ISO 31000
International guidelines for enterprise risk management
ISO 55001
International standard for asset management systems.
Quick Verdict
ISO 31000 offers voluntary risk management guidelines for all organizations, embedding risk into decisions. ISO 55001 mandates certifiable asset management systems for asset-heavy firms, optimizing lifecycle value. Companies adopt ISO 31000 for resilience; ISO 55001 for compliance and efficiency.
ISO 31000
ISO 31000:2018 Risk management — Guidelines
Key Features
- Non-certifiable guidelines for all organizations
- Eight principles emphasizing integration and leadership
- Framework embedding risk into governance operations
- Iterative process: assess, treat, monitor risks
- Defines risk as uncertainty effect on objectives
ISO 55001
ISO 55001:2024 Asset management systems requirements
Key Features
- Strategic Asset Management Plan (SAMP)
- Annex SL structure for integration
- PDCA cycle for continual improvement
- Asset decision-making framework
- Risk and opportunity separation
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 31000 Details
What It Is
ISO 31000:2018, Risk management — Guidelines is a principles-based international standard providing flexible guidance for managing risk. It applies to any organization, defining risk as the effect of uncertainty on objectives, with a focus on creating and protecting value through systematic, iterative approaches.
Key Components
- **Three pillars8 principles (integrated, structured, customized, inclusive, dynamic, best information, human factors, continual improvement); framework (leadership, integration, design, implementation, evaluation, improvement); process (communication, scope/context/criteria, assessment, treatment, monitoring/review, recording/reporting).
- No fixed controls; non-certifiable guidelines emphasizing PDCA cycle.
Why Organizations Use It
Enhances decision-making, resilience, and governance; supports strategy, operations, compliance. Builds stakeholder trust, reduces losses, captures opportunities; voluntary but benchmark for regulators, insurers.
Implementation Overview
Phased roadmap: leadership commitment, gap analysis, pilot process, integration, monitoring. Applicable universally; no certification, focuses on internal assurance, audits, continual adaptation. (178 words)
ISO 55001 Details
What It Is
ISO 55001:2024 is the international standard specifying requirements for establishing, implementing, maintaining, and improving an Asset Management System (AMS). It applies a management system approach using Annex SL high-level structure and PDCA cycle to realize value from assets across lifecycles, balancing performance, risks, and costs.
Key Components
- Clauses 4–10: context, leadership, planning (SAMP), support, operation, performance evaluation, improvement.
- 72 mandatory 'shall' requirements.
- Built on ISO 55000 principles and terminology.
- Certifiable via accredited third-party audits.
Why Organizations Use It
- Drives lifecycle value optimization and cost savings.
- Meets regulatory/stakeholder expectations; reduces risks.
- Enhances resilience, decision-making, and integration with ISO 9001/14001.
- Builds trust via certification; competitive edge in asset-heavy sectors.
Implementation Overview
- Phased: gap analysis, SAMP development, process integration, training.
- Applicable to all sizes in utilities, infrastructure, manufacturing.
- Involves audits, management reviews; certification optional but common. (178 words)
Key Differences
| Aspect | ISO 31000 | ISO 55001 |
|---|---|---|
| Scope | Enterprise-wide risk management guidelines | Asset management system requirements |
| Industry | All sectors, any organization size | Asset-intensive sectors like utilities, infrastructure |
| Nature | Non-certifiable guidelines, voluntary | Certifiable management system standard |
| Testing | Internal audits, management reviews | Certification audits, surveillance audits |
| Penalties | No formal penalties, loss of alignment | Loss of certification, procurement disqualification |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 31000 and ISO 55001
ISO 31000 FAQ
ISO 55001 FAQ
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