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Glossary

Asset management system

The set of interrelated elements an organisation uses to establish its asset management policy, objectives and the processes to achieve them.

It is a management system, in the same family as a quality management system or an environmental management system. ISO 55001 specifies its requirements, and the 2024 second edition arranges them under context, leadership, planning, support, operation, performance evaluation and improvement.

What it contains is governance rather than machinery: a scope, a policy, documented decision-making criteria, a strategic asset management plan, objectives, competence and data requirements, operational controls, and an internal audit of itself.

Sources

ISO 55001:2024, Asset management, Asset management system, Requirements, second edition, July 2024, prepared by ISO/TC 251. ISO 55000:2024 for the vocabulary. Clause 4.4 covers the asset management system and Clause 4.3 the determination of its scope.

Read the sources

  • ISO 55001:2024, asset management system requirements2024 edition; read 2026-09-26.ISO’s product page: the publication details and ISO’s own summary of the standard, not the requirement text. The contents, foreword and introduction cited in this publication are taken from the standard’s preview pages hosted on the ANSI webstore, not from this page.
  • ISO 55000:2024, vocabulary, overview and principles2024 edition; read 2026-09-26.ISO’s product page: the publication details and ISO’s own summary of the standard, not the full text.