PAS 55 Compliance
The Ivara Work Smart Methodology and EXP software enable capital-intensive companies to comply with Asset Management Standard, PAS 55. 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. Its 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. To comply, companies must demonstrate that they follow a stringent process and the 28-point requirements specification in PAS 55, that is from acquisition/commissioning, through operation and maintenance to disposal/renewal, demonstrating sustainable, optimized performance for all types of physical assets.
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 as an essential tool to comply with PAS 55.