ISO 55001 - Risk Based Asset Management

Service Management

Organization in Energy, Oil, Manufacturing and Development sectors are asset intensive. Their operations depends heavily upon the top-notch performance of their assets. Therefore, these organizations struggle continuously to optimize their assets' performance. During their operations they also face like aging of assets, comply with safety and regularity, be always environment friendly, adopt emerging technologies and other challenges associated with asset ownership and operations. There is also a constant challenge of reducing costs, keep the budget small and increase the revenue. All these factors assigns a overwhelming task to Asset Managers to allocate their budget in most optimal way.

Risk Based Asset Management (RBAM) - ISO 55001 has proven to be effective for asset-intensive systems by using risk to balance the operational performance of the assets against the asset life-cycle cost. Risk Based Management System (RBMS) collects relevant information and use that information to take fiscally responsible decisions.

Critical Phases of ISO 55001

• Classify
• Analyze
• Control
• Measure

Like Quality Management, a risk based asset management is about identifying, mitigating and eliminating risks.