Critical assets

Asset Management – an anatomy, Version 4, published by The Institute of Asset Management in July 2024, defines a critical asset as an: ‘asset having potential to significantly impact on the achievement of the organization’s objectives Notes: (1) Assets can be safety-critical, environment-critical or performance-critical and can relate to legal, regulatory or statutory requirements. (2) Critical assets can refer to those assets necessary to provide services to critical customers. (3) Asset systems can be distinguished as being critical in a similar manner to individual assets.’

PAS 55-1:2008, Asset Management: Part 1: Specification for the optimized management of physical assets, written by the Institute of Asset Management, and published by BSi in September 2008, defines critical assets or critical asset systems as: ‘assets and/or asset systems that are identified as having the greatest potential to impact on the achievement of the organizational strategic plan NOTE The assets can be safety-critical, environment-critical and/or performance-critical, and can relate to legal, regulatory and/or statutory requirements.’

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