British Standards Institution (BSI) has launched an international standard on asset management in the Middle East.
Managing assets means more than just taking care of financial wealth and incorporates measures such as physical assets. The need for guidance in this area on a global level is reflected in the move by ISO (International Organisation of Standardization) to develop an asset management standard suite.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
It provides a robust framework for organisations to optimise the cost, risk and performance efficiency of their assets over their lifecycles. Originally from PAS 55 standard, the new standard suite which was published last January is set to hit the shores of United Arab Emirates this month. Organizations will benefit from this standard as it offers guidance in asset management best practices.
Theuns Kotzé, Regional Managing Director – BSI Middle East and Africa said "As the economy of the Emirates moves into a fast lane, demands on business world become greater as well. The ISO 55001 suite will enable businesses to improve corporate reputation and directly influence financial services. This may include enhanced shareholder value, improved marketability of product/service, greater staff satisfaction and more efficient and effective procurement from the supply chain.".
The development of the suite involved the global asset management committee members across 40 countries. ISO 55000 suite will follow the new ISO structure for management system standards by adopting common terminology and will be also applicable to all assets from physical to financial.
It will particularly benefit businesses such as utilities or transport providers in the private and public sector, facing a regulatory pressure to manage assets.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe international standard suite comprises three documents which can be used by organizations of all sizes and sectors:
- ISO 55000 Asset Management – Overview, principles and terminology
- ISO 55001 Asset Management – Requirements
- ISO 55002 Asset Management – Guidelines on the application of ISO 55001
More of business-centric, than asset-centric, the Asset Management covers all organizational assets such as software, IT or intellectual property as well. The objective of asset management is to optimize the use or value from an asset at the lowest possible cost of ownership.
Businesses facing regulatory pressure to manage assets can benefit from the new standards. It is also applicable to general managers, finance professionals, engineers and technical specialists amongst others.
