Understanding ISO 55001:2014 AMS

Course Duration: 2 Days

This seminar is for asset and other managers primarily for capital-intensive organizations. It is also applicable for auditors of Asset Management Systems.

All organizations have assets. It is important to manage assets effectively. ISO 55001:2014 can help organization with that. Capital intensive organizations have significant physical assets to manage and have high fixed costs. These include governments, foundries, utilities, manufacturing, construction and transportation. Many states have asset management requirements for applicable organizations.

Asset management is a planning process for optimizing the value for each asset and ensuring that resources are available to maintain and replace those assets when necessary.

ISO 55001 is intended to be used for managing physical assets in particular, but it can also be applied to other asset types. It does not specify financial, accounting or technical requirements for managing specific asset types.

This course was developed to cover all requirements of ISO 55001:2014. Group exercises and case studies incorporating guidance from the Standard and ISO 55002:2014 “Asset Management - Management Systems - Guidelines for the application of ISO 55001.”

Learning Objectives

  • Relate the AMS to the organizational products, services, activities and operational processes.
  • Relate organization’s context and interested party needs and expectations to the planning and implementation of an organization’s AMS.
  • Understand the application of the regulations, and other considerations that are relevant to the management system.
  • Understand the ISO 55001:2014 documentation requirements for an AMS.

Course Outline

  • Day One
  • Introduction and Welcome
  • The ISO 55000 Standards Explained
  • Introduction to ISO 55001:2014
  • ISO 55001:2014 Requirements
  • Group Exercise: Context of the Organization
  • Group Exercise: Interested Parties
  • Group Exercise: Audit Scenarios
  • Day Two
  • ISO 55001:2014 Requirements (cont’d)
  • Group Exercises: Audit Scenarios (cont’d)
  • Independent Written Exercise (AM module)

Who Should Attend

This seminar is primarily designed for asset managers and any others who would like to develop competency in ISO 55001:2014.

Course Materials

Each participant will receive a seminar manual and breakout workbooks.

Note: Omnex does not provide copies of standard(s) during training courses, but clients are encouraged to have their own copy.


A basic understanding of asset management and work experience in asset management is recommended. Asset managers often have duties including buying, selling and trading assets to build capital for organizations and clients. Most asset management positions require candidates to hold a degree in finance, economics, business or a related field.

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