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Pass 55001
Pass 55001
PAS 55-1:2008
Asset Management
Part 1: Specification for the optimized
management of physical assets
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PAS 55-1:2008
Acknowledgement
The development of this Publicly Available Specification (PAS) has been led by the Institute of
Asset Management (IAM), in collaboration with the British Standards Institution (BSI), with the
assistance of the following co-operating organizations and individuals:
Steering Group Review Panel Associates
• John Woodhouse Representatives of the following organizations were part of the • Canadian Gas Association
Project Chairman, IAM review panel for the development of this PAS: • CIRIA
• Aled Williams • AMCL • Halcrow • ENA (Australia)
National Grid • AMT-Sybex • Hydro One Networks Inc • Health & Safety Executive
• Dr Navil Shetty • Atkins • KEMA • International Water Association
Atkins • Atlantic LNG Co of Trinidad • Lloyd’s Register • Nottingham University
• Mike Dixon & Tobago • Logica • University of Manchester
EDF Energy • BAE Systems (Operations) Ltd • London Underground • Ofgem
• Prof Steven Male • BC Transmission Corporation • MTR Corporation Limited • Office of the Rail Regulator
University of Leeds
• CE Electric UK • National Grid • Royal Institution of
• Rhys Davies
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PAS 55-1:2008
Contents
Page
Acknowledgement .......................................................................................................... i
Foreword ................................................................................................................................ iii
0 Introduction ..................................................................................................................... v
1 Scope .................................................................................................................................... 1
Bibliography ......................................................................................................................... 23
PAS 55-1:2008
Foreword
This Publicly Available Specification (PAS) was first published in 2004 in response
to demand from industry for a standard for asset management. It is applicable to
any organization where physical assets are a key or a critical factor in achieving its
business goals. This 2008 revision reflects the increasing international consensus
about required good practices in the management of such physical assets.
To ensure consistency with other related management This PAS is not to be regarded as a British Standard.
system standards and to facilitate its alignment or
integration, it was considered that asset management Supersession
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would be best standardized as a specification, with PAS 55-1:2008 and PAS 55-2: 2008 supersede PAS 55-
the information on implementing asset management 1:2004 and PAS 55-2:2004, which remain current
distilled into key requirements. The criterion for and obsolescent until 1 March 2010 when they will
including such requirements has been that, without be withdrawn.
them, the asset management system would be
NOTE Obsolescence is declared where the content of a
regarded as deficient.
standard, which is superseded by new provisions (in the
form of a new standard), still retains a commercial need
This PAS has been based on the familiar BS ISO format
or relevance (to a specific technology, industry or process).
comparable with widely adopted standards such as
The document is superseded but it is not withdrawn.
BS EN ISO 14001 and BS OHSAS 18001 (see Annex A).
• Part 2: Guidelines for the application of PAS 55-1. • The term “infrastructure” has been removed from
the title of the PAS;
It has been assumed in the preparation of this PAS that • The Foreword and Introduction have been revised;
the execution of its provisions will be entrusted to • Figure 1 has been transferred and adapted from
appropriately qualified and experienced people, for PAS 55-2:2004;
whose use it has been produced.
• Figures 2, 4 and 6 have been revised and Figures 3
and 5 are new;
Consultation
• New definitions have been added, and existing
This PAS has been developed in consultation with definitions revised;
a large number of international organizations and
• Asset management objectives and asset management
individuals from a wide range of industries that are
targets are now jointly referred to as asset
active and proficient in the field of asset management
management objectives, and their definition has
(see Acknowledgements).
been revised accordingly (see 3.5);
Publishing information • The section on Asset management plan(s) (see 4.3.3)
has been extended to more clearly identify the
This PAS comes into effect on 15 September 2008.
requirements for optimizing plans and the
This PAS has been prepared and published by BSI, interaction between life cycle phases;
which retains its ownership and copyright. BSI reserves • The requirements for emergency preparedness and
the right to withdraw or amend this PAS on receipt response have been extended to include continuity
of authoritative advice that it is appropriate to do so. planning and the section has been renamed
This PAS will be reviewed at intervals not exceeding “Contingency planning” (see 4.3.4);
two years, and any amendments arising from the • A new section “Asset management enablers and
review will be published as an amended PAS and controls” (see 4.4) has been created to consolidate
publicized in Update Standards. the generic requirements of: structure, authority and
PAS 55-1:2008
responsibilities; training awareness and competence; • “Checking and corrective action” has been renamed
communication, participation and consultation; asset “Performance assessment and improvement”
management system documentation; information (see 4.6), with the structure for the sub-clauses
management; risk management; legal and other adapted from those described in PAS 99 and
requirements; and management of change; ISO Guide 72; and
• New requirements have been introduced for • New requirements have been introduced for
Communication, participation and consultation Management review (see 4.7).
(see 4.4.4);
• Information management (see 4.4.6) brings together Presentational conventions
the requirements of the previous clauses for The provisions of this PAS are presented in roman
“Document, data and information control” and (i.e. upright) type. Its requirements are expressed
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“Asset management information system”; in sentences in which the principal auxiliary verb
• Management of change is discussed in a separate is “shall”.
clause (see 4.4.9);
Commentary, explanation and general informative
• The requirements in the former “Operational
material is presented in smaller italic type, and does
control” have been divided between
not constitute a normative element.
“Implementation of asset management plan(s)”,
“Management of change” and “Asset management
Contractual and legal considerations
system documentation”;
This publication is not intended to include all the
• “Implementation of asset management plan(s)” has
necessary provisions of a contract. Users are
been expanded to address the Life cycle phases of
responsible for its correct application.
managing assets (see 4.5);
• New requirements for Evaluation of compliance have Compliance with this PAS cannot confer immunity
been introduced (see 4.6.3); from legal obligations.
PAS 55-1:2008
0 Introduction
0.1 What is asset management?
For the purposes of this PAS, asset management is • the ability to demonstrate that sustainable
defined in 3.2 as: development is actively considered within the
systematic and coordinated activities and practices management of the assets over their life cycles.
through which an organization optimally and
sustainably manages its assets and asset systems, Such benefits are most often associated with the
their associated performance, risks and application of a number of key principles and
expenditures over their life cycles for the purpose attributes in the design and implementation of the
of achieving its organizational strategic plan asset management system (see Figure 1); these are
explained further in PAS 55-2.
and organizational strategic plan is defined in 3.25 as:
overall long-term plan for the organization that
is derived from, and embodies, its vision, mission, Figure 1 – Key principles and attributes
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PAS 55-1:2008
categories of assets; however, within this PAS the employees, contractors and suppliers.
Figure 2 – Focus and business context of this PAS in relation to the other categories of assets
PAS 55-1:2008
Corporate/
organization
management
PAS 55 Asset
management
Manage asset portfolio
system
Manage assets
Create/ Renew/
acquire Utilize Maintain dispose
PAS 55-1:2008
Figure 4 – Overview of the asset management system, its relationship to the organizational
strategic plan and stakeholder expectations
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Other organizational
requirements and systems Organizational
strategic plan
PAS 55 Asset
management Asset management policy
system
Asset management strategy
Asset management objectives
Asset management plans Continual
improvement
Acquire/create
Organizational
values, functional Utilize Portfolio of asset systems and assets Performance
standards, (diversity of types, criticalities, and condition
Maintain
required condition and performance) monitoring
processes Renew/dispose
PAS 55-1:2008
PAS 55-1:2008
Planning
Organization values, prioritization criteria and risk policy
Implementation
Assets
Life cycle activities
Acquire/create
Functional
Policies, Utilize Portfolio of asset systems
strategies,
and individual assets
standards,
processes and Maintain
procedures
Renew/dispose
PAS 55-1:2008
PAS 55-1:2008
strategic plan
PAS 55-1:2008
PAS 55-1:2008
customer satisfaction.
PAS 55-1:2008
PAS 55-1:2008
NOTE 1 A management system is a set of interrelated NOTE The assets can be safety-critical, environment-critical
elements used to establish policy, strategy and objectives and/or performance-critical, and can relate to legal,
and to achieve those objectives through the implementation regulatory and/or statutory requirements.
of plans.
NOTE 2 A management system includes organizational 3.17 effectiveness
structure, roles and responsibilities, planning activities, extent to which planned activities are realized and
standards, information systems, practices, processes , planned results achieved
procedures and resources. [BS EN ISO 9000:2005, 3.2.14]
PAS 55-1:2008
PAS 55-1:2008
PAS 55-1:2008
in accordance with the requirements of 4.4.2. e) provide the framework which enables the asset
NOTE This PAS requires that organizations establish, management strategy, objectives and plans to be
implement and maintain an asset management policy, produced and implemented;
strategy, objectives and plans. Figure 5 illustrates the f) include a commitment to comply with current
relationship between the organizational strategic plan applicable legislation, regulatory and statutory
and these elements of the asset management system. requirements and with other requirements to
which the organization subscribes;
PAS 55-1:2008
d) consider the life cycle management requirements l) be reviewed periodically to ensure that it remains
of the assets; effective and consistent with the asset management
policy and organizational strategic plan and with
e) take account of asset-related risks (see 4.4.7), asset
other organizational policies and strategies.
and asset system criticalities;
PAS 55-1:2008
4.3.2 Asset management objectives management strategy and objectives that they are intended
The organization shall establish and maintain asset to achieve.
management objectives, which shall:
The development of asset management plan(s) and life
a) be measurable (i.e. quantified and/or capable of
cycle activities shall include consideration of the impact
being demonstrated as achieved through objective
of actions in one life cycle phase upon the activities
assessment);
necessary in other life cycle phases.
b) be derived from, and consistent with, the asset
management strategy; The asset management plan(s) shall be optimized and
c) be consistent with the organization’s commitment the actions prioritized. Multiple plans (for example,
to continual improvement; covering a portfolio of asset systems or assets) shall
d) be communicated to all relevant stakeholders, be jointly optimized and prioritized, taking into
including contracted service providers, where there account overall value, resource requirements,
is a requirement that these persons are made aware interdependencies, risks and performance impact.
of their obligations; NOTE Developing, optimizing, prioritizing and integrating
asset management plan(s) are iterative processes that start
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PAS 55-1:2008
likely consequences;
6) the process for returning to normal operations.
d) the competence and training of personnel required
to respond to emergencies; The organization shall periodically review, test and,
e) the needs of relevant stakeholders who may be where deemed necessary, revise its plan(s) and/or
affected by incidents or emergency situations, or procedure(s) for incident and emergency preparedness
who may be required to support the organization and response and continuity of important asset
to respond to such events. management activities.
NOTE It is essential that the organization’s contingency
The plan(s) and/or procedure(s) shall identify how the plans are reviewed after testing or the occurrence of
organization will respond to, and manage, incidents incidents, emergency situations or disruptions.
PAS 55-1:2008
These roles, responsibilities and authorities shall be 4.4.2 Outsourcing of asset management activities
defined, documented and communicated to the Where an organization chooses to outsource any
relevant individuals. aspect of asset management that affects conformity
NOTE There is no need to establish a separate with the requirements of Clause 4, the organization
organizational structure provided the organization’s shall ensure control over such aspects. The organization
structure is consistent with achieving the requirements shall determine and document how these parts will be
set out in Clause 4. controlled and integrated into the organizations’ asset
management system. The organization shall also
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PAS 55-1:2008
Where asset management activities are outsourced, 4.4.4 Communication, participation and consultation
the organization shall ensure that contracted service The organization shall ensure that pertinent asset
providers have arrangements in place to ascertain and management information is effectively communicated
demonstrate that their staff are competent. to and from employees and other stakeholders,
including contracted service providers.
The organization shall develop plans for the human
resources required to develop and implement its asset The organization shall ensure consultation with
management system. The organization shall identify stakeholders that is relevant and appropriate to their
the competency requirements for these human involvement in:
resources and plan the training necessary for them
a) the development of the asset management strategy,
to achieve these competencies. It shall arrange for
objectives and plan(s);
provision of this training and retain associated records.
b) the development of functional policies, engineering
The organization shall establish, implement and standards, process(es) and/or procedure(s);
maintain process(es) and/or procedure(s) to make c) risk assessments and determination of controls;
persons working under its control aware of: d) incident investigation;
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a) the asset management related risks associated with e) the continual improvement of the asset
their work activities and the asset management management system.
benefits of personal performance;
b) their roles and responsibilities and the importance 4.4.5 Asset management system documentation
in complying with the asset management policy, The organization shall establish, implement and
process(es) and/or procedure(s) and plan(s); maintain up-to-date documentation to ensure that
c) the potential consequences of departure from its asset management system can be adequately
specified asset management process(es) and/or understood, communicated and operated. The asset
procedure(s). management system documentation shall include:
PAS 55-1:2008
The organization shall establish documented The organization shall design, implement and
procedure(s) and/or operating criteria if their absence maintain a system(s) for managing asset management
could lead to failure to achieve its asset management information. Employees and other stakeholders,
policy, asset management strategy, asset management including contracted service providers, shall have
objectives or to control identified asset management access to the information relevant to their asset
risks. management activities or responsibilities. Where
separate asset management information systems
NOTE 1 The asset management policy, strategy and other
exist, the organization shall ensure that the
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PAS 55-1:2008
a) the adequacy of the information is approved by d) provide for the classification of risks and
authorized personnel prior to use; identification of those risks that are to be avoided,
b) information is maintained and adequacy assured eliminated or controlled by asset management
through periodic review and revision, including objectives and plans (see 4.3.2 and 4.3.3);
version control where appropriate; e) be consistent with the organization’s operating
c) allocation of appropriate roles, responsibilities and experience and the capabilities of risk control
authorities regarding the origination, generation, measures employed;
capture, maintenance, assurance, transmission, f) provide for the monitoring of required actions to
rights of access, retention, archiving and disposal ensure both the effectiveness and the timeliness of
of items of information; their implementation (see 4.6.1).
d) obsolete information is promptly removed from all
points of issue and points of use, or otherwise 4.4.7.3 Risk identification and assessment
assured against unintended use; The identification and assessment of risks shall
e) archival information retained for legal or knowledge consider the probability of credible events and their
preservation purposes is identified; consequences, and shall as a minimum cover:
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f) information is secure and, if in electronic form, is a) physical failure risks, such as functional failure,
backed up and can be recovered. incidental damage, malicious damage or terrorist
action;
4.4.7 Risk management b) operational risks, including the control of the asset,
4.4.7.1 Risk management process(es) human factors and all other activities which affect
its performance, condition or safety;
The organization shall establish, implement and
maintain documented process(es) and/or procedure(s) c) natural environmental events (storm, floods, etc.,
for the ongoing identification and assessment of asset- including the likely effects of climate change);
related and asset management-related risks, and the d) factors outside of the organization’s control, such as
identification and implementation of necessary control failures in externally supplied materials and services;
measures throughout the life cycles of the assets. e) stakeholder risks, such as failure to meet regulatory
performance requirements or risks to the reputation
4.4.7.2 Risk management methodology of the organization;
The organization’s methodology for risk management f) risks associated with the different life cycle phases
shall: of assets (see 4.5).
a) be proportionate to the level of risk under
consideration; 4.4.7.4 Use and maintenance of asset risk information
b) be defined with respect to its scope, nature and The organization shall ensure that the results of risk
timing to ensure it is proactive rather than reactive; assessments and the effects of risk control measures
c) include, where appropriate, the assessment of how are considered and, as appropriate, provide input into:
risks change or can change over time and usage; a) the asset management strategy;
PAS 55-1:2008
PAS 55-1:2008
PAS 55-1:2008
b) investigating failures, incidents and nonconformities The organization shall ensure that audits of the asset
to determine their root cause(s); management system are conducted to:
c) evaluating the need for preventive action(s) to avoid a) determine whether the asset management system:
failures, incidents and nonconformities occurring; i) conforms to planned arrangements for asset
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PAS 55-1:2008
Audit programme(s) for elements of the asset The organization shall ensure that any necessary
management system shall be planned, established, changes arising from corrective and/or preventive
implemented and maintained by the organization, actions are made to the asset management system.
based on the results of risk assessments of the
organization’s activities, and the results of previous 4.6.5.2 Continual improvement
audits. The organization shall establish, implement and
maintain process(es) and/or procedure(s) for identifying
Audit process(es) and/or procedure(s) shall be opportunities and assessing, prioritizing and
established, implemented and maintained to address: implementing actions to achieve continual
1) the responsibilities, competencies and requirements improvement in:
for planning and conducting audits, reporting a) the optimal combination of costs, asset related risks
results and retaining associated records; and the performance and condition of assets and
2) the determination of audit criteria, scope and asset systems across the whole life cycle;
methods that are commensurate with the business b) the performance of the asset management system.
significance and risks being managed.
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PAS 55-1:2008
PAS 55-1:2008
Annex A (informative)
Correspondence between PAS 55-1:2008, BS OHSAS 18001:2007,
BS EN ISO 14001:2004 and BS EN ISO 9001:2000
3 Terms and definitions 3 Terms and definitions 3 Terms and definitions 3 Terms and definitions
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4 Asset management system 4 OH&S management system 4 Environmental management 4 Quality management system
requirements (title only) elements (title only) system requirements (title only)
(title only)
4.1 General requirements 4.1 General requirements 4.1 General requirements 4.1 General requirements
4.2 Asset management policy 4.2 OH&S policy 4.2 Environmental policy 5.1 Management commitment
4.3 Asset management strategy, 4.3 Planning (title only) 4.3 Planning (title only) 5.4 Planning (title only)
objectives and plans
(title only)
4.3.2 Asset management 4.3.3 Objectives and 4.3.3 Objectives, targets and 5.4.1 Quality objectives
objectives programme(s) programme(s)
4.3.3 Asset management plan(s) 4.3.3 Objectives and 4.3.3 Objectives, targets and 5.4.2 Quality management
programme(s) programme(s) system planning
4.4.1 Structure, authority 4.4.1 Resources, roles, 4.4.1 Resources, roles, 5.1 Management commitment
and responsibilities responsibility, responsibility and
accountability and authority 6.1 Provision of resources
authority
6.3 Infrastructure
4.4.3 Training, awareness 4.4.2 Competence, training 4.4.2 Competence, training 6.2.1 (Human resources) General
and competence and awareness and awareness
6.2.2 Competence, awareness
and training
4.4.5 Asset management system 4.4.4 Documentation 4.4.4 Documentation 4.2.1 (Documentation
documentation requirements) General
PAS 55-1:2008
4.4.7 Risk management 4.3.1 Hazard identification, risk 4.3.1 Environmental aspects –
assessment and
4.4.7.1 Risk management determining controls
process(es)
4.4.8 Legal and other 4.3.2 Legal and other 4.3.2 Legal and other 5.2 Customer focus
requirements requirements requirements
7.2.1 Determination of
requirements related to
the product
4.4.9 Management of change 4.3.1 Hazard identification, 4.3.1 Environmental aspects 5.2 Customer focus
risk assessment and
determining controls 7.2.2 Review of requirements
related to the product
4.5 Implementation of asset 4.4 Implementation and 4.4 Implementation and 7 Product realization (title only)
management plan(s) operation (title only) operation (title only)
(title only)
4.5.1 Life cycle activities 4.4.6 Operational control 4.4.6 Operational control 7.1 Planning of product
realization
7.4 Purchasing
4.6 Performance assessment and 4.5 Checking (title only) 4.5 Checking (title only) 8 Measurement, analysis and
improvement (title only) improvement (title only)
4.6.1 Performance and condition 4.5.1 Performance measurement 4.5.1 Monitoring and 8.1 General
monitoring and monitoring measurement
8.2.3 Monitoring and
measurement of processes
PAS 55-1:2008
4.6.4 Audit 4.5.5 Internal audit 4.5.5 Internal audit 8.2.2 Internal audit
4.6.5 Improvement actions 4.5.3.2 Nonconformity, 4.5.3 Nonconformity, action 8.3 Control of nonconforming
corrective and and action product
preventive action
4.6.6 Records 4.5.4 Control of records 4.5.4 Control of records 4.2.4 Control of records
4.7 Management review 4.6 Management review 4.6 Management review 5.1 Management commitment
5.6.1 General
PAS 55-1:2008
Bibliography
Standards publications Other publications
PAS 99:2006, Specification of common management Asset Management Competence Requirements
system requirements as a framework for integration Framework (Version 2.0) and User Guidance Notes,
Institute of Asset Management, London 2008
BS 8900:2006, Guidance for managing sustainable
development International Infrastructure Management Manual,
Version 3.0 2006. ISBN 0-473-10685-X. Produced by the
BS EN ISO 9000:2005, Quality management systems –
Association of Local Government Engineering New
Fundamentals and vocabulary
Zealand Inc. and the Institute of Public Works
BS EN ISO 9001:2000, Quality management systems – Engineering of Australia (IPWEA)
Requirement
National Occupational Standards for Management and
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Further reading
BS 3811:1993, Glossary of terms used in terotechnology
BS 3843-1:1992, Guide to terotechnology (the
economic management of assets) – Part 1: Introduction
to terotechnology
BS 3843-2:1992, Guide to terotechnology (the
economic management of assets) – Part 2: Introduction
to the techniques and applications
BS 3843-3:1992, Guide to terotechnology (the
economic management of assets) – Part 3: Guide to the
available techniques
BS 25999-1:2006, Business continuity management –
Part 1: Code of practice
BS 25999-2:2007, Business continuity management –
Part 2: Specification
BS EN ISO 9004:2000, Quality management systems –
Guidelines for performance improvement
ISO/IEC 15288:2002, Systems engineering – System life
cycle processes
OHSAS 18002:2000, Occupational health and safety
management systems – Guidelines for the
implementation of OHSAS 18001
PAS 55-1:2008
London W4 4AL
United Kingdom
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