IEC TS 62775:2016

Application guidelines - Technical and financial processes for implementing asset management systems

IEC TS 62775:2016(E) which is a Technical Specification, shows how the IEC dependability suite of standards, systems engineering and the IFRS and IAS standards can support the requirements of asset management, as described by the ISO 5500x suite of standards. This Technical Specification therefore provides:
- a brief introduction to asset management and the requirements for an AMS,
- a description of the benefits from the use of an established and common set of AMS processes and procedures, tools and techniques to manage assets, and
- a description of the relationships between the AMS and the tools and techniques, processes and procedures of:
- ISO/IEC/IEEE 15288:2015, Systems and software engineering - System lifecycle processes,
- IEC dependability standards in particular IEC 60300-3-15, and
- relevant IFRS and supporting IAS standards.
This Technical Specification is intended for:
- asset managers who wish to identify and implement technical and financial processes within an AMS, using dependability techniques and IFRS and IAS standards respectively, and
- systems and dependability engineers who need to apply their technical processes and techniques within an AMS. Keywords: asset management, decision-making processes, ISO 5500x

General Information

• Status: Published
• Publication Date: 11-May-2016
• ICS: 01 - GENERALITIES. TERMINOLOGY. STANDARDIZATION. DOCUMENTATION
• ICS: 03.120.01 - Quality in general
• ICS: 03.120.10 - Quality management and quality assurance
• Technical Committee: TC 56 - Dependability
• Current Stage: PPUB - Publication issued
• Completion Date: 12-May-2016

Standards Content (Sample)

IEC TS 62775 ®
Edition 1.0 2016-05
TECHNICAL
SPECIFICATION
colour
inside
Application guidelines – Technical and financial processes for implementing
asset management systems
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IEC TS 62775 ®
Edition 1.0 2016-05
TECHNICAL
SPECIFICATION
colour
inside
Application guidelines – Technical and financial processes for implementing

asset management systems
INTERNATIONAL
ELECTROTECHNICAL
COMMISSION
ICS 03.120.01; 03.120.10 ISBN 978-2-8322-3391-7

– 2 – IEC TS 62775:2016 © IEC 2016

CONTENTS
FOREWORD . 4
INTRODUCTION . 6
1 Scope . 7
2 Normative references. 7
3 Terms and definitions . 7
4 Management systems environment . 10
4.1 Overview. 10
4.2 Benefits to asset management from integrating financial and technical
processes . 10
4.3 ISO 5500x suite – Asset management . 11
4.4 Systems engineering . 11
4.4.1 Overview . 11
4.4.2 Characteristics of a system . 11
4.4.3 Application of ISO/IEC/IEEE 15288 . 12
4.4.4 System life cycle processes . 12
4.5 IFRS and IAS standards . 15
4.5.1 Overview . 15
4.5.2 Conceptual framework. 15
4.6 IEC dependability suite . 16
4.6.1 Overview . 16
4.6.2 Dependability principles . 16
4.6.3 Dependability management . 16
5 Technical and financial standards for an AMS . 17
5.1 Integration of technical and financial standards for asset management . 17
5.2 Relating AMS to systems engineering . 17
5.3 Mapping system life cycle processes to dependability standards and IFRS
and IAS standards . 18
6 Intended use of the information provided in this Technical Specification . 20
Annex A (informative)  International IFRS and IAS information . 21
Annex B (informative) Mapping ISO 55001 AMS requirements to ISO/IEC/IEEE 15288
system life cycle processes . 23
Annex C (informative) Mapping ISO/IEC/IEEE 15288 processes to IEC dependability
and IFRS and IAS standards . 24
Bibliography . 31

Figure 1 – System life cycle processes – ISO/IEC/IEEE 15288:2015 . 14
Figure 2 – Elements of an AMS . 18
Figure 3 – Set of technical processes used for managing assets . 19

Table A.1 – International IFRS and IAS information . 21
Table B.1 – Mapping ISO 55001 AMS requirements to ISO/IEC/IEEE 15288 system life
cycle processes . 23
Table C.1 – Agreement processes . 24
Table C.2 – Organizational project enabling processes . 25

Table C.3 – Technical management processes . 26
Table C.4 – Technical processes (continued) . 28

– 4 – IEC TS 62775:2016 © IEC 2016
INTERNATIONAL ELECTROTECHNICAL COMMISSION
____________
APPLICATION GUIDELINES – TECHNICAL AND FINANCIAL
PROCESSES FOR IMPLEMENTING ASSET MANAGEMENT SYSTEMS

FOREWORD
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Technical Specifications are subject to review within three years of publication to decide
whether they can be transformed into International Standards.
IEC TS 62775, which is a Technical Specification, has been prepared by IEC technical
committee 56: Dependability.
The text of this Technical Specification is based on the following documents:
Enquiry draft Report on voting
56/1644/DTS 56/1675/RVC
Full information on the voting for the approval of this Technical Specification can be found in
the report on voting indicated in the above table.
This publication has been drafted in accordance with the ISO/IEC Directives, Part 2.
The committee has decided that the contents of this publication will remain unchanged until
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• transformed into an International Standard,
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• replaced by a revised edition, or
• amended.
A bilingual version of this publication may be issued at a later date

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– 6 – IEC TS 62775:2016 © IEC 2016
INTRODUCTION
Asset management is a multi-disciplinary business activity comprising financial, technical and
risk components. Effective control and governance of assets by organizations is essential to
realizing value from their use through the management of risk. The value derived through the
use of assets is determined by the organization.
The organization's decision-making processes are effective when they address technical and
financial risks together and when those processes achieve a ‘desired balance of cost, risk and
performance’- as required by the ISO 5500x asset management suite.
...