The Bureau of Indian Standards (BIS), operating under the Department of Consumer Affairs, has issued a revised Indian Standard IS/ISO 55001:2024, titled “Asset Management — Asset Management System — Requirements (First Revision).”
The updated standard was established on October 13, 2025, replacing the earlier IS/ISO 55001:2014, which was titled “Asset Management — Management Systems — Requirements.” The 2014 version will remain valid until April 13, 2026, after which it will be formally withdrawn.
Key Highlights
- Revised Standard: IS/ISO 55001:2024
- Title: Asset Management — Asset Management System — Requirements (First Revision)
- Date of Establishment: October 13, 2025
- Standard Withdrawn: IS/ISO 55001:2014
- Date of Withdrawal: April 13, 2026
Significance of the Revision
The updated IS/ISO 55001:2024 provides an improved framework for asset management systems, helping organizations manage assets effectively throughout their life cycles. It emphasizes value creation, risk management, sustainability, and performance optimization — aligning India’s practices with the latest international ISO standards.
This revision supports public and private sector entities in achieving greater efficiency, accountability, and resilience in asset management operations.