Global asset management standards, ISO 55000, now available to help organizations better manage their assets and achieve organizational objectives. The Institute of Asset Management hosts launch event in the United States this week to raise awareness for the new standards and share best practices across the industry.

By: Gareth Lifton, CH2M HILL’s Strategic Asset Management Director

CH2M HILL is sponsoring the Inaugural ISO 55000 Conference in New York on May 13, where the Institute of Asset Management will launch the new asset management standards in the United States. Several of our asset management consultants will also be in attendance.

A new set of global asset management standards are now available to help organizations across various industries improve the management of their assets and the effectiveness of their daily operations. The ISO 55000 Suite of Standards for Asset Management, released in January 2014 by the International Organization for Standardization, will enable organizations to get greater value from their assets and achieve their organizational objectives.

The Institute of Asset Management is hosting the inaugural conference in New York this week. For years, CH2M HILL has worked closely with clients across various business sectors, especially the water and transportation industries, to implement best practices for effective utility and asset management, so we are looking forward to participating in the inaugural event to launch the standards in the U.S. Our asset management consultants will share best practices and expertise on how the new ISO 55000 standards can be applied more broadly to benefit business sectors. The standards provide a model management systems framework to help organizations understand what documents, systems, and procedures are needed to effectively manage assets in order to maximize the return on their investments.

The ISO 55000 standards follow on from the British Standards Institute document, BSi PAS 55, which was first published in 2004 and updated in 2008. CH2M HILL has been actively involved with the development of both PAS 55 and the ISO 55000 standards.

Since 2007, we have assisted clients with building their business case for asset management programs to improve their day-to-day operations, reduce the overall cost of owning assets, and manage the lifecycle and maintenance requirements of assets.

The new ISO 55000 standards are a game changer for the industry and provide a much more comprehensive approach to asset management.

I encourage you to read our blog series on asset management to learn best practices and case studies on successful asset management programs. Contact us if you would like more information.

Gareth Lifton is a senior manager in CH2M HILL’s Calgary office. He has more than 25 years of experience working with public utilities and has amassed extensive experience in nearly all aspects of utility management, including the development and implementation of utility policies, strategies, and business plans; the development and management of long-term capital programs, and asset strategies; and the implementation of asset management/risk management methodologies, tools, and techniques. He is a member of the Association of Professional Engineers, Geologists, and Geophysicists of Alberta and the Institute of Civil Engineers, UK, as well as a Fellow of the Chartered Institution of Water and Environmental Management, UK.