Infrastructure ‘survival pack’ launched for public and
private sector asset owners – the IAM Toolkit
Details of a three-part survival pack - the IAM Toolkit - designed to help the owners of
major public and private-sector assets cope with the double onslaught of
unprecedented economic and environmental risks will be announced in London on
Tuesday, 25th November.
Initiated by the Institute of Asset Management (IAM), the pack is being launched at a
time when many of the UK‟s critical physical assets – including vital national
infrastructure, public utilities, manufacturing systems, transport networks and all
kinds of valuable assets – face significant renewal and investment requirements at a
time of turmoil in global financial markets and growing concerns about the threat from
extreme weather events
The pack, which will be launched at Savoy Place, London, contains three elements:
BSI PAS 55:2008 - the only available world-wide standard for the integrated,
life cycle management of physical assets.
A competences framework for asset management, revised and aligned to the
PAS 55 standard, enabling training and competence to be assessed and
developed in a structured way
A maturity assessment tool to help asset owners to determine their current
strengths and weaknesses, and plan appropriate improvement programmes.
“This is the first time a complete toolkit has been available for organisations to use in
developing and taking forward a systematic and joined-up approach to their asset
management,” said David McKeown, Chief Executive of the IAM.
“Organisations which implement PAS 55:2008 will be able to optimise the
increasingly complex balance between capital and operating / maintenance costs as
well as between performance, availability, risks and costs across the whole life-cycle
of physical assets.
The IAM first launched PAS 55 in 2004, as the first worldwide standard for asset
management. It has since been adopted by many public and private sector
organisations – all the major operating units in the UK electricity and gas networks
have now been certified as compliant, for example.
It has now been revised and updated in collaboration with 50 international asset-
owning organisations, and with input from 15 universities, industry regulators and
professional institutes. The revised version is more user-friendly and addresses all
“The competences framework and self-analysis elements of the pack have been
developed to help users identify the appropriate skills needed for effective asset
management in their organisation, close any gaps in training and development, and
assess their performance against this benchmark.”
The toolkit is supported by IAM seminars and workshops, and comes at a time when
many organisations are implementing their responses to recommendations in the
recent Pitt Report that argued that owners of critical infrastructure assets –
particularly in the power, water and transport sectors – should adopt a more
systematic approach to business continuity risks from extreme weather events.
Asset management is crucial for those addressing the recommendations made by Sir
Michael Lyons in his report „Towards Better Management of Public Sector Assets‟
government‟s objective of achieving £30billion of public asset sales by 2010.
Systematic asset management is also rising up the agenda in many sectors of
industry, such as oil and gas, chemicals, engineering and pharmaceuticals where
owners recognise the benefits in terms of safer, more consistent operation, optimised
life-cycle costs and reduced risk to business continuity and reputation.
Media enquiries: Mike Moss. Tel: 01249 715714. Email: Mike.Moss@theIAM.org