Asset Management Virtual Event: Update on the activities of ISO TC 251 (ISO 5500x)

January 21st (5:00pm-6:30pm EST | 11:00pm-12:30am CET | 6:00am-7:30am AWST+1)

Update on the activities of ISO TC 251 (ISO 5500x)

The Asset Management Standard suite of documents (ISO 5500x) were issued in 2014 and resulted in an increased focus on asset management. Internationally over 300 organizations across 45 countries have been identified as holding Certification against the Asset Management System Standard (55001) whilst the number using the Standards as a compliance check is unknown.

ISO 55002 was revised in 2018 following feedback from the International Community and it is now timely for the 55000 and 55001 to undergo a review  given the time in the market. The Management System Standards now follow what is known as a High-Level Structure, which lends itself to an integrated Management System approach and the future update of 55001 will take this into consideration.

Work within the ISO TC 251 group has also focussed on other key Asset Management issues and has produced other guidance material to support the Asset Management Standard. Most notable amongst this work being the ISO 55010:2019 Guidance on the alignment of financial and non-financial functions in asset management and the paper on Managing Assets versus Asset Management.

This presentation seeks to give an overview of the current work being undertaken by TC 251 and the future revision process for the Standards.

About Dave Daines:

An Asset Management professional with over 40 years’ experience in Mining and Heavy Industry across many facets of business from Design, Engineering, Construction, Commissioning, Operations & Maintenance and Disposal of plant and infrastructure.

Within major capital project’s he had significant influence at a Corporate level ensuring appropriate asset management input at the Design & Development stage and initiated an Operational Readiness program for asset handover.

Currently consulting in Asset Management related Auditing, Training & Strategy development, and review.


  • ISO Standards Committee TC 251 – Asset Management: Australian Mirror Committee MB-19

Chair of MB-019. Representing Australia’s interest on the ISO Technical Committee for the ISO 5500x Asset Management Standard

  • Asset Management Council of Australia

Chair of the Board of Asset Management Council (April 2017 to date)

Representative on Global Forum of Maintenance and Asset Management (GFMAM)

  • World Partners in Asset Management

Director & Company Secretary of International JV developing Assessor Competency & Global Certification scheme for Asset Management.

GMG Asset Management Working Group

Zoltan Lukacs, leader of the GMG Asset Management working group, will summarize the priorities as they currently stand, and focus on a brief description of the Asset Management framework.