The ISO 55001:2024 Asset Management System standard was published on July 3, 2024. The transition process has been planned for three years, and all certified organizations are required to complete their transition to ISO 55001:2024 by July 31, 2027.
Key Changes in ISO 55001:2024
Harmonized Structure and Terminology: Standardized management system terminology.
New Sub-clauses Introduced:
•Asset Management Decision-Making (Clause 4.5): Defined decision-making criteria and supporting tools.
•Strategic Asset Management Plan (SAMP, Clause 6.2): Consolidated existing practices.
•Information Management (Clause 7.7): Processes defined for managing explicit and tacit knowledge.
•Operational Planning: Clear and detailed handling of asset life-cycle management.
•Risk and Opportunity Management: Risks and opportunities evaluated as distinct concepts.
•Leadership: Responsibilities of top management strengthened and leadership role emphasized.
•New Clause 10.3 – Predictive Actions: Focused on forecasting future conditions.
•Expanded Clause 8.3: Inclusion of all externally provided elements, technologies, and services.
•Clause 7.6 – Data and Information: New requirements introduced for data characteristics and data management plan.
ISO 55001:2024 Transition Timeline
Standard published on July 3, 2024
• Transition period: 3 years
• From May 1, 2026, no new certification applications will be accepted under ISO 55001:2014.
• From June 30, 2026, all new certification decisions, and from May 30, 2027, all continuation of existing certificates will be based on ISO 55001:2024 requirements.
• For all organizations certified under ISO 55001:2014, the transition audit to adapt their current management systems to the new version may be carried out together with a surveillance audit, recertification audit, or separately.
• If the transition audit is carried out during surveillance or separately, an additional minimum 0.5 auditor/day will be added to the audit.
• Once the transition audit is successfully completed and a certificate is issued, the end date of the existing certification cycle will remain unchanged.
Recommendations for Certified Organizations to Align with ISO 55001:2024
• Undertake ISO 55001:2024 training
• During the transition audit, not only review the asset management system but also update management system documentation in line with new requirements
• Identify the need for changes in asset management and conduct a gap analysis for ISO 55001:2024
• Prepare and implement necessary action plans for internal changes, updating existing risk improvement plans if necessary
• Complete preparations and finalize the transition audit either during a dedicated transition audit or at the next available audit period.
