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SS ISO 55002 : 2016

(ICS 03.100.01)

SINGAPORE STANDARD
Asset management — Management
systems — Guidelines for the application
of ISO 55001
[Identical adoption of ISO 55002 : 2014]

Published by
SS ISO 55002 : 2016
(ICS 03.100.01)

SINGAPORE STANDARD
Asset management — Management systems —
Guidelines for the application of ISO 55001

© ISO [2014] – All rights reserved


© Enterprise Singapore [2016]

ISBN 978-981-4726-78-8
SS ISO 55002 : 2016

This Singapore Standard was approved by the Management Systems Standards Committee on
behalf of the Singapore Standards Council on 4 December 2016.

First published, 2017

The Management Systems Standards Committee, appointed by the Standards Council, consists
of the following members:

Name Capacity
Chairman : Mr Daniel Steele Member, Standards Council
Secretary : Mr Steven Phua SPRING Singapore
Members : Mr Go Heng Huat Ministry of Manpower
Ms Margaret Heng Chee Bee Singapore Hotel Association
Mr Koh Yeong Kheng Association of Small & Medium Enterprises
Mr Kumar Selvakumar Singapore Quality Award Management Committee
Assoc Prof Lee Pui Mun SIM University
Ms Annie Lin Singapore Workforce Development Agency
Mr Ong Liong Chuan Individual Capacity
Mr Seah Seng Choon Consumers Association of Singapore
Mr Harnek Singh Individual Capacity
Mr Birch Sio Singapore Manufacturing Federation
Ms Lynn Tan Singapore Retailers’ Association
Mr Ronald Tan Singapore Productivity Association

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SS ISO 55002 : 2016

Contents
Page

National Foreword 5
Foreword 6
Introduction 7
1 Scope 8
2 Normative references 8
3 Terms and definitions 8
4 Context of the organisation 8
4.1 Understanding the organisation and its context 8
4.2 Understanding the needs and expectations of stakeholders 11
4.3 Determining the scope of the asset management system 13
4.4 Asset management system 13
5 Leadership 14
5.1 Leadership and commitment 14
5.2 Policy 15
5.3 Organisational roles, responsibilities and authorities 16
6 Planning 17
6.1 Actions to address risks and opportunities for the asset management system 17
6.2 Asset management objectives and planning to achieve them 17
7 Support 23
7.1 Resources 23
7.2 Competence 23
7.3 Awareness 25
7.4 Communication 26
7.5 Information requirements 27
7.6 Documented information 29
8 Operation 29
8.1 Operational planning and control 29
8.2 Management of change 30
8.3 Outsourcing 31
9 Performance evaluation 32
9.1 Monitoring, measurement, analysis and evaluation 32
9.2 Internal audit 35
9.3 Management review 36

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SS ISO 55002 : 2016

Page

10 Improvement 38
10.1 Nonconformity and corrective action 38
10.2 Preventive action 39
10.3 Continual improvement 40

Annexes

A (informative) Information on asset management activities 42


B (informative) Relationship between key elements of an asset
management system 43

Bibliography 44

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SS ISO 55002 : 2016

National Foreword

This Singapore Standard was prepared by the Management Systems Standards Committee. This
standard is identical with ISO 55002 : 2014 ‘Asset management – Management systems –
Guidelines for the application of ISO 55001’, published by the International Organization for
Standardization.

Attention is drawn to the following :

1. Where appropriate, the words ‘International Standard’ shall be read as ‘Singapore


Standard’.

2. The references to International Standards shall be replaced by the following Singapore


Standards:

International Standard Corresponding Singapore Standard

ISO 31000 SS ISO 31000

ISO 55000 SS ISO 55000

ISO 55001 SS ISO 55001

ISO 55002 SS ISO 55002

Attention is drawn to the possibility that some of the elements of this Singapore Standard may
be the subject of patent rights. Enterprise Singapore shall not be held responsible for
identifying any or all of such patent rights.

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SS ISO 55002 : 2016

Foreword

ISO (the International Organization for Standardization) is a worldwide federation of national


standards bodies (ISO member bodies). The work of preparing International Standards is
normally carried out through ISO technical committees. Each member body interested in a
subject for which a technical committee has been established has the right to be represented on
that committee. International organizations, governmental and non-governmental, in liaison
with ISO, also take part in the work. ISO collaborates closely with the International
Electrotechnical Commission (IEC) on all matters of electrotechnical standardization.

The procedures used to develop this document and those intended for its further maintenance
are described in the ISO/IEC Directives, Part 1. In particular the different approval criteria
needed for the different types of ISO documents should be noted. This document was drafted in
accordance with the editorial rules of the ISO/IEC Directives, Part 2
(see www.iso.org/directives).

Attention is drawn to the possibility that some of the elements of this document may be the
subject of patent rights. ISO shall not be held responsible for identifying any or all such patent
rights. Details of any patent rights identified during the development of the document will be in
the Introduction and/or on the ISO list of patent declarations received (see
www.iso.org/patents).

Any trade name used in this document is information given for the convenience of users and
does not constitute an endorsement.

For an explanation on the meaning of ISO specific terms and expressions related to conformity
assessment, as well as information about ISO's adherence to the WTO principles in the Technical
Barriers to Trade (TBT) see the following URL: Foreword - Supplementary information

The committee responsible for this document is Project Committee ISO/PC 251, Asset
management.

This corrected version of ISO 55000:2014 incorporates the correction of the numbering of
subclause 7.3.2.

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SS ISO 55002 : 2016

Introduction

This International Standard provides guidance for the application of a management system for
asset management, referred to as an “asset management system”, in accordance with the
requirements of ISO 55001.

This International Standard contains explanatory text necessary to clarify the requirements
specified in ISO 55001 and provides examples to support implementation. It does not provide
guidance for managing specific asset types.

This International Standard provides guidance for use by:

— those involved in the establishment, implementation, maintenance and improvement of an


asset management system;

— those involved in delivering asset management activities and service providers.

General information on asset management, and information on the terminology applicable to


this International Standard, is provided in ISO 55000.

Annex A provides additional information on areas related to asset management activities.

Annex B shows the relationship between key elements of an asset management system.

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SS ISO 55002 : 2016

Asset management — Management systems — Guidelines for


the application of ISO 55001

1 Scope
This International Standard provides guidance for the application of an asset management
system, in accordance with the requirements of ISO 55001.

This International Standard can be applied to all types of assets and by all types and sizes of
organizations.

NOTE 1 This International Standard is intended to be used for managing physical assets in particular,
but it can also be applied to other asset types.

NOTE 2 This International Standard does not provide financial, accounting or technical guidance for
managing specific asset types.

NOTE 3 For the purposes of ISO 55000, ISO 55001 and this International Standard, the term “asset
management system” is used to refer to a management system for asset management.

2 Normative references
The following documents, in whole or in part, are normatively referenced in this document and
are indispensable for its application. For dated references, only the edition cited applies. For
undated references, the latest edition of the referenced document (including any amendments)
applies.

ISO 55000:2014, Asset management — Overview, principles and terminology

ISO 55001:2014, Asset management — Management systems — Requirements

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