Asset Management Policy, SAMP & Asset Management Plans: ISO 55001 Guide

The Three-Tier Hierarchy

ISO 55001 establishes a structured documentation hierarchy that connects an organisation's strategic vision to its day-to-day asset management activities. Understanding this hierarchy and how the three levels interact is fundamental to building a compliant and effective asset management system.

The three tiers work together to create a "line of sight" — a traceable connection from the boardroom to the maintenance workshop. This line of sight ensures that every asset management decision, from a multi-million-pound capital investment to a routine maintenance task, can be traced back to organisational objectives.

Think of the hierarchy as a cascade: the Policy sets the "why" and the principles; the SAMP defines the "what" at a strategic level and the long-term direction; and the Asset Management Plans specify the "how" at an operational level for each asset group or class.

Asset Management Policy

The Asset Management Policy is the highest-level document in the hierarchy. It is a concise statement authorised by top management that sets out the organisation's intent and direction for asset management. It is the foundation upon which the entire asset management system is built.

What ISO 55001 Requires

ISO 55001 Clause 5.2 requires the asset management policy to:

• Be appropriate to the purpose of the organisation
• Provide a framework for setting asset management objectives
• Include a commitment to satisfy applicable requirements
• Include a commitment to continual improvement of the asset management system
• Be consistent with the organisational plan and other organisational policies
• Be appropriate to the nature and scale of the organisation's assets and operations
• Be available as documented information
• Be communicated within the organisation
• Be available to stakeholders as appropriate
• Be implemented and periodically reviewed and, if necessary, updated

Characteristics of an Effective Policy

An effective asset management policy is:

• Concise: Typically 1–3 pages. It is a statement of intent, not a procedures manual. If your policy is longer than 3 pages, it probably contains operational detail that belongs in the SAMP or asset management plans.
• Specific to the organisation: Generic policies downloaded from templates and left unchanged are a common audit finding. The policy must reflect your organisation's specific context, assets, and objectives.
• Actionable: Commitments in the policy must be demonstrable. Do not include commitments that the organisation cannot or will not fulfil. Auditors will verify that policy commitments are reflected in practice.
• Aligned: The policy must be consistent with other organisational policies (quality, environmental, safety, financial) and with the organisational strategic plan.
• Authorised: Signed by the CEO or equivalent top management. This demonstrates genuine leadership commitment, not just asset management team aspiration.

Essential Content Elements

While the specific wording will vary by organisation, an effective asset management policy typically includes:

1. Organisation context statement: Brief description of the organisation and the role of assets in delivering its objectives.
2. Purpose and scope: What the policy covers and to whom it applies.
3. Principles and commitments: Core commitments including value realisation from assets, alignment with organisational objectives, risk-based decision-making, lifecycle approach, compliance with legal and regulatory requirements, sustainability and environmental stewardship, continual improvement, and stakeholder engagement.
4. Framework for objectives: Statement that the policy provides a framework for setting and reviewing asset management objectives.
5. Authorisation: Name, title, and signature of the authorising executive, with date.

Strategic Asset Management Plan (SAMP)

The Strategic Asset Management Plan is arguably the most important and most misunderstood document in the ISO 55001 hierarchy. It is the bridge between the organisation's strategic objectives and the operational asset management plans. Without an effective SAMP, there is no demonstrable line of sight from strategy to operations — a gap that will be identified in any competent certification audit.

What ISO 55001 Requires

ISO 55001 Clause 6.2.1 requires the SAMP to document how organisational objectives are converted into asset management objectives. The SAMP must:

• Be derived from and consistent with the organisational plan (corporate strategy)
• Set out the asset management objectives
• Define the approach for developing asset management plans
• Consider the role of the asset management system in supporting achievement of asset management objectives
• Specify how asset management plans relate to each other and to the SAMP itself
• Be documented, implemented, and maintained as documented information

Core Content of the SAMP

An effective SAMP typically contains the following sections:

1. Organisational Context and Strategy Summary: Begin by summarising the organisational strategic plan — the mission, vision, values, and strategic objectives that the asset management system must support. This section establishes the "demand side" — what the organisation needs from its assets. Include the key external and internal factors that influence asset management strategy (regulatory environment, market conditions, technological trends, climate commitments).

2. Asset Portfolio Overview: Describe the organisation's asset portfolio at a strategic level. This includes asset types and classes, total asset value (replacement cost and/or depreciated value), asset condition summary, age profile and remaining useful life distribution, and geographic distribution. The level of detail should be strategic — this is not a detailed asset register but a portfolio overview that enables strategic decision-making.

3. Asset Management Objectives: This is the heart of the SAMP. Each organisational objective should be translated into specific, measurable asset management objectives. For example:

4. Asset Management Strategy: Describe the strategic approach to managing the asset portfolio. This includes the overall asset management philosophy (e.g., risk-based, lifecycle-optimised), capital investment strategy (growth, renewal, replacement priorities), maintenance strategy direction (preventive vs. predictive vs. condition-based), technology and digital strategy for asset management, sustainability and circular economy strategy, and risk management approach at a strategic level.

5. Long-term Asset Portfolio Plan: Provide a long-term view (typically 10–30 years, depending on asset lifecycle) of the asset portfolio trajectory. This includes planned capital investments and major asset renewals, expected asset retirements and disposals, demand forecasts and capacity planning, technology refresh cycles, and sustainability milestones and targets.

6. Resource and Capability Requirements: Identify the strategic resources and capabilities needed to deliver the asset management objectives. This includes financial resources (capital and operational budgets), human resources (skills, competencies, workforce planning), technology and information systems, knowledge management and organisational learning, and supply chain and contractor capabilities.

7. Governance and Decision-Making Framework: Describe how asset management decisions are made, including decision-making authorities, prioritisation criteria for competing demands, escalation processes, and the role of asset management in organisational governance.

8. Linkage to Asset Management Plans: Explain how the SAMP is implemented through the suite of asset management plans. Define which plans exist, their scope, and how they collectively deliver the SAMP objectives.

SAMP Time Horizon

The SAMP should cover a longer time horizon than annual operational plans. The appropriate time horizon depends on the asset lifecycle — organisations with long-lived infrastructure assets (utilities, transport, property) may plan over 20–50 years, while those with shorter-lived assets (technology, fleet) may plan over 5–10 years. The SAMP should include a rolling update process, typically reviewed annually with a longer-term refresh every 3–5 years.

Asset Management Plans

Asset Management Plans are the operational tier of the hierarchy. They translate the strategic direction set by the SAMP into specific, actionable plans for managing individual asset groups or classes. This is where the "how" of asset management is detailed.

What ISO 55001 Requires

ISO 55001 Clause 6.2.2 requires that the organisation develops asset management plans for achieving its asset management objectives. These plans must include:

• What will be done
• What resources will be required
• Who will be responsible
• When it will be completed
• How the results will be evaluated

How to Structure Asset Management Plans

Most organisations develop multiple asset management plans, each covering a logical grouping of assets. The grouping may be by:

• Asset class: Buildings, fleet vehicles, IT infrastructure, production equipment, pipelines
• Geographic location: North region assets, South region assets
• Business function: Production assets, distribution assets, customer service assets
• Criticality level: Plans may be organised around high-criticality vs. low-criticality assets

Core Content of an Asset Management Plan

An effective Asset Management Plan typically includes:

1. Scope and Asset Description: Define which assets the plan covers. Provide an overview of the asset population including quantity, age profile, condition profile, criticality distribution, replacement value, and geographic distribution. Reference the asset register for detailed data.

2. Linkage to SAMP Objectives: Explicitly state which SAMP objectives this plan supports and how. This is the critical traceability link that auditors will check.

3. Current State Assessment: Assess the current state of the asset group including condition assessment results, performance against targets, risk profile (identified risks and their current status), compliance status, known issues and backlog, and historical performance trends.

4. Lifecycle Management Strategy: Define the lifecycle strategy for the asset group, covering:

• Acquisition/Creation: Standards and specifications for new assets, procurement requirements, commissioning processes
• Operation: Operating parameters, performance expectations, operator training requirements
• Maintenance: Maintenance strategy (preventive, predictive, condition-based, run-to-failure), maintenance schedules, spare parts management, contractor requirements
• Renewal/Upgrade: Criteria for renewal or upgrade decisions, technology refresh approach, capital planning
• Disposal/Decommissioning: End-of-life criteria, disposal procedures, environmental requirements, circular economy considerations (reuse, recycling)

5. Risk Management: Identify and assess risks specific to the asset group. Define risk treatment actions, risk owners, and monitoring requirements. Link to the organisation's risk register.

6. Performance Targets and KPIs: Define specific, measurable targets for the asset group including availability and reliability targets, maintenance effectiveness metrics, cost targets (lifecycle cost, maintenance cost, unit cost), condition improvement targets, compliance targets, and sustainability metrics (energy efficiency, emissions, waste).

7. Resource Requirements: Define the resources needed to implement the plan including capital budget requirements, operational budget requirements, staffing and competency requirements, contractor and supplier requirements, and tools, equipment, and technology requirements.

8. Action Plan and Timeline: Provide a time-bound action plan with specific activities, responsibilities, milestones, and completion dates. This is the most operational section and should be updated regularly.

9. Monitoring and Review: Define how plan implementation and asset performance will be monitored, who reviews progress, and how often.

How They Connect

The power of the three-tier hierarchy lies in the connections between the documents. Each level must clearly reference and be informed by the levels above and below it.

Top-Down Alignment

The connection flows from top to bottom:

1. Organisational strategic plan defines what the organisation wants to achieve
2. Asset Management Policy declares the organisation's commitment to managing assets effectively to support those objectives
3. SAMP translates organisational objectives into asset management objectives and strategic direction
4. Asset Management Plans implement the strategy through specific activities for each asset group

Bottom-Up Feedback

Information also flows from bottom to top:

1. Asset Management Plans generate performance data, condition information, and risk insights
2. SAMP is updated based on aggregated performance, changing conditions, and emerging risks
3. Asset Management Policy may be revised if strategic direction changes significantly
4. Organisational strategic plan receives input on asset capability, constraints, and investment needs

Cross-References

Effective documents include explicit cross-references:

• The SAMP should reference the organisational plan and the Policy
• Each Asset Management Plan should reference the SAMP objectives it supports
• The SAMP should list and describe the suite of Asset Management Plans
• Performance reports should demonstrate progress against objectives at all three levels

Writing Your AM Policy

Here is a practical, step-by-step approach to writing an effective Asset Management Policy:

Step 1: Gather Inputs

Before writing, collect and review:

• Organisational strategic plan and mission statement
• Existing organisational policies (quality, environment, safety, financial)
• Regulatory and legal requirements relevant to asset management
• Stakeholder expectations regarding asset management
• Industry best practices and peer benchmarks
• ISO 55001 requirements (particularly Clause 5.2)

Step 2: Draft Commitments

Identify the key commitments your organisation will make. These typically fall into categories:

• Value: Commitment to realising value from assets for the organisation and its stakeholders
• Alignment: Commitment to aligning asset management with organisational objectives
• Lifecycle: Commitment to managing assets across their full lifecycle
• Risk: Commitment to risk-based decision-making
• Compliance: Commitment to meeting legal, regulatory, and contractual requirements
• Sustainability: Commitment to environmental stewardship and sustainable asset management
• Improvement: Commitment to continual improvement of the asset management system
• People: Commitment to building asset management competence and awareness

Step 3: Write, Review, and Approve

Write the policy in clear, accessible language. Avoid jargon and ensure it is understandable by all stakeholders. Circulate for review by senior management, legal/compliance, and key stakeholders before submitting for top management approval and signature.

Step 4: Communicate

A policy that sits in a drawer has no value. Develop a communication plan to ensure the policy is understood throughout the organisation. This may include briefings, training sessions, intranet publication, and visual displays in key locations.

Developing Your SAMP

Developing an effective SAMP requires significant cross-functional input and strategic thinking. Here is a practical approach:

Step 1: Understand Organisational Strategy

Meet with senior management to understand the organisational strategic plan in depth. Identify the specific objectives that depend on or are affected by asset performance. Understand the time horizon, risk appetite, and investment capacity of the organisation. Document these as the "demand" that the asset management system must meet.

Step 2: Assess Asset Portfolio Capability

Assess the current state and future capability of the asset portfolio. This includes condition assessments, performance analysis, risk assessment, and capacity analysis. Document this as the "supply" — what the current asset portfolio can deliver. Identify gaps between demand and supply.

Step 3: Define Asset Management Objectives

Translate organisational objectives into measurable asset management objectives. Each objective should be SMART (Specific, Measurable, Achievable, Relevant, Time-bound). Ensure objectives cover all dimensions — performance, cost, risk, and sustainability. Validate objectives with senior management to confirm alignment.

Step 4: Develop Strategic Direction

Define the strategic approach for closing the gaps between current capability and required capability. This includes investment priorities, maintenance strategy direction, technology adoption plans, capability development plans, and sustainability initiatives. Consider multiple scenarios and sensitivities.

Step 5: Plan the Plan Suite

Define the suite of asset management plans needed to implement the strategy. Identify which asset groups need plans, define plan scope and boundaries, establish plan owners and governance, and create a plan development timeline.

Step 6: Resource and Governance

Define the resources needed to implement the SAMP, the governance structure for asset management decision-making, and the monitoring and review mechanisms.

Step 7: Review, Approve, and Publish

Review the SAMP with senior management and key stakeholders. Obtain executive approval. Publish and communicate to all relevant personnel. Establish the review and update cycle.

Building Asset Management Plans

Asset management plans are the most detailed tier and closest to operational delivery. Here is a practical approach to building effective plans:

Step 1: Define Scope and Boundaries

Clearly define which assets the plan covers. Use the asset register as the authoritative source. Define boundaries with adjacent plans to avoid gaps or overlaps. Ensure every asset in the organisation's portfolio is covered by at least one plan.

Step 2: Assess Current State

Gather and analyse data on the current state of the asset group:

• Condition assessment data (inspection results, monitoring data, test results)
• Performance data (availability, reliability, failure rates, mean time between failures)
• Cost data (maintenance costs, operating costs, failure costs)
• Risk data (identified risks, risk scores, incident history)
• Compliance data (regulatory requirements, inspection results, certifications)

Step 3: Define Lifecycle Strategies

For each lifecycle phase, define the management approach:

• Acquisition: Specifications, procurement standards, commissioning requirements
• Operation: Operating procedures, performance parameters, training
• Maintenance: Maintenance tasks and frequencies, condition triggers, spare parts, contractor requirements
• Renewal/Upgrade: Renewal criteria, technology assessment, capital planning
• Disposal: End-of-life criteria, disposal method, environmental compliance, circular economy options

Step 4: Set Targets and KPIs

Define measurable targets that link to the SAMP objectives. Include leading indicators (proactive measures) as well as lagging indicators (outcome measures). Establish baselines, targets, and monitoring frequencies.

Step 5: Develop Action Plans

Create time-bound action plans with specific tasks, responsibilities, milestones, and resource requirements. Include both routine activities (ongoing maintenance, inspections) and improvement activities (capital projects, process improvements).

Step 6: Implement, Monitor, and Update

Implement the plan, monitor progress against targets, and update regularly. Asset management plans are living documents — they should be updated as conditions change, risks emerge, and performance data is collected.

Common Documentation Mistakes

Based on our extensive audit experience, here are the most common documentation mistakes organisations make — and how to avoid them:

1. Disconnected Documents

The problem: The policy, SAMP, and asset management plans are developed independently by different teams with no cross-referencing. The policy makes commitments that the SAMP doesn't address. The SAMP sets objectives that no plan delivers. Plans contain activities that cannot be traced to any strategic objective.

The fix: Develop the documents iteratively with cross-functional input. Use a traceability matrix to map objectives from organisational strategy through the SAMP to specific plan activities. Review all three tiers together during management review.

2. Generic, Template-Based Policies

The problem: The policy is clearly a template downloaded from the internet with the organisation's name inserted. It contains generic commitments that could apply to any organisation. It does not reflect the specific context, assets, or objectives of the organisation.

The fix: Write the policy from scratch, informed by your organisational strategy, asset portfolio, stakeholder expectations, and regulatory environment. Each commitment should be specific enough that an auditor could verify its implementation.

3. SAMP That Is Actually a Plan

The problem: The SAMP contains detailed maintenance schedules, specific project plans, and operational procedures. It reads like an asset management plan rather than a strategic document. It is too long, too detailed, and reviewed too infrequently.

The fix: Keep the SAMP at a strategic level. It should answer "what do we need to achieve and what is our strategic direction?" not "how do we maintain this specific pump?" Detailed operational content belongs in asset management plans.

4. Missing or Inadequate SAMP

The problem: The organisation has a policy and asset management plans but no SAMP, or the SAMP is a one-page document that provides no strategic direction. This leaves a critical gap — there is no demonstrated connection between organisational objectives and operational activities.

The fix: Invest the time and effort to develop a proper SAMP. It is the most important document in the hierarchy and the one most frequently found deficient in certification audits.

5. Plans Without Measurable Targets

The problem: Asset management plans describe activities but do not define measurable targets or KPIs. Without targets, there is no way to evaluate whether the plan is achieving its objectives. Performance evaluation (Clause 9) becomes impossible.

The fix: Every asset management plan must include specific, measurable targets linked to SAMP objectives. Define baselines, targets, and monitoring frequencies. Report performance regularly.

6. Plans That Are Not Maintained

The problem: Asset management plans are written for certification and then never updated. Asset conditions change, risks emerge, regulations evolve, and strategies shift — but the plans remain static. Auditors can easily identify stale plans by checking dates, references to current conditions, and alignment with recent management review outputs.

The fix: Establish a regular review cycle. Plans should be living documents that are updated as conditions change. At minimum, conduct a formal annual review. Include plan maintenance responsibilities in role descriptions.

7. Ignoring Stakeholder Communication

The problem: Excellent documents that nobody reads. The policy is filed in a document management system but never communicated. The SAMP is developed by a small team but not shared with the broader organisation. Plans are written by consultants and handed to operations teams who were not involved.

The fix: Develop a communication and engagement plan for each document. The policy should be communicated to all employees. The SAMP should be briefed to senior management and asset management teams. Plans should be developed with input from the teams who will implement them.

Frequently Asked Questions