PAS 55 Assessment

What is PAS 55?

Publicly Available Specification 55 (PAS 55) outlines a set of requirements and guidelines to assist organisations manage their physical assets in an optimal fashion.  Originally published in 2004 by the British Standards Institution (BSI), it is a strategic framework within which asset management can be implemented.  It has since been updated in 2008 and has gained global credibility (including within Australia with the Asset Management Council) as the benchmark for managing assets. 

What benefit does IAM Endorsement bring?

The Institute of Asset Management (IAM) provided significant leadership for the development of PAS 55.  The IAM were also involved in the process of updating the specification and developed a comprehensive assessment tool known as PAS 55 Assessment Methodology (PAM).  Seeking to promote and support the adoption of asset management good practices, the IAM recognised the need to provide a meaningful external certification process whereby asset owners and managers can demonstrate such achievements against a true benchmark.  The IAM provide Endorsed Assessor status to organisations who can demonstrate that their assessment processes meet strict IAM requirements.

In being recognised as an Endorsed Assessor, clients are assured that we provide assessment and certification that is:

• Aligned with PAS 55:2008 requirements
• Conducted by experienced asset management practitioners who have detailed knowledge of the requirements of PAS 55 and how to practically meet these requirements
• An objective and impartial assessment against PAS 55
• Rigorous in terms of sample size and coverage

Does my organisation need certification?

Not all organisations want or need PAS 55 certification.  However, many organisations want to understand how they measure up against the requirements of PAS 55 in order to highlight weaknesses and prioritise improvement efforts.  The Asset Partnership assessors can provide a gap analysis using the same assessment tool to provide a measure against the benchmark.

How does certification work?

PAS 55 certification is granted to organisations that show evidence of achieving a targeted maturity level of the PAS 55 Assessment Methodology for all of the elements of PAS 55.  Certification may still be granted if the target is not quite reached but the gap is small and the organisation can demonstrate effective plans are in place to close the gap.  The duration of certification is for 3 years during which time surveillance visits will take place to ensure the organisation is still meeting the requirements.

For further information, contact us