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In 2004 the UK Institute of Asset Management, in conjunction with British Standards Institution, developed PAS 55, the first publicly available specification for optimized management of physical assets. This has proven very successful, with widespread adoption by utilities, transport, mining, process and manufacturing industries worldwide.

The 2008 update (PAS 55:2008) was developed by 50 organisations from 15 industry sectors in 10 countries. The International Standards Organisation (ISO) has now accepted PAS 55 as the basis for development of the new ISO 55000 series of international standards.

What is ISO 55000?

The ISO 55000 series comprises three standards:

ISO 55000 provides an overview of the subject of asset management and the standard terms and definitions to be used.

ISO 55001 is the requirements specification for an integrated, effective management system for assets.

IS0 55002 provides guidance for the implementation of such a system.