How the Ivara Work Smart Methodology and EXP Technology Support Asset Management Standard PAS 55

The Ivara Work Smart Methodology and EXP software enable capital-intensive companies to comply with emerging standards and regulatory challenges in the power industry as well as other capital-intensive industries. Ivara enables a living reliability-based asset management program based on risk and consequence of failure that delivers optimal asset performance, increases profitability and compliance to regulations and standards.

PAS 55 is a published standard for physical asset management developed by a multi-sector initiative across 10 countries, backed by the British Standards Institute. It’s purpose is to ensure (and be able to demonstrate) that assets deliver their required function in a cost-effective manner without negatively impacting safety or the environment. PAS 55 is already being adopted by industry regulators in the UK as a requirement checklist for demonstrating good governance. All electricity and gas distributors in the UK must already demonstrate PAS 55 compliance; railway, water and other sectors are following. The conversion to a full ISO standard is already in the planning stages.

Several organizations in North America are already using PAS 55 as an assessment tool to help develop robust, sustainable plans. Learn how Ivara’s approach to asset management is aligned with PAS 55 and how Ivara EXP can be used to contribute to compliance with PAS 55.