ISO 55000 and Risk-Based Asset Management

Introduction

The content is aligned to PAS 55, ISO 55000 and the IAM's competency framework, with a perspective on preparing participants to pass the IAM Certificate in Asset Management examination and to earn the AM certification. 

This course provides a well-rounded competency development and assurance stages for those who already have either practical experience or specialist knowledge in AM, and are now seeking a more comprehensive understanding of AM.  Participants will develop a business-centered appreciation of Asset Management and will be better able to influence decisions that have AM implications.

Asset management is vitally important for all capital intensive industries that rely on the cost-effective and trouble-free operation of their plant and equipment. Getting the right dialogue taking place between cross-functional groups such as new projects, commissioning, operation & maintenance is necessary so that joined-up thinking takes place and the life cycle costs of assets are minimized. This intensive asset management course will help to give focus on the drive to improve management practices by presenting standards, methodologies, and guidance on how to set up good asset management. This will feature how the international standards on Asset Management, PAS55, and ISO55000, can be used to implement the best and latest practices.

This course will feature:

• The asset management system, organization & risk-based framework specified in PAS 55 & ISO 55000 series
• Life cycle costing advantages and issues
• Asset policies & strategies derived from the business plan
• Formulating effective asset management plans and ensuring that they are carried out
• Continuous improvement and the learning organization

Objectives

At the end of this course, delegates will be able to make a substantial, positive impact on the asset management best practices within their organization, specifically:

• Contribute to the generation and implementation of AM policy, strategy, objectives, and plans within their organizations
• Participate in asset-related risk identification, analysis, management processes, and contingency planning
• Understand the asset lifecycle and the role of appropriate tools to optimize the performance, risk, and cost of assets
• Identify the information and performance measures needed for effective asset management, and evaluate the impact of asset information systems
• Understand the financial implications of asset and asset management decisions for their organization, and translate technical issues into business implications
• Provide a step-by-step guide to Asset Management best practices (as part of PAS 55 & ISO 55000)
• Understand best practice techniques for achieving effective asset management
• Discuss & learn the practical application of these best practices, through case studies & exercises
• Understand the range of technical & human risks associated with asset management & how they can be mitigated
• Develop an action plan to utilize these technologies in their own areas of responsibility, fitting them into the overall asset management strategy, and measuring benefits

Training Methodology

This is an interactive course. There will be open question and answer sessions, regular group exercises and activities, videos, case studies and presentations on best practice. Participants will have the opportunity to share with the facilitator and other participants on what works well and not so well for them, as well as work on issues from their own organizations.

Who Should Attend?

Participants from organizations where the reliability, performance and attendant risks of fixed assets have a significant impact on business performance will benefit most from this course. This course is suitable for engineering and technical managers, project managers and project engineers, operations managers, maintenance managers, Facilities Managers, EHS and quality managers, and procurement and supply chain managers.

Course Outline

Day 1: Introduction and overview of Asset Management 

• International Standards – ISO 55001
• Introduction to Asset Management & Strategy Framework
• The business impact of asset & maintenance management
• Asset Management process model & strategy framework
• Asset Strategy - Asset Management Policy, Asset Management Strategy, Asset Management Plan
• Asset Management roles
• Differences between PAS55 & ISO 55000 series & the Assessment & certification: PAM & SAM
• Self-assessment tool

Day 2: Planning, risk management, and decision making

• In Control of Risk
• Identification & assessment of risk
• Risk management: Risk Matrix, Risk Register & Hazard Log
• Safety Management System & Contingency Planning
• Stakeholder analysis – stakeholder risks
• Risk based maintenance concept

Day 3: The Asset Lifecycle

• Life Cycle Management
• Life cycle of an asset
• Creation and acquisition of assets: demand forecasting, asset portfolio evaluation
• Procurement Aspects
• Systems Engineering & RAMS Specification: Operational & maintenance workflow
• Renewal, disposal and lifetime extension of assets

Day 4: Asset Management enablers

• Asset Information Management
• Evaluating & Selecting Material Handling Equipment
• Non Powered & Powered Mobile MHE
• Cranes & Conveyors
• Storage Equipment & Methods
• Mechanizing or Automating Equipment Options
• Considerations for Efficient Storage Systems
• Dock, Data Entry, & Communication Equipment

Day 5: Evaluation and continual improvement

• Financial & Business Impact
• Cash flow & Budgeting
• Life Cycle Costing principles
• Asset Management planning: long term investment plan / long term maintenance plan (MIP/MJO)
• Successful changing organizations
• Communication and culture change
• Performance evaluation
• Developing and using performance indicators
• Continual improvement
• Governance and assurance for asset management – Auditing and management review
• Maturity beyond ISO55000
• Competency framework