Developing an Asset Management System in Compliance with ISO5500

Duration - 5 days


ISO5500 is a new suite of international standards released in Jan 2014 and created to give guidance in asset management best practise. ISO 55001 focuses on helping you develop a proactive life cycle asset management system.
This standard is being adopted by leading companies in process industries. The standard is a guideline and does not explain how to implement, only what an asset management system should look like.
This 5 day course explains what asset management is and the principles involved and shows how the new standard supports optimisation of assets and reduces the overall cost of ownership while helping you to meet the necessary performance and safety requirements.
There will be examples of different models developed by different associations, as well as examples of the documents, thus providing a good understanding of this important standard.

Why Attend the Course

Understand Asset Management best practices based on the ISO 55000 Standard
Illustrate Asset Management Policy & Strategy and show how it is developed
Understand Asset Life Cycle Management
How to develop an action plan to implement ISO55000
Understand the certification process
Show the factors influencing an asset's total life-cycle costs
Understand the information requirements related to the asset management
Understand the relationship between asset management and risk management
Understand the decision tools to support asset management


Topic 1 Common Issues in Asset Management (AM)
Delegates' issues
Common Issues found during audits

Topic 2 Definitions and Abbreviations in ISO55000
Common terms from the standard

Topic 3 Introduction to Asset Management & ISO55000
What is asset management, is it maintenance?
History to the Standard
Asset Management System Models, Groups and Elements
ISO Framework for Asset Management
Principles: Value, Alignment, Leadership, Assurance
Benefits of adopting ISO 55000

Topic 4 Asset Management Policy
What is an AM Policy?
ISO55000 requirements for policy
Policy good features

Topic 5 Asset Management Strategic Plan
Asset Management Strategy scope
Line of sight diagram
AM Strategy good features
Asset Management roles

Topic 6 Asset Management Objectives & Plans
ISO55000 requirements for objectives
Examples of objectives
AM Plans types (processes and asset life plans)
Key components and implementation of plans
Ownership & communication of the plans

Topic 7 Life Cycle Management
IAMs four life cycle phases
IAMs Delivery Activities
IAMs Decision Activities
End of life limiting factors, when to act
End of life options (renewal, disposal and life extension)

Topic 8 Life Cycle Costing
Whole Life Cycle Cost concepts
Determining influencing factors

Topic 9 Asset Related Risk Management
Risk and ISO 55001:2014 & ISO 31000:2009
Types of risk
Risk management principles and implementation
Risk management process
ISO Requirements
Asset related risk

Topic 10 AM Information Management
Data, information, knowledge and wisdom
Asset information strategy
Asset knowledge standards
Asset information systems
Asset data & knowledge
Data integrity issues with CMMS

Topic 11 Competency Requirements
What is competence and competence management?
Identifying key roles
Competency framework
Asset manager role
ISO competency requirements
ISO outsourcing requirements

Topic 12 Assessment and Auditing Requirements
Certification process
Auditing requirements
Maturity levels and competency compliance
Internal audits
Audit results and presentation
IAM self-check list
Implementation myth

Topic 13 Decision Support Tools
Risk based tools (RCM,FMEA, SIL Analysis)
Analysis & modelling tools (Weibull, RAM Analysis, Evaluation of different Configuration
Cash flow models

Training Methodology

Delegates will learn from discussions, PowerPoint slides, examples, case studies and exercises

Who Should Attend

This course is designed for any manager or engineer acquiring, managing, operating, maintaining or disposing of physical assets. This should include leaders and middle managers across the organization. It is ideal for joining teams of managers to establish a common language and vision for linking the asset management system to organizational goals.
Operations Managers
Maintenance Managers
Reliability Engineers
Capital Project Engineers
Asset Owners
Asset Managers
Organizational Development
Quality Personnel