Implementing an ISO 55001 Compliant Asset Management System

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About this Course

This course consists of two parts. Part one of the course aligns with the IAM Foundation Award course (IAM endorsed) and includes the Foundation Award Knowledge Test at the end of this section. Part two provides a detailed work-through of the components of ISO 55001, provides guidance regarding how organisations can demonstrate compliance with each element, and discusses the practicalities of implementing robust Asset Management practices and processes within an organisation, in the context of ISO 55000. It is an information-packed, practical course for people who are leading and participating in the development, implementation or maintenance of an organisation's asset management system


Who Should Attend

This course is intended for personnel responsible for the development, implementation and operation of the asset management system. Typical attendees include:

  • Asset Management Specialists
  • Managers from the Maintenance, Operations/Production, Supply, Project and Finance/Business Departments
  • General Managers and other senior executives



Part 1 of this course satisfies the requirements of the ”IAM Foundation Award’’ course within the Institute of Asset Management (IAM) competences framework. Assetivity is a member of the IAM Endorsed Trainer Scheme.


Training Course Duration

2 Days


Learning Objectives

By the end of this course, delegates should (as a minimum) be able to:

Part One

  • Describe the basic asset management concepts, principles and terminology.
  • Give examples of the breadth of asset management activities
  • Describe characteristics of good practice asset management
  • Give examples of some commonly used techniques
  • Explain the types of benefits organisations can realise

Part Two

  • Describe the structure and intent of the ISO 55000 series of standards
  • Describe the key elements of an ISO 55001 compliant asset management system
  • Understand how their organisation can demonstrate compliance with the requirements of ISO 55001
  • Understand how best to implement improved Asset Management processes and systems within their organisation
  • Understand the ISO 55001 certification process and how to seek certification



The first day of this course includes a multiple-choice knowledge test to check knowledge and understanding of the concepts covered. Participants who meet the pass mark, will be issued with an IAM Foundation Award certificate as evidence of successful completion of the course. The Knowledge Test is expected to take 45 mins.


Course Content

Day 1 (Identical to IAM Foundation Award)

Introduction and Background

  • Outline the Contents of the Course
  • Introductions to Other Participants and their Roles in AM
  • Explain the Learning Objectives

Asset Management Concepts and Terminologies

  • What is an Asset?
  • What is Asset Management?
  • Fundamentals of Asset Management
  • Asset Management system?
  • Activity 1 – Rail in the Media

The Benefits of Asset Management

  • Traditional v ISO 55000 Asset Management
  • How does Asset Management impact on your business?
  • Business case for Asset Management
  • Activity 2 – Network Rail Case Study
  • Summary of Asset Management benefits

The Asset Management Landscape

  • The IAM Asset Management Conceptual Model
  • The Asset Management landscape
  • Activity 3 – Your Role in Asset Management
  • Strategy and Planning
  • Decision Making
  • Organisation and People
  • Asset Information
  • Risk & Review

Good Practice Asset Management – what does it look like?

  • Stakeholder engagement
  • Activity 4 – Stakeholder Impact
  • Asset Management Decision Making
  • Life Cycle Costing
  • Activity 5 – Life Cycle Costing
  • Risk-based decision making
  • Activity 6 – Acme Airlines
  • Effective monitoring and assurance
  • ISO 55000

 The Asset Management Journey

  • ISO 55000 Readiness Assessments
  • Developing the AM System
  • Developing and Assuring AM Competence
  • Key Resources to Support your Journey

 Course Summary



Day 2

Overview of ISO 55000, ISO 55001 and ISO 55002

  • How did we get here? A short history of AM
  • Structure and content of the standards
  • How and why to use these standards – alignment, compliance or certification?
  • Key requirements and their interpretation
    • Organisational Context
    • Leadership
    • Planning
    • Support
    • Operation
    • Performance Evaluation
    • Improvement
    • Activity 7 – ISO 55001 Compliance – Self Assessment

Implementing Improved Asset Management processes

  • The Asset Management Journey
  • The role and value of a Gap Assessment
  • Where and how do you start?
  • Who needs to be involved?
  • Developing the necessary documentation
  • Building the processes
  • Creating an "Asset Management organisation”
  • Developing and assuring Asset Management competence
  • Activity 8 – Policy Comparison
  • Additional Tools and Resources


  • The ISO certification process
  • Finding a suitable certification body
  • ISO 17021 - Assessor and Auditor Competencies
  • Activity 9 – Implementation Planning

Course Summary


Training Course Cost

$1,800 (ex GST) per person. 

Early Bird Discount = $180.

Discounts apply for multiple attendees from the same organisation:

2-3 attendees = $1,620 per person

4+ attendees = $1,440 per person.


Training Course Dates and Registration

  • Click here to view the dates and locations when this course is currently scheduled to run
  • This course can also be run in-house for your organisation at a time and location that suits you. This email address is being protected from spambots. You need JavaScript enabled to view it. to discuss this further and obtain a price quotation.


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Upcoming Training Courses

Monday, 28 Jun 2021
Location: Perth

Monday, 28 Jun 2021 - Friday, 2 Jul 2021
Location: Perth

Tuesday, 29 Jun 2021 - Wednesday, 30 Jun 2021
Location: Perth

Thursday, 1 Jul 2021
Location: Perth

Friday, 2 Jul 2021
Location: Perth

Monday, 19 Jul 2021 - Friday, 23 Jul 2021
Location: Brisbane

Monday, 2 Aug 2021 - Friday, 6 Aug 2021
Location: Brisbane