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An Explicit Requirement for Risk Management in ISO55001

This is found in ISO55001, Clause 6.2.2, the section that deals with planning to achieve asset management objectives. This clause addresses many elements of lifecycle planning activities, but it does call for the following:

"When planning how to achieve its asset management objectives, the organization shall determine and document:

(k) actions to address risks and opportunities associated with managing the assets, taking into account how these risks and opportunities can change with time, by establishing processes for:

  • Identification of risks and opportunities;
  • Assessment of risks and opportunities;
  • Determining the significance of assets in achieving asset management objectives;
  • Implementation of the appropriate treatment and monitoring of
    risks and opportunities.

The organization shall ensure that its asset management related risks are considered in the organizations risk management approach, including contingency planning.

NOTE: See ISO31000 for further guidance on risk management.”

This requirement from ISO55001 clearly replicates the key PAS55 requirement to document processes for the identification and assessment of asset-related risks and implement appropriate treat-ment and monitoring. This requirement clearly reflects the core in-tent of the requirement in PAS55.

So, what about the use of risk management outcomes and other requirements that relate to or reference risk in ISO55001?

There are numerous places in ISO55001 that reference risk in the requirements. The intent of this book is not to explain all of them, but here is a list of relevant places where you can find reference to risk in the other requirements of ISO55001.

Tip from ISO55000 Asset Management – A Biographyby Rhys Davies and Danielle Humphrey