ISO 55001:2014 - Asset Management Systems

What is ISO 55001:2014?

ISO 55001 specifies requirements for establishing, implementing, maintaining, and improving an Asset Management System (AMS), to help organizations manage the lifecycle of assets more effectively. With the ISO 55001 requirements, organizations will have better control over daily activities and achieve higher return with their assets and reduce the total cost of risk associated with assets.

The current version of ISO 55001:2014 was released in January 2014.

The requirements specified in this standard are applicable to any organization regardless of its type, size, complexity.

Benefits of ISO 55001:2014 Certification

ISO 55001 enable an organization to manage the assets lifecycle in a good way, which in turn brings many benefits where some benefits are mentioned below:
  • Improved Asset Management
  • Increased Customer Satisfaction
  • Reduced Operating Costs
  • Better Inventory Control
  • Increased Focus on Risks
  • Greater Compliance
  • Gain Competitive Advantage
  • Improved stakeholder relationships
  • International Recognition

Journey to ISO 55001:2014 Certification

ISO 55001 Certification is a 3rd party audit performed by MQA, during the audit we will verify that your organization is following the requirements of ISO 55001, if received positive results then we will issue an ISO 55001 certificate. This certification is then maintained through annual surveillance audits by MQA, with re-certification of the ISO 55001 Certification after three years. See below cycle to know how you can get started on the road to certification:

MQA Certification Cycle

Year 1
Step 1.1 (Initial Application)
  • Client request a quotation.
  • MQA will assess Client’s requirements.
  • MQA will share proposal with client.
  • Client signed the 3-year Certification Contract with MQA.
Step 1.2 (Certification Audit)
  • MQA will conduct:
    1. Gap Assessment (Readiness Review)
    2. Stage-1 Audit (Documentation Review)
    3. Stage-2 Audit (Implementation Review)
  • MQA Auditor will share the audit reports to MQA’s Certification Decision Committee.
Step 1.3 (Certificate Management)
  • If certification decision is positive, then certificate is issued by MQA.
  • If certification decision is negative, then verification audit is planned by MQA.
  • Client will receive the MQA Portal access to:
    1. View the Audit Reports.
    2. Download the ISO Certificate.
    3. Review & Respond to Audit Findings, etc.
Year 2 & 3
Step 2.1 (Renewal Request)
  • MQA request for renewal.
  • Client agreed for Surveillance Audit.
Step 2.2 (Surveillance Audit)
  • MQA will conduct Surveillance Audit
  • MQA Auditor will share the audit reports to MQA’s Certificate Decision Committee.
Step 2.3 (Certificate Management)
  • If no critical non-conformity found, then certificate is renewed by MQA.
  • If any critical nonconformity found, then verification audit is planned by MQA.
  • Client have the MQA Portal access to:
    1. View the Audit Reports.
    2. Download the ISO Certificate.
    3. Review & Respond to Audit Findings, etc.

MQA help you to certify your organization to ISO 55001:2014.

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