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AChange Request Processis required to formally evaluate and approve any change that could impact asset performance, risk, or compliance—such as outsourcing maintenance.

Exact Extract from IAM – Asset Management: An Anatomy (v4), Section 4.6.2 – Change Management:

“Changes to asset-related systems, responsibilities, or service providers should follow formal change control processes to assess impact and ensure traceability.”

An effectiveAsset Management Policyoutlines the organization’s high-level intent and principles regarding asset management. It doesnot include specific budgetary or operational detailslike annual plans.

Exact Extract from ISO 55001:2014, Clause 5.2 – Asset Management Policy:

“Shall include a commitment to satisfy applicable legal requirements, continual improvement, and provide a framework for setting asset management objectives and strategy.”

Leadership and commitmentfrom all tiers of the organization are foundational to the success of any asset management system. ISO 55001 places special emphasis onvisible support from top management, which sets the tone for engagement, resource allocation, and continuous improvement.

Without this leadership, asset management initiatives often fail to embed within the culture or gain strategic relevance.

Exact Extract from ISO 55001:2014, Clause 5.1 – Leadership and Commitment:

“Top management shall demonstrate leadership and commitment with respect to the asset management system by ensuring the integration of asset management requirements into the organization’s business processes.”

AStrategic Asset Management Plan (SAMP)aligns long-term organizational objectives with asset strategy. Key inputs includeavailable financial resources,demand forecasts, and theorganization’s risk appetite—which determines how aggressively or conservatively assets will be managed.

Exact Extract from ISO 55002:2018, Clause 5.1 – Strategic Planning:

“Inputs to the strategic asset management plan include: demand forecasts, financial constraints, and organizational risk management approach.”

Comprehensive and Detailed in Depth Explanation along with Exact Extract from IAM's five subject areas:

TheAcquirestage encompasses feasibility studies, planning, specification, design, procurement, and funding—the preparatory activities before an asset is commissioned.

Extract from IAM Document – Asset Management: An Anatomy (v4):

"The acquisition phase includes the activities required to define, justify, plan, design, and procure the asset."

(Section 3.4.1 – Life Cycle Stage: Acquire)

ISO 55001 outlinesseven requirements:

Organizational context

Leadership

Planning

Support

Operation

Performance evaluation

Improvement

“Controlling” is not one of the defined system requirements.

Exact Extract from ISO 55001:2014 – Section Headings:

“The standard specifies requirements under seven core sections: Context, Leadership, Planning, Support, Operation, Performance Evaluation, and Improvement.”

According toPAS 55 and ISO 55001, the hierarchy flows fromhigh-level principles and intent (policy)todetailed tactical execution (plans):

Policy– Organizational intent and principles

Strategy– Long-term approach for achieving objectives

Objectives– Specific performance and capability targets

Plans– Scheduled actions to meet objectives

Exact Extract from PAS 55-1:2008, Section 4.2.1:

“The asset management policy leads into the asset management strategy, from which objectives and corresponding plans are derived.”