Transition from ISO 55001:2014 Asset Management System to ISO 55001:2024 Asset Management System

The ISO 55001:2024 Asset Management System was officially published in July 2024, with a three-years transition period from ISO 55001:2014, set to conclude on until 31 Jul 2027. Consequently, after this date, the ISO 55001:2014 standard will no longer be in effect.

Organizations currently certified under ISO 55001:2014 that do not transition to ISO 55001:2024 by the deadline will have their certification rendered invalid. In such cases, they will be required to undergo a full initial audit (Stages 1 & 2) as part of a new client application process. To ensure a seamless transition, certified organizations are strongly encouraged to make the necessary preparations in alignment with their upcoming surveillance or recertification audits.

ISO 55001:2024 introduces substantial updates, including five revised requirements and seven new requirements. As a result, additional audit man-days will be necessary to accommodate the transition, depending on the certification scope and whether the transition is conducted during a surveillance, recertification, or non-routine audit.

Key changes and new sections in ISO 55001:2024:

The latest edition of ISO 55001:2024 introduces several significant updates and new requirements, including:

1. Asset Management Decision-Making and Value – Introduced as a new requirement, this concept is fully scalable, making it applicable to organizations of all sizes, from small businesses to large enterprises.
2. Actions to Address Risk – Revised with subtle rewording and the separation of "Opportunity," bringing enhanced clarity to risk management strategies.
3. Actions to Address Opportunities – Now a distinct requirement to emphasize that risk and opportunity management are interconnected and mutually supportive.
4. Strategic Asset Management Plan (SAMP) – Simplified and reinforced as a key artifact supporting organizational planning.
5. Asset Management Objectives – Revised for greater clarity to encourage stronger engagement and understanding from senior management.
6. Planning to Achieve Asset Management Objectives – Enhanced to better align with achieving an optimal balance between cost, risk, and performance.
7. Data and Information – Introduces a clearer distinction between data and information within the asset management context, referencing ISO 55013.
8. Knowledge Management – A newly introduced section that underpins competitive advantage and acknowledges the role of sustainability in workforce development, with reference to ISO 55012.
9. Operational Planning and Control – Expanded to place greater emphasis on life cycle management.
10. Externally Provided Processes, Products, Technologies, and Services – Significantly revised to highlight the importance of adequately resourcing asset management objectives through various means.
11. Management Review – Meaningfully updated to incorporate considerations of risk, opportunity, decision-making, and continuous improvement.
12. Predictive Action – A newly established requirement aimed at enabling organizations to proactively adapt to internal and external changes based on risk, opportunity, services, and assets.

These updates collectively enhance the framework for effective asset management, ensuring a more structured, risk-aware, and value-driven approach for organizations.

To support our clients in transitioning to the new standard, SCS is offering a comprehensive 2-day course on ISO 55001:2024. This course will cover the revised requirements and provide insights on how to approach them from a certification auditing perspective. For more details, please refer [here].