The Development of ISO 55000 Series Standards

The launch of a set of three ISO Standards for Asset Management in 2014 represents a step change for the AM community. One of the Standards, ISO 55001 seeks to be applicable to all asset owners from Art Galleries to the Defence Force and will be used for certification. With over 25 participating countries there is expected to be a large number of organisations, regulators, and governments who look to these Standards for asset management and certification guidance. This paper provides an overview of the ISO 55001 standard, its relationship to the other standards in the set as well as identifying differences to the PAS55 Specification which preceded it. It describes the development process and identifies areas of major debate for the committee over the 3 years. These debates often relate to areas that lack theory and quantifiable evidence and hence represent opportunities for research, these are identified. The paper will be of value to those who are not familiar with the ISO process and wish to understand why the Standards have the content they do and how they will contribute to the future of Asset Management.