11 things you’ll have to document - if you want to comply with ISO 55001

Documented information required by ISO 55001 Asset Management

1 The scope of the asset management system
You will have to work out the boundaries and applicability of the asset management system
to establish its scope. The scope has to be available as documented information.
2 Asset management system
You will have to develop a strategic asset management plan (but it can be called anything
you like). This has to include documentation of the role of the asset management system,
showing how it supports achievement of the asset management objectives.
3 Policy
The asset management policy has to be available as documented information.
4 Asset management objectives
You have to establish asset management objectives at relevant functions and levels. You
must keep documented information about the asset management objectives.
5 Planning for asset management
When planning how to achieve its asset management objectives, you will have to work out
and then document:
The method and criteria for decision making and how it’s going to prioritize the activities and
resources that are needed to achieve your asset management plans and your asset
management objectives
The process and methods that are going to be employed in managing its assets over their
life cycles (which could be from creation to end-of life)

 what is going to be done with the assets and associated processes

 what resources will be required
 who is going to be responsible?
 when will things be completed?
 how the results are going to be (monitored and) evaluated
the most suitable time span for the asset management plans – (these may need to be quite
long if the asset life cycles are long, or to comply with statutory requirements)
the financial and non-financial risks that are associated with the asset management plans
the review period that is going to be used for the asset management plan(s)

 actions to address risks and opportunities associated with managing the assets. This
has to take into account the way these risks and opportunities can change over time.
This will require establishing processes for:
 Identifying the risks and opportunities
 Assessing the risks and opportunities
 Determining the significance (criticality) of assets (in terms of their importance for
achieving) asset management objectives
 Implementing appropriate ways of handling and monitoring risks and opportunities.
6 Documented Information
Your asset management system has to include:

 documented information as required by ISO 55001 (i.e. similar to this list)

 documented information that’s needed to comply with applicable legal and regulatory
requirements
 documented information that you decide is necessary for the effectiveness of the
asset management system (we can give guidance on what this means).
7 Operational planning and control
You will have to plan, implement and control the processes needed to meet requirements,
and to implement the actions (to address the risks and opportunities), the asset
management plans and the corrective and preventive actions. This will mean that you have
to:
decide on criteria for the processes
implement suitable control of the processes in accordance with the criteria
keep documented information that is necessary to have confidence and evidence that the
the processes have been carried out as planned – i.e. how these points have been carried
out (you don’t have to have documented records of everything – we can give you guidance
on what this means)
handle and monitor risks
8 Performance evaluation
You will have to keep appropriate documented information so that you can provide evidence
of the results from the monitoring, measurement, analysis and evaluation.
9 Internal audit
You have to conduct internal audits at planned intervals (etc.) and retain documented
information so that you have evidence of the results of implementing its audit programme
and evidence of the audit results.
10 Management review
Top management has to review the asset management system, at planned intervals, to
make sure it continues to be suitable, adequate and effective.
You must keep documented information as evidence of the results of management reviews.
11 Improvement – Nonconformity and corrective action
You have to keep documented information as evidence of:
 the nonconformities or incidents as well as any actions taken
 the results of any corrective action that was taken.
The Standard is copyright © ISO 2014. The requirements above have been presented in an
accessible way in different terms. The actual requirements are worded differently in the
Standard. You will need to access the actual Standard to see the full terms of the
requirements.
What does “documented” actually mean?
Documented information does not necessarily mean that it has to be on paper. Several types
of documentation are used, including electronic media such as intranet, portable devices and
control systems. We can advise you on this.
The extent of the documented information for an asset management system should be
carefully managed so that it’s suitable for your organization. Several factors can be used to
get this right:
 the size of your organization and the type of activities, processes, products and
services it provides;
 the complexity of processes and how they interact;
 the competence of people (training experience, qualifications etc.);
 the complexity of the assets, asset systems, technical processes etc.
This means that the level of documentation for different processes could range from possibly
none at all (e.g. low-risk activity, with assurance through training, supervision or built-in
process controls) through to very detailed step-by-step procedures for some activities (high-
risk, complex).