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Keychanges

Since its creation in 2004 (and revision and re-issue in 2008), PAS 55 has defined the requirements for best practice in asset

management. The new standard, ISO 55000, will differ from PAS 55 in structure and content and has been described as a

revolution not an evolution.

One of the key differences between the PAS 55 and the ISO 55000 approach is the scope of the asset management system. While

PAS 55 primarily focused on physical assets, ISO 55000 will also focus on organisational objectives and purpose of assets. This is

in line with SKMs approach to performing assessments under PAS 55, for which our assessments focused across the entire asset

management value chain. Although the underlying philosophy of the two approaches may be different, the intent to provide a

measure of best practice in asset management remains.

How this sits within the PAS 55 asset management life cycle

The ISO 55000 is presented in three parts an overview, requirements, and implementation guidelines:

The standard document is still under discussion and is due to be formally ratified by the International Organization for

Standardization (ISO) in 2013.

ISO 55000 will be an umbrella document that will align with a companys business objectives and asset management policies and

objectives. More than just a plan, it will critically assess and measure performance, and be viewed as a credible and

uncompromising tool to assess business performance.

Compliance to ISO 55000 will require a whole-of-life approach, and consider all assets, including companies intangible assets,

such as reputation, brand and intellectual property.

The IAM will withdraw PAS 55 when ISO 55000 is published. However, there will be an 18-month sunset period to enable

companies to transition from PAS 55 to ISO 55000 accreditation.

For organisations moving from PAS 55 to ISO 55000 there will need to be fundamental change in the way assets are actually

managed to demonstrate compliance to the new standard rather than simply adjusting processes and policies are in place. The

reporting and validation requirements will change however, the information required should remain the same for both.

SKM has helped clients improve their asset management practices for many years and will continue to help them assess their

asset management practices or obtain accreditation to PAS 55 and ISO 55000.

SKMs broad expertise in asset management was recently showcased at a electric utilities forum in Bangkok, which was attended

by representatives from major utilities from across Asia, including Thailand, Vietnam, Laos and the Philippines.

Senior Executive Engineer Power Networks and PAS 55 endorsed assessor, Terry Krieg, presented case studies on two major

asset management audits of substations and distribution assets in Australias remote Northern Territory and a metropolitan

location in Adelaide, South Australia.

How can we help?

SKM is an endorsed PAS 55 assessor and will seek endorsement as an assessor under ISO 55000 to continue to help clients

Whodoesthisaffect?

Asset owners and

organisations seeking to

establish a correlation

between asset management

and business objectives.

WhatdoIneedtodo?

Be aware of the changes from

PAS 55 to ISO 55000, the

transition period and how this

may impact your business.

Abouttheauthor

Gary Jerome, MRICS, Practice

Leader Asset Management

Strategy and Planning, SinclairKnight Merz (SKM)

Gary brings more than 20

years experience in asset

definition, and the creation,

operation, sustainment and

decommissioning of projects

throughout Europe and

Australas ia to his leadershi p

role of SKMs asset

management practice. In his

roles as client, consultant and

contractor, he has delivered

petro-chemical, power

generation, nuclear

reprocessing, transportinfrastructure, water and waste

water treatment, and social

infrastructure projects.

Sinclair Knight Merz

Any republished articles must

acknowledge both SKM and the

author. Requests to republish

achieve magazine articles should

be sent to:

information@globalskm.com

TheISO55000revolution

ISO/DIS 55000: Asset management Overview, principles and terminology

ISO/DIS 55001: Asset management Requirements

ISO/DIS 55002: Asset management -- Guidelines on the application of ISO 55001

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achieve the highest standards in infrastructure asset management.

Both PAS 55 and ISO 55000 are relevant to gas, electricity and water utilities, road, air and rail transport systems, public facilities,

process, manufacturing and natural resource industries and are applicable to both regulated and un-regulated business, privately

or publicly owned. The specification and the new standard are important guidelines for any organisation seeking to demonstrate a

high level of professionalism in whole-of-life-cycle management of their physical assets.

SKM retains a number of endorsed and trained auditors throughout the firm (Adelaide, Auckland, Brisbane, Darwin, Kuala Lumpur

and Newcastle-Upon-Tyne) who can provide gap analyses and certification of an organisations asset management systems to PAS

55 and, shortly, to ISO 55000. Endorsed assessors such as SKM have developed specialised tools to help evaluate client

processes and systems.

As well as being a member of the Asset Management Council (Australia), SKM employs several asset management specialists with

executive experience in power generation, power networks, water, social infrastructure and transport (rail), and similar industries.

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