As trusted advisors, several WSP experts from around the world are deeply involved in the update of the ISO 55000 series of standards for Asset Management Systems, used by asset owners all over the world to assure best practice in asset management.
In early May 2023, WSP’s global Asset Management team participated in the International Organization for Standardization (ISO) TC251 Asset Management Plenary in Philadelphia, in the United States, to update the ISO 55000 series of standards for Asset Management Systems.
This was a great opportunity to be on-site with the other committee members from all over the world, helping shape the updated version of the standards, pushing technical excellence and ensuring sustainability and decarbonization were even more entrenched in asset management best practices. This first in-person meeting in three years helped us to build consensus, resolve differences and ultimately, reach an agreement as an international community. The committee approved all documents for progression to “draft” status so they will be released for consultation in every country in the coming weeks, with final publication planned for early 2024.
“As part of the working group working on ISO 55001 update, I was thrilled to spend the week debating the fundamentals of asset management, potential interpretations in different languages, implications for audits and how to balance all the international feedback we've had so far, to finalise the changes to ISO 55001,” shared Tom Goodyer, Head of Strategic Asset Management for WSP in the UK and WSP’s Global Lead for Asset Management.
“As a member and deputy-convenor for ISO 55000 Product improvement and revision, it was the most inspiring, interesting but also a heart-warming week to meet all these talented people in person after so many years. Being integral to this important process is an honor. I look forward to the coming work and the updated standards published in early 2024. I believe that we can serve our clients, societies and colleagues by bringing this experience back,” commented Jyrki Paavilainen, Leading Expert, Asset Management, WSP in Finland.
The ISO 55000 series of documents define what Asset Management Systems are, and what good practice looks like, by consensus of experts drawn from the whole world. Compliance with these popular standards is now the benchmark used by asset owners across all industries and territories in which WSP operates. This series will be updated and greatly expanded in the coming year to include guidance documents on public policy setting, people competence, and asset management data.