According to Lloyd’s Director of Energy and Transportation, Gael Lewis, there are benefits to developing an asset management system based upon the PAS 55 model.

“PAS 55 is an authoritative benchmark and provides a standard set of requirements against which asset management systems can be assessed. In a competitive world it presents a real opportunity to demonstrate excellence.

“PAS 55 has at its core a holistic approach, and takes into account the overall achievement of the aims of an organisation and all the processes that impact upon the asset base,” said Lewis.

“Adoption of PAS 55 will give increased confidence that corporate risk issues are being tackled properly and in a way that can be assessed and verified independently. Visibly demonstrating control of the asset base from a position of knowledge, will promote contented stakeholders, be they investors, regulators, government, or customers.

“Superior management of assets [also] benefits to the community through reliable delivery to customers, predictable performance for the company and confidence in an industry as a whole.

“The Lloyd’s Register Group offers a variety of services in support of the development and maintenance of an effective asset management regime, and can assess existing management frameworks against the new PAS 55 standard across a range of industries, including rail, utilities and oil and gas,” added Lewis who did not elaborate further on what those services were.