ISO55001- Managing Performance, Risks, and Costs Effectively and Efficiently

About the Program

Category: County Administration and Management (Best in Category)

Year: 2023

In October of 2021, Palm Beach County Water Utilities (PBCWUD) completed a rigorous review process to receive the International Organization for Standardization (ISO) 55001 certification and became the first water utility in North America to become certified. ISO55001 is an asset management system standard by which organizations manage the lifecycle of assets. The ISO55001 management system provides a framework to establish asset management policies, objectives, processes and governance, and facilitates an organization’s achievement of its strategic goals. ISO55001 utilizes a structured, effective, and efficient process that drives continual improvement and ongoing value creation by managing asset-related cost, performance, and risk. Compliance with the ISO55001 standard supports organizations striving for a culture of proactive, continual improvement, and can drive an organization's effectiveness and efficiency in the realization of increased value from its assets. It reflects the latest thinking and best practices in asset management. Developing and implementing an asset management framework based on the ISO55001 standard demonstrates to internal and external stakeholders (e.g. regulators, customers, insurers) that the organization manages its performance, risks, and costs in a very effective and efficient manner. (https://committee.iso.org/home/tc251)