Manage assets using the world’s “gold standard”. Satisfy regulators and other stakeholders that you are doing all you can at optimized costs. Maintenance Management is no longer enough. Infrastructure is aging and in some cases failing. Our crumbling infrastructure has suffered from lack of investment and care – some of it has already killed. Asset managers and owners are being taken to task for their lack of care and diligence in managing these dangerous situations. Risks have been taken and sadly the results have been disastrous. In response to this situation we now have the world’s first specification for Asset Management – PAS 55.
It was developed in the UK in response to industry and societal demands for more responsible management of physical assets, mainly in the infrastructure industries – utilities, roads and bridges, rail, airports and public facilities. It was written by the Institute of Asset Management (IAM) and published as a specification by the British Standards Institute, a precursor to becoming recognized as an International Standard (ISO). PAS 55 goes beyond, yet includes, excellence in Maintenance Management – Uptime is an excellent complement to PAS 55 Asset Management and fits well within it. PAS 55 speaks to Asset Management in the same way as ISO speaks to Quality Management. It describes a way of managing physical assets throughout their entire “life cycle” from conception to disposal and remediation. Engineering, maintenance, risk management, etc., are all included under the one umbrella known as, “Asset Management”. Note that as a “specification” PAS 55 is not prescriptive in any way. It is a statement of requirements – how a company meets those is entirely up to them. Here is a letter from OFGEM, the UK regulator for gas and electric utilities that outlines why PAS 55 is so important. And today its use is extending into the food and facilities management industries.
PAS 55 compliance is required in the UK and has already been used elsewhere in Europe, Australia, China and America. Regulators and rate review interveners are asking for it – yes, even here in North America. Forward looking utilities are already implementing it. Its benefits are evident to those of us who have ever had to handle a difficult challenge with our physical assets – it will eventually become standard practice, even without formal certification, throughout industry. It makes too much sense to ignore.
We offer PAS 55, training, audit, implementation and certification services. As specialists in Asset Management with a track record of assessments and helping companies improve, and as members of the IAM we are approved to audit and certify your operations as compliant to the requirements of PAS 55. And our services go beyond audit and certification. Our consultants can advise and help as you implement the organizational, process and other changes that may be needed to become compliant. To learn more click on the following links: PAS 55 (Specification), PAS 55 Assessment, Competencies Framework.