ISO 55001:2024 is the international standard for Asset Management Systems (AMS), developed to help organizations manage the lifecycle of assets more effectively. To meet the requirements of ISO 55001, organizations must establish and maintain documented procedures to ensure the consistent application of asset management principles.

This guide outlines the concept of procedures, their importance, and a list of key procedures required to comply with ISO 55001:2024.

Understanding Procedures

A procedure is a documented method of performing a task or process in a controlled and consistent manner. In the context of ISO 55001, procedures provide structured approaches for activities that support the effective and sustainable management of assets. Each procedure typically includes:

• Scope and purpose
• Defined roles and responsibilities
• Step-by-step instructions
• Required documentation and records
• Methods for review and revision

Importance of Procedures in Asset Management

Documented procedures are fundamental to the implementation of a compliant and efficient asset management system. They support the following functions:

• Standardization: Ensure uniform execution of processes across the organization.
• Compliance: Demonstrate conformity to ISO 55001 requirements and other regulatory obligations.
• Transparency: Define clear roles, responsibilities, and expectations.
• Risk Management: Provide consistent frameworks for identifying and managing asset-related risks.
• Performance Monitoring: Facilitate the measurement, evaluation, and improvement of asset management activities.
• Knowledge Retention: Preserve institutional knowledge and support staff training.

Mandatory Procedures under ISO 55001:2024

While ISO 55001 allows flexibility, certain procedures are essential to establishing and maintaining an effective asset management system. The following procedures are commonly considered mandatory or critical for compliance:

1. Management Review Procedure
2. Document and Data Control Procedure
3. Internal Audit Procedure

For a complete list and detailed documentation of all required ISO 55001 procedures, you can follow this link.

Impact of Procedures on Internal & External Audits

Adhering to documented procedures has a direct and positive impact on the outcomes of internal and external ISO 55001 audits. Key benefits include:

• Evidence of Compliance: Auditors require documented proof that policies and processes are followed. Well-maintained procedures and records serve as primary evidence.
• Reduction in Nonconformities: Following procedures consistently reduces the risk of process failures or regulatory violations, leading to fewer nonconformities during audits.
• Audit Efficiency: Clear and accessible procedures streamline audit processes, allowing auditors to quickly verify conformity and trace decision-making.
• Demonstrated Commitment: Adherence to procedures reflects an organization’s commitment to quality, risk control, and continual improvement—core principles of ISO 55001.
• Better Audit Preparedness: Organizations with established procedures are better prepared to respond to audit queries, present data, and explain system processes confidently and accurately.

Conclusion

Establishing and maintaining documented procedures is a core requirement of ISO 55001:2024. These procedures support the consistent application of asset management principles, improve system performance, and ensure compliance with international standards.

In addition to operational benefits, following the ISO 55001 mandatory procedures significantly enhances audit readiness and performance. Organizations seeking certification or aiming to strengthen their asset management practices should prioritize the development and consistent application of these key procedures.