Question 1

What does an ISO 55001 gap analysis involve?

Accepted Answer

An ISO 55001 gap analysis reviews your current asset management policies, strategies, processes and asset data against the requirements of BS ISO 55001:2014, the international standard for asset management. We identify where your arrangements fall short, explain the practical implications for your network, and provide prioritised recommendations so you can plan improvements towards alignment or certification. The analysis establishes where your current arrangements stand, and from there we help you develop or refine your asset management policy, strategy and supporting documentation. We also work with you to align asset data with investment decisions, so condition, performance and risk information genuinely drives maintenance, refurbishment and replacement planning. For regulated electricity networks this matters: licence obligations, safety duties and price control submissions all depend on demonstrating that asset decisions are systematic, justified and traceable. We support DNOs, IDNOs and industrial clients at every stage, whether you are preparing for certification or simply want a clearer line of sight from asset data to investment decisions.

Question 2

Which electrical assets can Threepwood help us manage?

Accepted Answer

We cover the full range of electricity network assets, including cables, overhead lines, switchgear, transformers, protection relays, earthing systems and substations for DNO, industrial and renewable applications. We also provide arc flash and internal arc guidance, along with legal assessment and due diligence support. Our involvement can span the whole asset life cycle, from design and procurement through operation and maintenance to refurbishment, replacement, retirement and disposal. In practice we work closely with clients to assess their current assets, identify areas for improvement and develop customised asset management plans, drawing on our team's experience in electrical engineering, maintenance strategies and regulatory compliance. That work is backed by the supporting technical documentation each asset class needs, such as maintenance policies and specifications, equipment standards and specifications, factory acceptance testing requirements, and restoration and repair policies. Because our consultants have hands-on experience of electricity network equipment, the plans we produce are practical and proportionate.

Question 3

Can you develop asset management policies for our organisation?

Accepted Answer

Yes. We develop generic policies such as asset management, asset risk management, audit and review, asset failure management, spares management and asset information policies. We also produce the supporting technical documentation, including maintenance policy and specifications, equipment standards policy and specifications, procurement policy, factory acceptance testing, restoration and repair policy, and asset refurbishment, replacement, retirement and disposal policies. We can optimise your existing documents or develop a full policy suite from scratch, based on the requirements of BS ISO 55001:2014, the international standard for asset management. A good policy framework connects your organisation's strategic objectives to the everyday decisions made about physical assets, giving boards, regulators and investors confidence that decisions about critical electrical infrastructure are made consistently and on sound evidence. Because we tailor everything to your operational context, the result is a set of documents your engineers will actually use, structured for easy navigation and kept current as your network and obligations evolve.

Question 4

Do you support asset management due diligence?

Accepted Answer

We provide electrical infrastructure asset management due diligence from design to end of life. This includes assessing how your assets are managed, reviewing the supporting documentation and identifying risks, so you can make informed investment and operational decisions about your electricity network. Legal assessment and due diligence is one of our core asset management subject areas, and it draws on the same hands-on knowledge we apply across cables, overhead lines, switchgear, transformers, protection relays, earthing systems and substations for DNO, industrial and renewable applications. A due diligence review typically examines the whole asset life cycle, from design and procurement through operation and maintenance to refurbishment, replacement and disposal, and considers whether the balance of cost, risk and performance is being managed on sound evidence. Where we find gaps, we explain the practical implications and set out prioritised, proportionate recommendations. That gives buyers, investors and operators a clear, independent picture of the condition and management of the network they are taking on.

Electrical Asset Management & ISO 55001

ISO 55001 Asset Management

Frequently Asked Questions

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