PASS 55

BSI PAS 55:2008 is the international reference standard for the optimal management of physical assets, providing the definition of good practice in the whole-life management of assets. It is applicable to any organisation where physical assets are a key or a critical factor in achieving its business goals.

What is Asset Management?

The management of Physical Assets (their Selection, Maintenance, Inspection & Renewal) plays a key role in determining the operational performance and profitability of industries that operate assets as part of their core business.

Asset Management is the art and science of making the right decisions and optimising these processes. A common objective is to minimise the whole life cost of assets but there may be other critical factors such as risk or business continuity to be considered objectively in this decision making.

This emerging professional discipline deals with the optimal management of physical asset systems and their life cycles. It represents a cross-disciplinary collaboration to achieve best net, sustained value-for-money in the selection, design/acquisition, operations, maintenance and renewal/ disposal of physical infrastructure and equipment. The BSI PAS 55 standard, defines the requirements for such an integrated approach.

What is PAS 55?

BSI PAS 55:2008 includes:

• Definition of terms in Asset Management


• Requirements specification for good practice


• Guidance for the Implementation of such good practice

PAS 55 provides objectivity across 28 aspects of Good Asset Management, from lifecycle strategy to everyday maintenance (cost/risk/performance). It enables the integration of all aspects of the asset lifecycle: from the first recognition of a need to design, acquisition, construction, commissioning, utilization or operation, maintenance, renewal, modification and/or ultimate disposal.

PAS 55 also provides a common language for cross-functional discussion and provides the framework for understanding how individual parts fit together, and how the many mutual interdependencies can be handled and optimised.

It is published by BSI British Standards with the rigor of a Publicly Available Specification. Part 1 is the checklist of what needs to be in place. Part 2 provides extensive guidance and illustrations of how to achieve the requirements of Part 1.

PAS 55 was initiated by and is now distributed and supported worldwide through the Institute of Asset Management (IAM).

Why Best Practice Asset Management

Users of PAS 55 attribute the following benefits to their business:

• Enhanced customer satisfaction from improved performance and control of service delivery.
• The ability to achieve and demonstrate best value-for money.
• Improved risk management and corporate governance - with a clear audit trail.
• Optimised return on investment and/or growth.
• Improved health, safety and environmental performance.


• Confidence from long-term planning, better sustainability and performance.
• Improved corporate reputation, including enhanced shareholder value, greater staff satisfaction and more efficient procurement and supply chain.
• PAS55 also provides a common language between asset managers and finance. It defines the integrated approach required to meet conflicting stakeholder demands, achieve best value-for-money, and deliver significant performance improvements.

PAS55 defines Asset Management in systematic and inter-disciplinary terms. It specifies the requirements for the identification and management of risk and highlights the vital roles of individuals and teamwork in asset management.


PAS 55 can be used for:

• Demonstration of Competence
• Self Assessment
• Benchmarking
• Contractor Selection
• Alignment of understanding.
• Improvements planning
• Independent audit
• Certification

For Additional Information on the PASS 55, please Contact us

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