Standards provide guidance and requirements checklist of good practices in managing physical asset management and are equally applicable to public and private sector, regulated or non-regulated environments.
PAS 55 is one of such Standards that is getting a lot of interest and showing promise to become a defacto world-wide specification for any organizations seeking to demonstrate a high level of professionalism in whole life cycle management of their physical assets.
The standard is split into two parts:
It is also accompanied by a comprehensive Competencies Framework for asset managers.
The standard was originally produced in 2004 by a number of organizations under the leadership of the Institute of Asset Management. It has recently undergone a substantial revision with 50 participating organizations from 15 industry sectors in 10 countries. PAS 55:2008 was released in Dec 2008 along with a toolkit for self-assessment against the specification.
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