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Jack Dempsey explains what is ISO 5500 and what things you should be thinking about for the future. Understanding how these terms and relationships manifest themselves across the standards is essential to understanding how ISO 55000 works. Specifically, evaluation of an organization’s conformance to ISO 55001 is predicated on its approach to managing assets, asset management, and maintaining the asset management system as distinct entities, and then again as an integrated management system. This understanding is non-trivial and a point most organizations beginning their ISO 55000 asset management journey fail to fully appreciate. Therefore, it is recommended when organizations begin their ISO 55000 journey, they first become familiar with its terminology, especially topics covered in this section before venturing too far forward.