Learn to implement robust asset management practices within your organisation.

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.

Key outcomes

By the end of this course, you will (at a minimum) be able to:

  • 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
  • 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

Course outline

Day one of this course is identical to the IAM Foundation Award, while day two builds on this information to focus specifically on implementing the guidelines set by ISO 55001.

  • Outline the Contents of the Course
  • Introductions to Other Participants and their Roles in AM
  • Explain the Learning Objectives
  • What is an Asset?
  • What is Asset Management?
  • Fundamentals of Asset Management
  • Asset Management system?
  • Activity 1 – Rail in the Media
  • 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 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
  • 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
  • ISO 55000 Readiness Assessments
  • Developing the AM System
  • Developing and Assuring AM Competence
  • Key Resources to Support your Journey
  • 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
  • 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
24 Jun 2024 - 25 Jun 2024
8 Jul 2024 - 9 Jul 2024
5 Aug 2024 - 8 Aug 2024
21 Oct 2024 - 22 Oct 2024

Implementing an ISO 55001 Compliant Asset Management System

  • Brisbane, Melbourne, Online
  • From $1755.00 excl. GST
  • Online duration: 16 hours
  • Face to face duration: 16 hours

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Receive up to 20% off.

Group discounts are available for all courses. Receive 10% off when booking at least 2 attendees, or 20% off when booking at least 4 attendees.

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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


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.

Customise this course to match your training needs.

We realise that your challenges may be unique, so we welcome enquiries regarding customising or expanding any of our courses to meet your specific training needs. An obligation-free discussion with one of our expert consultants is a great place to start.