Key Changes and Benefits of ISO 55001:2024

ISO 55001, the international standard for asset management systems, has undergone a major revision in its 2024 edition. This update introduces new requirements and refinements aimed at improving decision-making, sustainability and long-term value realization. Below, we explore the key changes, benefits and steps for transitioning to the updated standard.

Key Changes in ISO 55001:2024

The 2024 edition introduces several updates and new requirements. Below is an overview of the major changes:

1. Harmonized Structure for Management System Standards

• ISO 55001:2024 adopts the Harmonized Structure (HS), providing consistency with other ISO standards such as ISO 9001 (Quality Management) and ISO 14001 (Environmental Management).
• Common core management system terminological entries are incorporated into Clause 3.

2. Expanded Focus on Decision-Making

Asset Management Decision-Making Framework:

• A new subclause (Clause 4.5) requires organizations to establish a framework for asset management decision-making.
• Decision-making criteria must align with organizational objectives, risks and opportunities.
• Methods, processes and tools for decision-making are emphasized.

3. Strategic Asset Management Plan (SAMP)

• The SAMP is introduced as a distinct subclause under Clause 6 (Planning).
• Organizations must document the SAMP, ensuring alignment with organizational objectives and inclusion of actions to address risks and opportunities.

4. Life Cycle Management

• Operational planning and control (Clause 8.1) explicitly includes life cycle management.
• Organizations must consider the entire asset life cycle, including creation, utilization, maintenance, improvement and disposal.

5. Predictive Action

• The subclause previously titled "Preventive Action" has been renamed to Predictive Action (Clause 10.3).
• Predictive action focuses on proactive decision-making, including identifying optimal intervention points for maintenance, renewal, replacement and disposal.

6. Data and Information Management

• A new subclause (Clause 7.6) requires organizations to establish processes for managing data and information.
• Specifications for data attributes, quality and sources must be documented.
• Alignment and traceability between financial and non-financial data are emphasized.

7. Knowledge Management

• A new subclause (Clause 7.7) requires organizations to identify, retain, update and acquire knowledge needed for asset management.
• Processes for handling outdated knowledge and addressing changing requirements are introduced.

8. Stakeholder Impacts

• Expanded requirements under Clause 4.2 focus on evaluating the impact of assets and asset management activities on stakeholders.
• Stakeholder requirements must be integrated into decision-making and prioritization.

9. Climate Change Consideration

• Organizations must assess whether climate change is a relevant issue and integrate it into asset management planning (Clause 4.1).

10. Enhanced Leadership Requirements

• Leadership requirements (Clause 5) are strengthened, emphasizing top management’s role in approving the asset management policy, scope and SAMP.
• Leadership must help to ensure alignment of decision-making criteria with organizational objectives.

11. Reporting to Stakeholders

• Organizations must report to stakeholders on the long-term effects of predictive actions (Clause 10.3).

The Benefits of ISO 55001:2024

The updates in ISO 55001:2024 aim to:

• Enhance alignment with other ISO management system standards, facilitating integrated implementation.
• Improve decision-making processes and governance for asset management.
• Strengthen the focus on sustainability, adaptability and long-term value realization.
• Address emerging challenges, such as climate change and evolving stakeholder expectations.
• Promote proactive asset management through predictive actions and life cycle considerations.

Transitioning to ISO 55001:2024 with ABS-QE

• Migration for existing ISO 55001:2014 Certified clients in good standing can occur at renewal or surveillance audits.
• All ABS QE customers must have migration audits prior to May 1, 2027.  The audit process must be complete, including a positive certification decision rendered prior to July 30, 2027, to avoid gap in certification history.
• All initial and recertification audits to be conducted to ISO 55001:2024 after July 30, 2026.
• All ABS QE customers which are not scheduled and/or confirmed by April 1, 2027, will be evaluated for withdrawal.  All certifications which have not had migration audits started by May 1, 2027, will be withdrawn.

ISO 55001:2024 represents a significant step forward in asset management, providing organizations with tools to enhance value realization, sustainability and adaptability. By addressing emerging challenges such as climate change and evolving stakeholder expectations, the updated standard helps to ensure that asset management systems remain relevant and effective in a rapidly changing world. Organizations transitioning to ISO 55001:2024 benefit from improved decision-making, proactive asset management and strengthened alignment with international standards.

About ABS Quality Evaluations

ABS Quality Evaluations, Inc. (ABS QE) is a subsidiary of ABS Group of Companies, Inc. (www.abs-group.com). As a world-leading certification body, ABS QE works with companies to improve the performance of their business, systems, people and supply chains through management systems certification, verification, training and assessments, including supply chain and cybersecurity. ABS QE’s global network of auditors plays a crucial role in helping organizations achieve business excellence and obtain the necessary certifications to get products and services to market.