Overview
ISO 55002:2018 (identical to ISO 55002:2018) provides practical guidelines for applying ISO 55001 - the international standard for an asset management system. It explains how organizations of any type or size can establish, implement, maintain and improve an asset management system aligned with ISO 55001 requirements. The document is intended primarily for physical assets but is applicable to other asset types. It does not offer financial, accounting or detailed technical instructions for specific assets (see Annex F for relationships between financial and non‑financial asset management functions).
Key topics and technical requirements
ISO 55002:2018 expands on ISO 55001 by clarifying expectations across the asset management lifecycle. Major technical topics include:
- Context of the organization: understanding internal/external context, stakeholder needs, and defining the scope of the asset management system.
- Leadership and governance: top management commitment, policy setting and organizational roles and responsibilities.
- Planning: identifying risks and opportunities, setting asset management objectives and planning to achieve them.
- Support: resource allocation, competence, awareness, communication, information requirements and documented information.
- Operation: operational planning and control, management of change, outsourcing and decision‑making criteria.
- Performance evaluation: monitoring, measurement, analysis, internal audit and management review.
- Improvement: nonconformity handling, corrective and preventive actions, and continual improvement.
- Strategic Asset Management Plan (SAMP): guidance for developing and aligning strategic plans with asset portfolio objectives (detailed in Annex C).
- Value considerations and scope: guidance on “value” in asset management (Annex A) and defining asset portfolio boundaries (Annex B).
Practical applications and who should use it
ISO 55002:2018 is practical for organizations seeking to adopt or improve a formal asset management system consistent with ISO 55001. Typical users:
- Asset managers, maintenance and reliability teams
- Infrastructure owners (utilities, transport, water, energy)
- Facility managers and property owners
- Manufacturing and process industries
- Public sector and municipalities
- C-suite, risk managers and finance functions seeking alignment between technical and financial asset decisions
- Consultants and auditors implementing or assessing ISO 55001 systems
Use cases:
- Establishing a consistent approach to lifecycle management of assets
- Integrating asset decisions with business objectives and risk management
- Improving performance measurement, planning and resource allocation
- Guiding management of change, outsourcing and supplier relationships
Related standards
- ISO 55001 - Requirements for an asset management system (primary normative reference)
- ISO 55000 - Overview, principles and terminology for asset management
Keywords: ISO 55002:2018, ISO 55002, asset management, ISO 55001, asset management system, strategic asset management plan, asset portfolio, lifecycle management, performance evaluation.
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