ISO 55001 Audit Checklist – Free Asset Management PDF

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ISO 55001 audit checklist template

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Use this template with Lumiform

Customize this template or build your own
Fill out templates via mobile app
Get reports and analyse your data

Prices start from ░░░ per month

Book a demo

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Evaluate compliance with international asset management standards through this ISO 55001 audit checklist. With specific questions addressing each requirement—from strategic planning to performance evaluation—this template helps you conduct comprehensive internal audits without missing critical elements. It serves as a roadmap for preparation for certification so you can identify and address non-conformities and avoid compliance issues.

Organizations implementing robust asset management systems have documented significant financial benefits. For example, some sectors reported a 20% decrease in capital costs and 10% reduction in operational costs with ISO 55001.

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Context of the organization

Do you know which internal and external issues relevant to your organization's purpose affect your ability to carry out effective asset management?

Do you know the needs and expectations of relevant stakeholders?

Have you determined the scope of your asset management system?

Have you considered internal and external factors that could impact your asset management system?

Do you have a documented Strategic Asset Management Plan available to stakeholders?

Have you identified or considered opportunities for improving your asset management system?

Leadership

Has management taken responsibility for and communicated the importance of an effective asset management system?

Have they established and communicated the policy and objectives of this asset management system?

Are everyone's roles and responsibilities in relation to your asset management system clearly defined and communicated?

Is your approach to risk management in the context of your asset management system consistent with your approach in the rest of your organization?

Is there a process for reporting progress on your asset management system to management?

Planning

Do you know the risks you need to address so your asset management system can succeed?

Have you planned actions for addressing said risks and are those actions part of system processes?

Have you prepared measurable asset management objectives and come up with a plan to achieve them?

Have you determined the method and criteria for prioritizing asset management activities?

Do you have a plan to manage your assets over their entire life cycle?

Support

Has your organization determined and provided the resources needed in order to establish, maintain, and optimize your asset management system?

Is there a defined process for determining whether employees are competent enough to perform asset management-related roles?

Have you verified that people who affect the performance of your asset management system are competent in their roles, or provided appropriate training?

Are people with an impact on the asset management system aware of your asset management policy and consequences of disregarding it?

Is there a process that specifies to whom, when, and how you will communicate regarding your asset management system?

Have you established what information relevant to ISO 55001 and necessary to successfully implement your asset management system needs to be documented?

Do you have a system for managing, storing, distributing, and protecting your required documentation?

Operation

Have you devised and implemented a program to achieve the intended outcome of your asset management system?

Are planned changes carried out in a controlled way with consideration given to the consequences?

Are outsourced processes, if any, appropriately controlled?

Do you have a dedicated person or persons responsible for managing outsourced activities?

Do you have a defined way of sharing information with contracted service providers?

Do you monitor the performance of outsourced asset functions?

Have you verified that all parties you outsource work to are appropriately qualified?

Do those you outsource work to keep, create, and update asset management documentation?

Performance evaluation

Do you know which factors need to be monitored, who is responsible for this, and how results will be measured?

Do you report on the effectiveness of your risk management processes?

Are the results of your performance monitoring documented?

Do you conduct regular internal audits to check that your asset management system is effective and conforms to ISO 55001 as well as your organization's requirements?

Have you established a plan or process for internal asset management system audits?

Is performance management (identifying common nonconformities, analyzing result patterns, etc.) included in management review?

Do asset management reviews identify changes and areas for improvement?

Are the results of management review processes acted upon and communicated to relevant stakeholders?

Has your organization planned ways to resolve nonconformities via corrective actions?

Does top management carry out regular reviews of the asset management system?

Do the results of those reviews identify areas for change and improvement?

Improvements

Have you identified actions to control and correct the consequences of nonconformities?

Have you evaluated the need for actions that address the root cause of nonconformities?

Have any of your identified actions been implemented and evaluated?

Is the nature of nonconformities and the actions taken to correct them documented?

Have you established processes that identify potential failures in asset performance?

Sign-off

Inspector name

Date and time of completion

Signature

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Frequently asked questions

How do I prepare for my first ISO 55001 audit using this checklist?

Start by familiarizing yourself with the entire checklist before conducting the audit. Schedule adequate time, gather relevant documentation like your Strategic Asset Management Plan, and involve key stakeholders from different departments. Focus first on understanding your current compliance level rather than achieving perfect scores. Document all findings thoroughly, including evidence for both conformities and non-conformities.

What should I do with the non-conformities identified through this audit checklist?

Document each non-conformity with clear evidence and root cause analysis. Develop specific, measurable corrective actions with assigned responsibilities and realistic deadlines. Prioritize issues based on risk and impact on your asset management objectives. Follow up systematically to verify effectiveness of implemented actions and maintain records of the entire process for management review.

How can I use this checklist to improve our existing asset management system?

Beyond identifying non-conformities, use the checklist to spot improvement opportunities even in compliant areas. Compare audit results over time to identify recurring issues or trends. Engage cross-functional teams to review findings and brainstorm solutions. Focus on areas where you consistently answer “partially compliant” to develop targeted improvement initiatives that enhance overall system effectiveness.

This template, developed by Lumiform employees, serves as a starting point for businesses using the Lumiform platform and is intended as a hypothetical example only. It does not replace professional advice. Companies should consult qualified professionals to assess the suitability and legality of using this template in their specific workplace or jurisdiction. Lumiform is not liable for any errors or omissions in this template or for any actions taken based on its content.