Implementing and Improving a Management System for Asset Management

This item is free to Āpōpō members through our partnership with IAM.

Version 1.1, July 2021

This guide has been developed by the Institute of Asset Management (IAM) to provide guidance for organisations who manage physical assets, and who wish to put in place or improve an existing management system for asset management. The IAM has a mission to promote and support good asset management, and has over many years developed products to assist both the individual and organisations on their journey to good practice; this guide supports the organisational journey.

The purpose of this guide is to set out a practical and pragmatic approach that will help organisations on the asset management journey to develop and put in place an asset management system that will not only achieve formal compliance with ISO55000, and also enable the realisation of value and embed good practice as described in the IAM Anatomy and supporting Subject Specific Guidance documents (SSGs). It is intended to provide a consistent and clear basis that is endorsed by the IAM for the application of AM systems. It is intended for use by those setting out on the journey who may want a clearer understanding of what is involved and to be convinced that it is worthwhile. It is also intended to provide a reference and guide to more advanced organisations wishing to improve – indeed continual improvement is a requirement of good practice for all management systems.

This AM System Application guide is not intended to replace ISO 55002, but rather to extend and elaborate on how to implement asset management.