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International Standards and ORA™

BS EN ISO 55000 - Asset Integrity Management
The BS EN ISO55000:2014 standard gives an overview of asset management and asset management systems (i.e. management systems for the management of assets).

Asset management involves the balancing of costs, opportunities and risks against the desired performance of assets, to achieve the organizational objectives. The balancing might need to be considered over different timeframes.

Asset management enables an organization to examine the need for, and performance of, assets and asset systems at different levels.

Furthermore, it enables the application of analytical approaches towards managing an asset over the different stages of its life cycle (which can start with the conception of the need for the asset, through to its disposal, and includes the managing of any potential post disposal liabilities).

An organization's top management, employees and stakeholders should implement planning, control activities (e.g. policies, processes or monitoring actions) and monitoring activities, to exploit opportunities and to reduce risks to an acceptable level.

Adoption of ISO 55000, ISO 55001 and ISO 55002 will enable an organization to
achieve its objectives through the effective and efficient management of its assets.

The application of an asset management system provides assurance that those objectives can be achieved consistently and sustainably over time.

The ORA Process drives the development of Asset Integrity throughout the Project phases to provide assurance to the Asset Operator that the key objectives of ISO55000 can and will be achieved and that Operations Excellence is possible.

BS EN ISO55000 and ORA Asset Management

The above illustration is (reproduced from ISO 55001) with key Activities from the ORA™ Solution subject that covers Maintenance & Integrity Management, shows the relationship between the key elements of an Asset Management System in terms of the organisation and the relevant stakeholders.

The ORA Process follows the development of Asset Integrity throughout the Project phases to provide assurance to the Asset Operator that the key objectives of ISO55000 can and will be achieved and that Operations Excellence is possible

The Journey to Asset Integrity using the ORA™ Solution