Documents Required by ISO 55001

Implementing an ISO 55001 Asset Management System is far more than a documentation exercise. However, you can get a feel for the character of an asset management system and where it fits, by asking about its documentation. After all, document writing is one of the most visible activities during system development.

Here is a list of key documents which are explicitly required by ISO 55001. We have used the terms which appear in ISO 55001, but you can call them what you like.

Asset Management Policy

The Policy may be stand-alone or embedded within a higher level, more broad-based policy. It must not only be documented but also communicated within the organisation and made available to stakeholders, as appropriate. Before you get carried away in writing it, be aware that what you promise in the Policy must be done. By all means, aim high, but keep it real!
Scope of the Asset Management System

This is a written statement (doesn’t say where) indicating the boundaries within which the asset management system operates. It must define the asset portfolio within the scope.

Asset Management Objectives

These must be documented at the relevant levels and in the relevant functions. Judiciously setting objectives and measuring performance against them drives asset management and business performance.

Strategic Asset Management Plan (SAMP)

This is a generic term. Perhaps confusingly, organisations may call it something else – the asset management strategy, for example. Clearly, it is a high-level document. The form and style of the document (or set of interrelated documents) are not specified in ISO 55001. Essentially, the SAMP must include explanation of the relationship between the organisational objectives and the asset management objectives. It must also explain the role of asset management system.

Asset Management Plans

These plans capture the output of asset management planning. They are intended to specify activities, resources, responsibilities and timescales of implementing the SAMP and delivering the asset management objectives. They must cover many other things such as risks and opportunities, arrangements for addressing them, methods and criteria for decision making and so on.

Asset management plans should be developed as and when needed within appropriate time horizons.

Documented Information

This is a relatively new term in management system standards. Traditionally, those standards have identified documentation requirements in more familiar terms such as “documented procedure” and “record”. Indeed, “documented information” includes both of these categories and also descriptions of processes, schedules, programmes, spreadsheets, reports, minutes of meetings, data and databases, performance and evaluation criteria, results of analysis. In certain places, ISO 55001 specifies where various types of documented information are mandatory.

Other Documents

In addition to all of the above required documents, there are other documents which may be required (i.e. it would be unwise not to have them) for effective asset management. Some may already exist; others may not. Part of the effort in building an asset management system involves identifying which documents are required, how they should be designed and written and who should write them. This applies to all documents whether they are on paper or in electronic format.

Explanation and guidance on asset management system documentation is given in our training courses. We can also provide consultancy guidance and practical support to determine which documents are needed for your particular organisation and help in developing them. To find out how we may help – Contact Us.