Pas 55-1

PUBLICLY AVAILABLE SPECIFICATION
PAS 55-1
Asset Management
PART 1:
Specification for the optimized
Licensed to: Emilio Sarno, BearingPoint, 14/08/2006 17:50:12 GMT, © BSI, eShop.bsi-global.com
management of physical
infrastructure assets
ICS codes: 03.100.99

NO COPYING WITHOUT BSI PERMISSION EXCEPT AS PERMITTED BY COPYRIGHT LAW
PAS 55-1:2004
Acknowledgement
The development of this Publicly Available Specification has been led by the Institute of Asset Management (IAM), with
the assistance of the following co-operating organizations and individuals:
Sponsors Review Panel

AWG plc In addition to the above, representatives of the following
EDF Energy organizations were also part of the review panel and
FaberMaunsell Ltd steering committee for the development of this PAS:
Lloyd’s Register
CIPFA (The Chartered Institute of Public Finance and
LogicaCMG
Accountancy)
National Grid Transco plc
DfT (Department for Transport)
Northumbrian Water Ltd
Halliburton KBR
Severn Trent Water plc
Health & Safety Executive
The Woodhouse Partnership Ltd
Interbrew
London Underground Ltd
Ministry of Defence (Defence Logistics Organisation)
Network Rail
Ofgem (The Office of Gas and Electricity Markets)
Co-ordinating and Drafting Group OFWAT (The Office of Water Services)
and their responsibilities ORR (Office of the Rail Regulator)
UK National Air Traffic Services Ltd
John Woodhouse Project chairman
Yorkshire Electricity Group
David Ford Project secretary and contractual
matters
Martin Cottam Technical issues
Moss Mustafa Producing draft and subsequent
revisions
Photographs
The IAM gratefully acknowledges the contribution of photographs from the following organizations:
Health and Safety Executive

Lloyd's Register
National Grid Transco plc
Ofgem
UK National Air Traffic Services Ltd
The Woodhouse Partnership Ltd
The reproduction of any of these photographs is not permitted.
This Publicly Available

Specification comes into Amd. No. Date Comments
effect on 30 April 2004
© BSI 30 April 2004

ISBN 0-580-42765 X
i © BSI 30 April 2004

PAS 55-1:2004
Contents
Page
i ......................... Acknowledgement
iii ......................... Foreword
v ......................... Introduction
1 ......................... Clause 1 Scope
1 ......................... Clause 2 Normative references
1 ......................... Clause 3 Terms and definitions

3 ......................... Clause 4 Asset management system elements
3 ......................... Clause 4.1 General requirements
3 ......................... Clause 4.2 Asset management policy and strategy
5 ......................... Clause 4.3 Asset management information, risk
assessment and planning
7 ......................... Clause 4.4 Implementation and operation
11 ......................... Clause 4.5 Checking and corrective action
12 ......................... Clause 4.6 Management review and
continual improvement
13 ......................... Bibliography
vii ......................... Figure 1 Scope and business context of this

Publicly Available Specification in relation
to the other critical categories of assets
viii ......................... Figure 2 The relationship between the asset
management system, the organizational
strategic plan and stakeholders
3 ......................... Figure 3 Asset management system elements
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PAS 55-1:2004
Foreword
This Publicly Available Specification has been developed in response
to demand from industry for a standard for carrying out asset
management. It is applicable to any organization where physical
assets are a key or critical factor in achieving its business objectives
and in achieving effective service delivery.
As a response to this level of interest, the decision to develop a formal reference

document for asset management as a Publicly Available Specification, rather than a
traditional BS or ISO standard, was taken in order to meet this demand at the
earliest opportunity.
To ensure consistency with other related business system standards and to facilitate
its alignment or integration, it was considered that asset management would be best
standardized as a specification, with the information on implementing asset management
distilled into key requirements. The criterion for including such requirements has been
that, without them, the asset management system would be regarded as deficient.
This Publicly Available Specification has been based on the familiar BS ISO format
comparable with widely adopted standards such as ISO 14001 and OHSAS 18001.
This approach would help to facilitate the conversion of this Publicly Available
Specification into a BS or an ISO if there were a market requirement to do so.
A further benefit of this approach is that it enables organizations to more readily
assess their asset management systems, in a similar manner to assessments using
existing BS ISO management systems, e.g. ISO 14001.
This Publicly Available Specification is published in two parts:

- Part 1: Specification for the optimized management
of physical infrastructure assets;
- Part 2: Guidelines for the application of PAS 55-1.
It is anticipated that further parts will be added in future.
Consultation
This Publicly Available Specification has been developed in consultation with a
large number of major organizations and individuals that are active and proficient
in the field of asset management (see acknowledgement). It has also been made
widely available for general public comment.
This Publicly Available Specification has been prepared and published by BSI, which
retains its ownership and copyright. BSI reserves the right to withdraw or amend this
Publicly Available Specification on receipt of authoritative advice that it is appropriate
to do so. This Publicly Available Specification will be reviewed at intervals not
exceeding two years, and any amendments arising from the review will be published
as an amended Publicly Available Specification and publicized in Update Standards.
This publication does not purport to include all the necessary provisions of a
contract. Users are responsible for its correct application.
This Publicly Available Specification is not to be regarded as a British Standard.
Compliance with a Publicly Available Specification does not in itself confer

immunity from legal obligations.
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PAS 55-1:2004
iv
PAS 55-1:2004
Introduction
0.1 What is asset management?

Asset management is simply the optimum way of managing assets to achieve a desired and sustainable outcome.
The practice is surprisingly modern and it has roots in many disciplines, methods, industries and countries. Much of its value
stems from the universal and unifying principles on which it is founded and this has enabled it to be increasingly applied
across a wide range of industries and organizations covering assets as diverse as financial portfolios, digital data, public
utility networks and oil production/processing.
As the application of asset management has evolved, its focus and usage has varied considerably, not only between different
industries, but also between organizations within the same industry. The development of this Publicly Available Specification
is a reflection on the level of maturity that asset management is reaching in some sectors where the need for common
specifications and standards is recognized.
With a subject that has such a wide application, it is necessary to set out the scope and context in which any standard
for asset management is intended to apply.
This Publicly Available Specification is specifically intended to cover:

- the management of physical infrastructure assets (hereinafter referred to as asset(s), see 3.1), and in particular the
assets that form the main element of our built environment such as utility networks, power stations, railway systems,
oil and gas installations, manufacturing and process plant, buildings, airports, etc.
- asset management from an organizational perspective. It is intended to apply in cases where an organization is
primarily dependent on the function of its assets in the delivery of services or products, and where the success of an
organization is significantly influenced by the stewardship of the assets. In such cases, a formal approach to asset
management will contribute directly to the business capability and performance of the organization.
The objective of asset management in this context is to ensure (and to be able to demonstrate) that the assets deliver the
required function and level of performance in terms of service or production (output), in a sustainable manner, at an
optimum whole-life cost without compromising health, safety, environmental performance, or the organization’s reputation.
For the purposes of this Publicly Available Specification, asset management is defined as:
systematic and coordinated activities and practices through which an organization optimally manages
its assets, and their associated performance, risks and expenditures over their lifecycle for the purpose
of achieving its organizational strategic plan (see 3.2)
and organizational strategic plan is defined as:
the overall long-term action plan for the organization that is derived from and embodies its vision,
mission, values, business policies, objectives and the management of its risks (see 3.13)
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vi
PAS 55-1:2004
PAS 55-1:2004
The principal benefits of asset management, in no particular order, are:

- enhanced customer satisfaction from improved performance and control of product or service delivery to the required standards;
- improved health, safety and environmental performance;
- optimized return on investment and/or growth through efficient stewardship of assets;
- the ability to demonstrate best value for money within a constrained funding regime;
- evidence, in the form of controlled and systematic processes, to demonstrate legal, regulatory and statutory compliance;
- improved risk management and corporate governance, and a clear audit trail for the appropriateness of decisions
taken and their associated risks;
- improved corporate image, the benefits of which may include enhanced shareholder value, improved marketability
of product/service, greater staff satisfaction and more efficient and effective procurement from the supply chain;
- the ability to demonstrate that sustainability is actively considered as part of asset utilization and selection.
The physical asset is only one of the five broad categories of asset that have to be managed holistically in order to achieve
the organizational strategic plan. These other categories are: human assets, information assets, intangible assets
(reputation, etc.) and financial assets. The scope of this Publicly Available Specification has been limited to physical
infrastructure assets. The management of physical assets is inextricably linked to the other categories of assets; however
within this Publicly Available Specification the other categories are only considered where they have a direct impact on the
optimized management of the physical assets. The scope of this Publicly Available Specification in relation to these
categories of assets is illustrated in Figure 1. Figure 2 provides an illustration of the relationship between the asset
management system, the organizational strategic plan and stakeholders. Figure 3 illustrates the asset management system
elements specified in this Publicly Available Specification.
It should be noted that although human factors such as leadership, motivation and culture are largely outside the scope of
this Publicly Available Specification, they are critical to the successful achievement of asset management and require due
consideration. This is applicable to the organization’s managers, employees, contractors and suppliers.
Figure 1 - Scope and business context of this Publicly Available Specification in relation to the other critical categories of assets
Important interface:
motivation, communication,
roles & responsibilities,
Total Business Vital context: business
objectives, policies, regulation,
knowledge, experience, performance requirements,
leadership, teamwork Human Assets risk management.
Scop
e
of
PAS
Financial
Assets PHYSICAL Information
Assets
ASSETS
Important interface: life cycle condition, performance,
costs, capital investment activities, costs &
criteria, operating costs opportunities
Intangible
Assets
reputation, image, morale,
constraints, social impact
This Publicly Available Specification is applicable to any asset intensive business, such as is found in the energy, transport,
manufacturing and utilities industries, where the greatest expenditure, effort, dependency and risks are associated with assets.
It is applicable to any organization that has, or intends to manage or invest in, a significant portfolio of assets where the
management of the assets is key to the effective delivery of service, product or other business objectives. It is also
applicable to organizations where there is a business or public accountability requirement to demonstrate best value in
the safe management of assets, e.g. education and health services.
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PAS 55-1:2004
0.2 Compatibility with other standards

The structure of this Publicly Available Specification has been aligned to that of ISO 14001:1996 and OHSAS 18001:1999 and
has taken due consideration of the provisions of ISO 9001:2000, in order to enhance the compatibility between these
documents and this Publicly Available Specification for the benefit of the user community. This Publicly Available
Specification is based on the Plan-Do-Check-Act (PDCA) methodology which is also fundamental to the process approach
promoted in ISO 9001:2000. The documents are considered to be compatible.
The model adopted in this Publicly Available Specification is of a coherent and interconnected set of activities and
procedures which collectively constitute the PDCA cycle, with continual improvement being an integral part of that cycle.
The requirements can be met by adopting a procedure-based approach as used in the text. Note that procedures might or
might not be documented. Many procedures can be simply written as descriptions of processes and, taken together with
other elements of the system, such as defined responsibilities and authorities, trained and competent personnel, provide the
control required to meet the needs of the organization. It is also important to note that the requirements of this Publicly
Available Specification are prescriptive only to the extent that they define what has to be done, not how to do it. That is for
the organization to determine according to their assessed needs.
The requirements of this Publicly Available Specification can also be met by organizations adopting a process approach.
ISO 9001:2000 promotes the concept of a quality management system consisting of activities that can be managed most
effectively when organized as interacting processes.
Implementing this specification would enable an organization to align or integrate its asset management system with
related management systems.
Figure 2 - The relationship between the asset management system, the organizational strategic plan and stakeholders
Legal and stakeholder requirements and expectations

(customers, shareholders, regulators, employees, suppliers, society etc)
Other Organizational
requirements
& systems strategic plan
Asset Management Policy

Asset
improvement
Continual
Management
System
Optimized AM strategy, objectives,
performance targets & plans
Asset systems or business units
Asset types,
processes,
procedures &
standards
Monitoring
performance
(processes &
assets) and
asset condition
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PAS 55-1:2004
1 Scope
This part of PAS 55 specifies the requirements for an asset management system
for physical infrastructure assets including components thereof, e.g.
generators, pumps, rolling stock, and any software code that is critical to the
delivery of the function of the asset. The management of physical
infrastructure assets is inextricably linked to the management of all other
aspects of a business. These other aspects are only considered where they have
a direct impact on the management of physical infrastructure assets.
PAS 55 is not applicable to the management of other assets, e.g. reputation,

knowledge, finance.
This Publicly Available Specification (PAS) is applicable to all sizes of business,

from small to medium enterprises through to multinationals and to any
organization that wishes to:
a) implement, maintain and improve an asset management system;
b) assure itself of its compliance with its stated asset management policy and
strategy;
c) demonstrate such compliance to others;
d) seek certification/registration of its asset management system by an
external organization;
e) make a self-determination and self-declaration of compliance with this PAS.
2 Normative references
There are no normative references at present.
3 Terms and definitions

For the purposes of this PAS, the following terms and definitions apply.
3.1 asset(s)
plant, machinery, property, buildings, vehicles and other items and related
systems that have a distinct and quantifiable business function or service
NOTE 1 This definition reflects the scope of this PAS.
NOTE 2 This definition includes any software code that is critical to the delivery
of the function of the asset.
3.2 asset management

systematic and coordinated activities and practices through which an
organization optimally manages its assets, and their associated performance,
risks and expenditures over their lifecycle for the purpose of achieving its
organizational strategic plan
3.3 asset management objective

specific outcome or achievement required of assets, asset types and/or
asset system(s) in order to achieve the asset management strategy
NOTE It is essential that such outcomes are linked either directly or indirectly to
providing the products, supply or services delivered by the total business to its
customers or end users.
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PAS 55-1:2004
3.4 asset management policy

overall intentions and direction of an organization, related to the assets and the framework for the control of
asset-related processes and activities, that are derived from and consistent with the organizational strategic plan
3.5 asset management strategy

overall long-term action plan for the assets, asset types and/or asset system(s) that is derived from and consistent
with the asset management policy and organizational strategic plan
3.6 asset performance target /

asset condition target
specific level of performance or condition required of the assets, asset types and/or asset system(s) in order to achieve
an asset management objective
3.7 asset system

set of assets that interact and/or are interrelated so as to deliver a required business function or service
3.8 critical assets

assets (or subset components thereof) that are identified as being critical (now or in the future) to achieving the asset
management policy, strategy and objective
NOTE The assets can be safety-critical, environment-critical and/or performance-critical, and can relate to legal, regulatory
and/or statutory requirements
3.9 information
data in context
3.10 infrastructure
system of core assets, facilities and/or equipment
3.11 life cycle

time interval that commences with the identification of the need for an asset and terminates with the decommissioning of
the asset or any liabilities thereafter
3.12 optimize
achieve by a quantitative or qualitative method, as appropriate, the best value compromise between conflicting factors such
as performance, costs and retained risk within any non-negotiable constraints
NOTE “within constraints” does not absolve the organization from meeting all of the requirements of this specification e.g. insufficient
resources to achieve an asset management requirement (stipulated in PAS 55-1) would not be considered to be a valid constraint.
3.13 organizational strategic plan

overall long-term action plan for the organization that is derived from and embodies its vision, mission, values, business
policies, objectives and the management of its risks
NOTE Some organizations call this a Corporate Plan, Corporate Strategic Plan, Business Plan, etc.
3.14 stakeholder
person or group having an interest in the organization’s performance, success or the impact of its activities
NOTE 1 Examples include customers, shareholders, financiers, regulators, statutory bodies, employees, contractors,
suppliers, unions, or society.
NOTE 2 A group can comprise an organization, a part thereof, or more than one organization.
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PAS 55-1:2004
4 Asset management system elements

Figure 3 - Asset management system elements
UA L IMPROVE
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4.
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4.2 Stat
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Po
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ASSET
MANAGEMENT
AM
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asse nfo, risk
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Chec ctive ac 4.1 4.3 anning
co r re
4.5
Implementation
& operation
4.4
4.1 General requirements

The organization shall establish, document, implement and maintain an asset management system and shall continually
improve its effectiveness in accordance with the requirements set out in the whole of Clause 4.
The organization shall define the scope of its asset management system.
Where an organization chooses to outsource any process that affects conformity with these requirements, the organization
shall ensure control over such processes. Control of such outsourced processes shall be identified within the asset
management system.
4.2 Asset management policy and strategy
4.2.1 Asset management policy

The organization’s top management shall authorize an overall asset management policy.
The policy shall:

a) be derived from, and be consistent with, the organizational strategic plan;
b) be consistent with other organizational policies;
c) provide the framework which, together with the organizational strategic plan, enables the asset management strategy
and specific asset management objectives, targets and plans to be produced;
d) be consistent with the organization’s overall risk management framework;
e) be appropriate to the nature and scale of the organization’s assets and operations;
3 © BSI 30 April 2004

PAS 55-1:2004
f) clearly state the overall/broad asset management objectives;

g) clearly state that asset management shall be directed to achieve the organizational strategic plan;
h) include a commitment to continual improvement of the asset management process;
i) include a commitment to comply with current applicable legislation, regulatory and statutory requirements and with
other requirements to which the organization subscribes;
j) be visibly endorsed by top management;
k) be documented, implemented and maintained;
l) be communicated to all relevant employees and relevant third parties including contractors with the intent that these
persons are made aware of their individual asset management-related obligations;
m)be available to stakeholders where appropriate;
n) be reviewed periodically to ensure that it remains relevant and consistent with the organizational strategic plan.
NOTE 1 Organizations may choose to have a detailed asset management policy for internal use which would provide sufficient
information and direction to drive the asset management system (parts of which may be confidential) and have a summarized
(non-confidential) version containing the broad objectives for dissemination to its stakeholders.
NOTE 2 There may also be functional asset management policies for the key asset management related tasks to provide guidance
to managers and a clear framework in which decisions can be made e.g. functional policy for capital investment.
4.2.2 Asset management strategy

The organization shall establish and maintain a long-term asset management strategy.
The strategy shall:

a) be derived from and be consistent with the asset management policy and the organizational strategic plan;
b) be consistent with other organizational strategies;
c) identify and clearly state the function(s), performance and condition requirements of its assets, asset types or asset
systems as appropriate. These function(s), performance, and condition requirements shall include the consideration of
the provision of service(s) and/or products to its customers. It shall also identify and consider the requirements of all
other relevant stakeholders including health, safety, sustainability and environmental performance requirements;
d) take account of the risk assessment (see 4.3.2) and identify those assets or asset systems that are critical;
e) be optimized;
f) provide sufficient information and direction, including an action plan with defined timescales and responsibilities, to
enable effective asset management objectives, targets and plans to be produced;
g) consider the lifecycle of the assets, asset types or asset systems;
h) be reviewed periodically to ensure that it remains effective and consistent with the asset management policy and
organizational strategic plan. Where necessary the strategy shall be amended accordingly.
© BSI 30 April 2004 4

PAS 55-1:2004
4.3 Asset management information, risk assessment and planning
4.3.1 Asset management information system

The organization shall establish and maintain (an) asset management information system(s). The system(s) shall be designed and
maintained to provide adequate support and information to the organization in meeting all of the requirements set out in
Clause 4 of this specification. It shall include provision to support the development and implementation/achievement of the
asset management policy, strategy, risk identification, assessment and control, objectives, targets, plans. It shall also support
all of the requirements related to implementation and operation (see 4.4), checking and corrective actions (see 4.5) and the
management review (see 4.6).
The information shall be accessible to all relevant employees and other relevant third parties including contractors as appropriate.
Where separate asset management information systems exist, the organization shall ensure that the information provided
by these systems is consistent.
4.3.2 Risk identification, assessment and control

The organization shall establish and maintain procedures for the ongoing identification and assessment of asset and asset
management-related risks, and the identification and implementation of necessary control measures.
Risk identification, assessment and control methods shall be appropriate to the level of risk under consideration.
The risk assessments shall consider the probability of an event and all of its consequences and shall include:
a) physical failure risks, such as functional failure, incidental damage, malicious damage or terrorist action;
b) operational risks, including the control of the asset, human factors and all other activities which affect its performance,
condition or safety;
c) natural environmental events (storm, floods, etc.);
d) factors outside of the organization’s control, such as failures in externally supplied materials and services;
e) stakeholder risks such as failure to meet regulatory performance requirements or reputation damage;
f) asset-related design, specification, procurement, construction, installation, commissioning, inspection, monitoring,
maintenance, refurbishment, replacement, decommissioning and disposal risks as appropriate.
The organization shall ensure that the results of these assessments, and the effects of these controls, are considered and
where appropriate provide input into:
1) the asset management strategy;
2) asset management objectives and targets;
3) asset management plans;
4) the determination of requirements for the design, specification, procurement, construction, installation, commissioning,
inspection, monitoring, maintenance, refurbishment, replacement, decommissioning and disposal of assets;
5) identification of adequate resources including staffing levels;
6) identification of training needs and skills (see 4.4.2);
7) development of operational controls (see 4.4.6);
8) the organization’s overall risk management framework.
The organization shall document and keep this information up to date.
The organization’s methodology for risk identification and assessment shall:

i) be defined with respect to its scope, nature and timing to ensure it is proactive rather than reactive;
ii) include, where appropriate, the assessment of how risks change or can change over time and usage;
iii) provide for the classification of risks and identification of those that are to be avoided, eliminated or controlled by
asset management objectives, targets and plans (see 4.3.4 , 4.3.5 and 4.3.6);
iv) be consistent with the organization’s operating experience and the capabilities of risk control measures employed;
v) provide for the monitoring of required actions to ensure both the effectiveness and the timeliness of their
implementation (see 4.5.1).
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PAS 55-1:2004
4.3.3 Legal, regulatory, statutory and other asset management requirements

The organization shall establish and maintain a procedure for identifying and accessing the legal, regulatory,
statutory and other asset management requirements that are applicable to it.
The organization shall keep this information up-to-date. It shall communicate relevant information on legal and other
requirements to its employees and other relevant third parties including contractors.
4.3.4 Asset management objectives

The organization shall establish and maintain documented asset management objectives at each relevant function
and level within the organization. The objectives shall be derived from and consistent with the asset management strategy.
When establishing and reviewing its objectives, an organization shall consider its:
a) legal, regulatory, statutory and other asset management requirements;
b) asset-related risks;
c) technological and other options;
d) financial, operational and business requirements;
e) the views of appropriate stakeholders.
The asset management objectives shall be:

1) consistent with the organization’s commitment to continual improvement;
2) quantified (where practicable);
3) communicated to all relevant employees and relevant third parties including contractors with the intent that these
persons are made aware of their individual obligations;
4) reviewed periodically to ensure that they remain relevant and consistent with the asset management strategy.
Where necessary the asset management objectives shall be amended accordingly.
4.3.5 Asset performance and condition targets

The organization shall establish and maintain documented performance and/or condition targets appropriate to the needs
of the organization. The targets shall be derived from and be consistent with the asset management objectives.
These targets shall be:

a) optimized to an appropriate level of detail;
b) specific, measurable, achievable, relevant and time-based (where practicable);
c) communicated to all relevant employees and relevant third parties including contractors with the intent that these
persons are made aware of their individual obligations;
d) reviewed periodically to ensure that they remain relevant and consistent with the asset management objectives. Where
necessary the targets shall be amended accordingly.
NOTE Performance and/or condition targets can be set for individual assets, asset types and/or asset system(s).
4.3.6 Asset management plans

The organization shall establish and maintain asset management plans for achieving its asset management strategy, objectives
and targets including design, capital works, maintenance, decommissioning, availability of spares and work delivery plans.
The plans shall be optimized and then prioritized, and the organization shall provide for the efficient and cost effective
delivery of these plans.
This shall include documentation of:

a) the designated responsibility and authority for achievement of asset management objectives and targets
at relevant functions and levels of the organization;
b) the means and time-scale by which asset management objectives and targets are to be achieved.
The asset management plans shall be reviewed periodically to ensure that they remain effective and consistent with the
asset management strategy, objectives and targets. Where necessary the plans shall be amended accordingly.
NOTE Asset management plans can be for individual assets, asset types and/or asset system(s). However, it is essential that the plans
are linked to the asset management policy, strategy, objectives and targets that they are intended to achieve.
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PAS 55-1:2004
4.4 Implementation and operation
4.4.1 Structure, authority and responsibilities for asset management

The organization shall establish and maintain an organizational structure of roles, responsibilities and authorities, consistent
with the achievement of its asset management policy, strategy, objectives, targets and plans.
These roles, responsibilities and authorities shall be defined, documented and communicated to the individuals.
NOTE There is no need to establish a separate organizational structure provided the organization’s existing structure is consistent
with achieving the requirements set out in Clause 4.
Top management shall provide evidence of its commitment to the development and implementation of the asset
management system (processes) and continually improving its effectiveness by:
a) appointing a member of top management who, irrespective of other responsibilities, shall be responsible for the overall
design, maintenance, documentation and improvement of the organization’s asset management system (processes);
b) appointing (a) member(s) of management whose responsibility is to ensure that the assets or group of assets forming
an asset system or business unit deliver the asset management strategy, objectives and targets (in accordance with the
asset management policy), and who has/have been given the necessary authority to achieve this;
c) identifying and monitoring the requirements and expectations of all of the organization’s stakeholders and taking
appropriate and timely action, to the extent that these have implications for the organization’s management of its assets;
d) ensuring that the asset management policy and strategy are consistent with the organizational strategic plan;
e) ensuring the availability of adequate resources;
f) considering the adverse impact that the asset management policy, strategy, objectives, targets, plans, etc. might have on
other aspects of the organization. Conversely, considering whether plans generated from other parts of the
organization might have an adverse affect on asset management;
g) communicating to the organization the importance of meeting its asset management requirements in order to achieve
its organizational strategic plan;
h) ensuring asset-related risks are evaluated and included in organizational risk assessments and risk registers as appropriate;
i) ensuring the viability of the asset management strategy, objectives, targets and plans.
4.4.2 Training, awareness and competence

The organization shall ensure that personnel responsible for the design, construction, operation and management of assets
are appropriately qualified in terms of education, training and/or experience.
The organization shall establish and maintain procedures to ensure that its employees or any relevant third parties including
contractors working at each relevant function and level are aware of:
a) the importance of compliance with the asset management policy and procedures, and to the requirements of the asset
management system;
b) their roles and responsibilities in achieving compliance with the asset management policy and procedures and with the
requirements of the asset management system (processes), including emergency preparedness and response requirements;
c) the potential consequences of departing from specified operating procedures.
The organization shall consider its long-term asset management training requirements and plan for them accordingly.
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PAS 55-1:2004
PAS 55-1:2004
4.4.3 Consultation and communication

The organization shall have procedures for ensuring that pertinent asset management information is communicated to and
from employees and other relevant stakeholders.
4.4.4 Documentation
The organization shall establish and maintain information, in a suitable medium such as paper or electronic form, that:
a) describes the core elements of the management system (processes) and their interaction;
b) provides direction to related documentation.
NOTE It is important that documentation is kept to the minimum required for effectiveness and efficiency.
4.4.5 Document, data and information control

The organization shall establish and maintain procedures for controlling all documents, data and information required by
Clause 4 of this specification to ensure that:
a) these documents, data and information can be located and accessed by authorized individuals;
b) these documents, data and information are periodically reviewed, revised as necessary, and approved for adequacy by
authorized personnel;
c) current versions of relevant documents, data and information are available at all locations where operations essential
to the effective functioning of the asset management system are performed;
d) obsolete documents, data and information are promptly removed from all points of issue and points of use, or
otherwise assured against unintended use;
e) archival documents, data and information retained for legal or knowledge preservation purposes or both are suitably identified;
f) these documents, data and information are secure and if in electronic form are adequately backed up and can be recovered.
4.4.6 Operational control

The organization shall identify those operations and activities that are necessary for achieving:
a) its asset management policy;
b) its asset management strategy;
c) the control of identified risks;
d) legal, regulatory, statutory and other asset management requirements;
e) its asset management objectives;
f) its performance and/or condition targets;
g) the delivery of its asset management plans;
h) the required function(s) and performance from its assets or asset systems.
9 © BSI 30 April 2004

PAS 55-1:2004
The organization shall plan and control these operations and activities in order to ensure that they are carried out under
specified conditions. It shall establish and maintain documented procedures to cover situations where the absence of these
procedures could lead to failure to achieve the operations and activities listed in 4.4.6 a) to h). These procedures shall
include controls for the design, purchasing, construction, commissioning, operating, refurbishment, modifications and
disposal of assets as appropriate. The organization shall also ensure that the equipment and tools essential for achieving the
required function(s) and performance from its assets or asset systems are maintained and calibrated.
Where existing arrangements are revised, or new arrangements introduced, that could impact on asset management
operations and activities, the organization shall consider the associated risks before their implementation. The new or
revised arrangements to be considered shall include:
1) revised organizational structure, roles or responsibilities;
2) revised asset management policy, strategy, objectives, targets or plans;
3) revised processes and procedures;
4) the introduction of new assets or technology;
5) the introduction of new contractors, suppliers or personnel, as appropriate.
4.4.7 Emergency preparedness and response

The organization shall establish and maintain appropriate plans and procedures to identify the potential for, and responses
to, incidents and emergency situations, and for preventing and mitigating the likely consequences that can be associated
with them. The plans and procedures shall include information on the provision and maintenance of any identified
equipment, facilities or services that can be required during incidents or emergency situations
(e.g. emergency pumps, generators, temporary shelters, access to back-up information).
The organization shall periodically review the effectiveness of its emergency preparedness and response plans and
procedures, in particular after the occurrence of incidents or emergency situations.
The organization shall periodically test these procedures where practicable.
© BSI 30 April 2004 10

PAS 55-1:2004
4.5 Checking and corrective action

4.5.1 Performance and condition measurement and monitoring
The organization shall establish and maintain procedures to monitor and measure the performance of the asset
management system (processes).
It shall also establish and maintain procedures to monitor and measure the performance and/or condition of the assets
and/or asset systems (hardware) as appropriate. The organization shall consider the associated risks, including potential
deterioration mechanisms and their consequences, when setting the frequency or condition for monitoring and the key
performance parameters for measuring.
These procedures shall provide for:

a) both qualitative and quantitative measures, appropriate to the needs of the organization;
b) monitoring of the extent to which the organization’s asset management policy, strategy, objectives and targets are met;
c) proactive measures of performance that monitor compliance with the asset management plans, operational control
criteria and applicable legislation, regulatory, statutory, and other asset management requirements;
d) reactive measures of performance and/or condition to monitor asset-related deteriorations, failures, incidents,
non-conformances (including near misses) and other historical evidence of deficient asset management system
(processes) performance;
e) recording of data and results of monitoring and measurement sufficient to facilitate subsequent corrective and
preventative action analysis.
If monitoring equipment is required for performance and/or condition measurement and monitoring, the organization
shall establish and maintain procedures for the calibration and maintenance of such equipment. Records of calibration
and maintenance activities and results shall be retained for sufficient time to comply with legislation and the
organization's policy.
4.5.2 Asset-related failures, incidents, non-conformances and corrective and preventive action
The organization shall establish and maintain procedures for defining responsibility and authority for:
a) the handling and investigation of asset-related:
1) failures or failure to meet the required function(s), performance and/or condition;
2) incidents and emergency situations;
3) non-conformances;
b) taking action to mitigate any consequences arising from such failures, incidents or non-conformances;
c) the initiation and completion of corrective and preventive actions;
d) the confirmation of the effectiveness of corrective and preventive actions taken.
These procedures shall require that all proposed corrective and preventive actions are reviewed through the risk assessment
process prior to implementation.
Any corrective or preventive action taken to eliminate the causes of actual and potential non-conformances shall be
appropriate to the magnitude of the problems and commensurate with the asset management-related risk encountered.
The organization shall implement and record any changes in the documented procedures resulting from corrective and
preventive action and shall include the required training where necessary.
4.5.3 Records and record management

The organization shall establish and maintain procedures for the identification, maintenance and disposition of asset
management records. These records shall include the results of audits and reviews.
Asset management records shall be legible, identifiable and traceable to the activities involved. Asset management records
shall be stored and maintained in such a way that they are readily retrievable and protected against damage, deterioration
or loss. Their retention times shall be established and recorded.
Records shall be maintained, as appropriate to the asset management system (processes) and to the organization or to meet
the legislative and regulatory needs, to demonstrate compliance with Clause 4 of this specification.
11 © BSI 30 April 2004

PAS 55-1:2004
4.5.4 Audit
The organization shall establish and maintain an asset management audit programme and shall establish procedures
for periodic asset management system (processes) audits to be carried out, in order to:
a) determine whether or not the asset management system (processes):
1) conform(s) to planned arrangements for asset management including the requirements of the whole of Clause 4 of
this specification;
2) has (have) been properly implemented and maintained;
3) is (are) effective in meeting the organization’s asset management policy, strategy and objectives;
b) review the results of previous audits and the actions taken to rectify non-conformances;
c) provide information on the results of audits to management.
The audit programme, including any schedule, shall be based on the results of risk assessments of the organization’s
activities, and the results of previous audits. The audit procedures shall cover the scope, frequency, methodologies and
competencies, as well as the responsibilities and requirements for conducting audits and reporting results.
Where possible, audits shall be conducted by personnel independent of those having direct responsibility for the activity
being examined.
NOTE The word “independent” here does not necessarily mean external to the organization.
4.6 Management review and continual improvement

The organization's top management shall, at intervals that it determines, review the asset management system (processes),
to ensure its continuing suitability, adequacy and effectiveness. The management review process shall ensure that the
necessary information is collected to allow management to carry out this evaluation. This review shall be documented.
The management review shall address the possible need for changes to policy, strategy, objectives and other elements of
the asset management system, in the light of asset management system audit results, changing circumstances and the
commitment to continual improvement.
In the context of continual improvement, the organization shall acquire knowledge on new asset management-related
technology and practices, including new tools and techniques, and these shall be evaluated to establish their potential
benefit to the organization.
© BSI 30 April 2004 12

PAS 55-1:2004
Bibliography
Standards publications
BS 3811:1993, Glossary of terms used in terotechnology.
BS 3843-1:1992, Guide to terotechnology (the economic management of
assets). Introduction to terotechnology.
assets). Introduction to the techniques and applications.

assets). Guide to the available techniques.
BS EN ISO 9000:2000, Quality management systems – Fundamentals and vocabulary.
BS EN ISO 9004:2000, Quality management systems – Guidelines for
performance improvement.
BS EN ISO 14001:1996, Environmental management systems – Specification
with guidance for use.
OHSAS 18001:1999, Occupational health and safety management systems –
Specification.
OHSAS 18002:2000, Occupational health and safety management systems –
Guidelines for the implementation of OHSAS 18001.
ISO Guide 72:2001(E), Guidelines for the justification and development of
management systems standards.
Other publications
[IIMM] International Infrastructure Management Manual, UK edition.
ISBN 0-473-09138-0. Printed in New Zealand and published in the UK by the
Institute of Asset Management.
Successful health and safety management. Sudbury: HSE Books, 1997 (HSG65)
13 © BSI 30 April 2004

PAS 55-1:2004
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Europe and at the international BSI implementation of those that have available on the BSI website at
level. It is incorporated by been published as British Standards, http://www.bsi-global.com.
unless otherwise requested.
Royal Charter.
Copyright
Information on standards Copyright subsists in all BSI publications.
Revisions BSI provides a wide range of BSI also holds the copyright, in theUK,
British Standards are updated by information on national, European of the publications of the international
amendment or revision. Users of and international standards through standardization bodies.
British Standards should make sure that its Library and its Technical Help to
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PUBLICLY AVAILABLE SPECIFICATION

ICS codes: 03.100.99

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The reproduction of any of these photographs is not permitted.

This Publicly Available

© BSI 30 April 2004

i © BSI 30 April 2004

1 ......................... Clause 3 Terms and definitions

vii ......................... Figure 1 Scope and business context of this

© BSI 30 April 2004 ii

As a response to this level of interest, the decision to develop a formal reference

This Publicly Available Specification is published in two parts:

This Publicly Available Specification is not to be regarded as a British Standard.

Compliance with a Publicly Available Specification does not in itself confer

iii © BSI 30 April 2004

© BSI 30 April 2004

0.1 What is asset management?

This Publicly Available Specification is specifically intended to cover:

and organizational strategic plan is defined as:

v © BSI 30 April 2004

© BSI 30 April 2004

The principal benefits of asset management, in no particular order, are:

vii © BSI 30 April 2004

0.2 Compatibility with other standards

Legal and stakeholder requirements and expectations

Asset Management Policy

Asset systems or business units

© BSI 30 April 2004 viii

PAS 55 is not applicable to the management of other assets, e.g. reputation,

This Publicly Available Specification (PAS) is applicable to all sizes of business,

3 Terms and definitions

3.2 asset management

3.3 asset management objective

1 © BSI 30 April 2004

3.4 asset management policy

3.5 asset management strategy

3.6 asset performance target /

3.7 asset system

3.8 critical assets

3.11 life cycle

3.13 organizational strategic plan

© BSI 30 April 2004 2

4 Asset management system elements

4.1 General requirements

4.2 Asset management policy and strategy

4.2.1 Asset management policy

The policy shall:

3 © BSI 30 April 2004

f) clearly state the overall/broad asset management objectives;

4.2.2 Asset management strategy

The strategy shall:

© BSI 30 April 2004 4

4.3 Asset management information, risk assessment and planning

4.3.1 Asset management information system

4.3.2 Risk identification, assessment and control

The organization shall document and keep this information up to date.

The organization’s methodology for risk identification and assessment shall:

5 © BSI 30 April 2004

4.3.3 Legal, regulatory, statutory and other asset management requirements

4.3.4 Asset management objectives

The asset management objectives shall be:

4.3.5 Asset performance and condition targets