsheet has been developed to inform
our existing PAS 55 clients what the
introduction of ISO 55001 will mean to
them and how Lloyds Register intends
to manage the transition to the new
Standards.
The ISO 55000 series will comprise three
standards:
ISO 55000 provides an overview of the
subject of asset management and the
standard terms and definitions to be
used
ISO 55001 is the requirements
specification for an effective
management system for assets
IS0 55002 provides guidance for the
implementation of such a system

The Changes
ISO 55001 is one of the new breed of
management system standards based
on Annex SL, the common high level
structure and text for management
system standards, this allows
organisations to work easily with other
standards already produced in this area
and is designed to be compatible with
common management system standards
such as ISO 9001, ISO14001 and OHSAS
18001. It continues to be based on the
Plan, Do, Check, Act principles.
PAS 55 was specifically developed to
manage physical assets, and whilst ISO
55001 is still aimed at these assets, it
is also applicable to all types of assets.
This means that some clauses of PAS 55
that were specific to physical assets are
no longer included in ISO 55001. These
clauses include:

Monitoring the condition of assets

Tools and Equipment
The requirements of these clauses in
PAS 55 are now generally contained
in the guidance standard ISO 55002 as
recommendations rather than mandatory
requirements.
ISO 55001 has introduced additional
requirements that will need to be
assessed to ensure compliance to ISO
55001. The additional requirements are
detailed in Appendix A.
The Transition
It is anticipated that ISO 55001 will be
published in early 2014 and Lloyds
Register intends to deliver certification
services against this new standard should
clients request it. At this time it is not
clear what the future holds for PAS 55
but it is likely to be withdrawn by British

Working together
for a safer world

Standards probably within 12 months

of the publication of ISO 55001. Our
clients tell us they have gained significant
business benefit from the robust
methodology used by Lloyds Register in
delivering PAS 55 certification services.
Therefore we will continue to use this
same methodology in delivering ISO
55001 services.
For those companies who are already
certified to PAS 55 through Lloyds
Register we can offer the following
options:
1. Continue with your existing
certification until the end of the
current certification period and then
transition to ISO 55001.
2. Request a special transition visit so
that the additional requirements of
ISO 55001 can be assessed and an ISO
55001 certificate can then be issued. If
you require you can also maintain your
PAS 55 certification.

demonstrates the management of these

assets. We recognize that, for some
organisations (specifically physical asset
intensive organisations), there is merit
in continuing to be assessed against
specific clauses and requirements of PAS
55. Where requested we will offer our
clients this additional service as part of
our ISO 55001 assessment, but it is not
a requirement for achieving ISO 55001
certification.
The robust approach to asset
management system assessment
we developed for delivering PAS 55
assessment will continue for ISO 55001.
The benefits obtained through our
detailed assessments carried out by sector
experts will again provide the challenge
welcomed by our clients. Our objective
remains the same, to help you identify
and deliver improvements to your asset
management system in line with the
new international standard.

ISO 55001 allows an organisation to

specify those assets that are critical to
meeting its stakeholder requirements
and meeting its business objectives and

Plan
10.1 Nonconformity and corrective action
10.2 Preventative action
10.3 Continual improvement

Act

4.1 Understanding the organisation and its context

4.2 Understanding the needs and expectations of stakeholders
4.3 Determining the scope of the asset management system
4.4 Asset management system
5.1 Leadership and commitment
5.2 Policy
5.3 Organizational roles, responsibilities and authorities

ISO 55001

Management
System Structure

9.1 Monitoring, measurement,

analysis and evaluation
9.2 Internal audit
9.3 Management review

Check
8.1 Operational planning and control
8.2 Management of change
8.3 Outsourcing

Do
6.1 Actions to address risks and opportunities
6.2 AM Objectives and planning to achieve them
7.1 Resources
7.2 Competence
7.3 Awareness
7.4 Communication
7.5 Information requirements
7.6 Documented information

Working together
for a safer world

Appendix A - Additional requirements of ISO 55001 over PAS 55

ISO 55001 Clause

Clause Heading

Additional Requirements over PAS 55

4.1

Understanding the organisation and

its context

Assessment against this clause is required to ensure that the

organisation has determined external and internal issues that could
impact on its ability to achieve the intended outcome(s) of it asset
management system.

4.2

Understanding the needs and

expectations of stakeholders

Assessment against this clause is required, taking into account

the compliance with PAS 55 clause 4.3.1, to ensure that the
organisation has determined relevant stakeholders and their
requirements and expectations, the process for asset management
decision making and stakeholder requirements for recording and
reporting financial and non-financial information.

4.3

Determining scope of the asset

management system

Compliance to PAS 55 Clause 4.1 will generally indicate

compliance with this clause of ISO 55001 with additional
assessment to confirm that the scope of the asset management
system is aligned to the Strategic Asset Management Plan (SAMP)
and the AM Policy.

4.4

Asset Management System

Compliance to clause 4.1 of PAS 55 indicates compliance to this

clause of ISO 55001, subject to the organisation having established
a strategic asset management plan and evidence of the AM system
as a whole being in place.

5.1

Leadership and commitment

Compliance to PAS 55, 4.4.1 indicates general compliance with

this clause of ISO 55001 with additional assessment to confirm
that top management is promoting cross functional collaboration
within the organisation.

5.2

Asset management policy

Compliance to PAS 55, 4.2 indicates compliance to this clause of

ISO 55001

5.3

Organisational roles, responsibilities

and authorities

Compliance to PAS 55, 4.4.1 indicates compliance to this clause of

ISO 55001

6.1

Actions to address risks and

opportunities for the AM system

Compliance to PAS 55 clause 4.4.7 indicates general compliance

to this clause of ISO 55001 with additional assessment to confirm
that opportunities as well as risks are being considered.

6.2

Asset Management Objectives and

planning to achieve them

Compliance to PAS 55, 4.3.1 plus others indicates general

compliance to this clause of ISO 55001 in respect of SAMP
criteria. Additional assessment is required to ensure that there
is consideration of stakeholder requirements in development of
objectives, not just the communication of these objectives to
them, and that the organisation has determined and documented
the financial and non-financial risk implications of the asset
management plan(s)

7.1

Resources

Compliance to PAS 55, 4.4.1 indicates compliance with this clause

of ISO 55001

7.2

Competence

Compliance to PAS 55, 4.4.3 indicates compliance to this clause of

ISO 55001

7.3

Awareness

Compliance to PAS 55, 4.4.3 indicates compliance to this clause of

ISO 55001

7.4

Communication

Compliance to PAS 55 clause 4.4.4 indicates general compliance

to this clause of ISO 55001 with additional assessment to confirm
the organisation can demonstrate it has determined the need for
internal and external communications.

ISO 55001 Clause

Clause Heading

Additional Requirements over PAS 55

7.5

Information Requirements

Compliance to PAS 55 clause 4.4.6 and 4.4.7 indicates general

compliance to this clause of ISO 55001 7.5 a, b and c. Additional
assessment is required against ISO 55001 clause 7.5 d and e to
confirm that the organisation has determined the requirements for
alignment of financial and non-financial terminology with respect to
asset management. In addition assessment is required to confirm
that there is consistency and traceability between the financial and
technical data to ensure legal and regulatory requirements are met as
a minimum.

7.6

Documented Information

This clause of ISO 55001 contains specific requirements for

documentation not detailed in PAS 55 clause 4.4.5 therefore all of
the requirements of this clause will require additional assessment.
Compliance to PAS 55 clauses 4.4.5 and 4.4.6 will indicate partial
compliance to this clause of ISO 55001 but additional assessment will
focus on document creation, version control, review, and retention.

8.1

Operational Planning and Control

Compliance to PAS 55 clause 4.5.1, and clause 4.4.7 with regard to

control of risks across the various parts of asset life cycle, indicates
compliance to this clause of ISO 55001

8.2

Management of Change

Compliance to PAS 55 4.4.9 indicates compliance to this clause of ISO

55001

8.3

Outsourcing

Compliance to PAS 55 4.4.2 indicates general compliance with

this clause of ISO 55001 with additional assessment required to
ensure that the performance of outsourced activities is monitored in
accordance with ISO 55001 clause 9.1

9.1

Monitoring measurement analysis

and evaluation

Compliance to PAS 55 clause 4.6.1 indicates general compliance

to this clause of ISO 55001 with additional assessment required to
confirm that the organisation is evaluating and reporting on the
effectiveness of the process for managing risks and opportunities.
Confirmation is also required that the organisation is evaluating and
reporting on the financial and non-financial performance.

9.2

Internal audit

Compliance to PAS 55 4.6.4 indicates compliance to this clause of ISO

55001

9.3

Management review

Compliance to PAS 55 4.7 indicates general compliance to this clause

of ISO 55001 with additional assessment to confirm that changes in
the profile of risks and opportunities is considered.

10.1

Nonconformity and corrective

action

Compliance to PAS 55 clauses 4.6.2 and 4.6.5.1 indicates general

compliance with this clause of ISO 55001 with additional assessment
to confirm that the organisation is reviewing the effectiveness of any
corrective actions and that the organisation is retaining documented
information as evidence of the nature of the non-conformities or
incident and any subsequent actions taken and the results of any
corrective action.

10.2

Preventive action

Compliance to PAS 55 clause 4.6.5.1 indicates compliance to this

clause of ISO 55001

10.3

Continual improvement

Compliance to PAS 55 clause 4.6.5.2 indicates compliance to this

clause of ISO 55001

To find out more about how we can help you please call +44 (0)2476 518626
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December 2013
Lloyds Register and variants of it are trading names of Lloyds Register Group Limited, its subsidiaries and affiliates.
Copyright Lloyds Register Group Services Limited, 2013. A member of the Lloyds Register group.