the professional body for The Institute of

Asset Management
whole life management of physical assets

The 2008 IAM Competences IAM Competences

Framework
Framework Provides clear definition of the

Defining Competence Requirements for competences, skills and knowledge

required for effective asset

People Working in Asset Management

management

Compatible with other leading

The IAM Competences Framework describes performance relies on optimising the delivery competence frameworks
what people working in asset management and performance of physical assets. Its structure
Enables the design of training
should be able to do and indicates what they is compatible with that of other leading
modules within existing academic
ought to know and understand. competence frameworks and its contents reflect
courses
It is a tool that organizations, managers and the principles and support the requirements of
BSI PAS 55:2008. Provides the basis for evidence
individuals can use in numerous ways including
in training needs analysis, recruitment and The Framework was first published in 2006. This of competence of staff to assure the
selection, career planning, continuing professional comprehensively revised and updated version is best management and performance
development and workforce management. It is the product of extensive consultations with early of physical assets
the first and only Framework of its kind. adopters of the first Framework, as well as with Suitable for all asset-owning
The Framework contains a single set of generic Individual and Corporate Members of the IAM, organizations and sectors
competence requirements which are applicable educators, trainers and other stakeholders.
to all organizations and sectors where business Supports effective recruitment
and selection/assessment

Facilitates provision of evidence

based learning and CPD
The Framework consists of two documents:
Easily customizable to
Part 1 sets out Asset Management Competence Requirements specific needs
Part 2 contains guidance on how to use the Framework
Improves performance management
at individual and team levels
The

Revised and updated following

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Design of the 2008 Framework
The Institute of
The structure and format of the 2008 Framework Underpinning the Framework is an indicative list of Asset Management
follows the requirements of the UK Qualifications the knowledge and understanding that might be
Regulators and also reflects lessons learned from needed to meet the competence requirements in
best practice competence management systems in each role.
the safety critical industries.
Role 1
The Framework defines a key purpose for people Role 7 Policy
Asset knowledge Development
working in asset management and the seven roles Management

needed to achieve this Role 2

Strategy
Each role is broken down into a small number Role 6 Optimise the
Risk Management Development
of competence units, such as Develop the & Performance delivery and
Improvement
Asset Management Policy. There are 27 performance of
units in total.
physical assets
Role 5
Each unit is then subdivided into a small Asset Role 3
Assest Management
set of elements of competence such as Management
Capability Planning
Assess policy options using appropriate Development Role 4
Implement Asset
decision criteria and Investigate root Management Plans
causes of asset or system failures or incidents.
This is the level at which assessment takes place.

Getting best value from the Framework

Customising the Framework Part 2 of the Framework contains guidance on how

the Framework can be used to knit together these
The 2008 Framework is generic. It describes what
and other processes in a systematic approach
people working in asset management should be
to managing the competence of your asset
able to do and indicates what they ought to know
and understand. But it does not define how well
management workforce. About the IAM:
they should be able to perform or how this should Download the Framework free or order hard copies The Institute of Asset
be judged. of Parts 1 and 2 of the Framework from the IAM Management is the independent,
at www.theIAM.org. Better still, why not apply to not-for-profit organization for
To adapt the Framework to your specific needs, or
join the IAM and take advantage of networking professionals dedicated to
those of your organization, you will need to decide
opportunities and discounts that exceed the cost promoting application, knowledge
which of the units are applicable to various roles
of membership. and understanding of Asset
within your business. In addition, performance
criteria will need to be developed for each Management.
element and the knowledge and understanding
requirements will also need to be tailored. Founded in 1995 (but with
roots back to the early 1970s)
Using the Framework Other products and services from it is a network of professionals
Customised or not, the Framework can be put to the IAM and organizations from all
work in numerous ways, including: The Framework is just one of the valuable tools industry sectors wishing to share
provided by the IAM to support the adoption of knowledge, experience and
Writing or reviewing job descriptions asset management best practices. Also available are good practice.
Planning recruitment BSI PAS 55:2008 - the international reference
standard for optimal management of physical assets The IAM
Defining selection criteria
and a systematic PAS55 Assessment Methodology St Brandons House
Identifying individual learning and to enable objective appraisal against the requirement 29 Great George Street
development needs of PAS55 on a five-level maturity scale. BRISTOL BS1 5QT
Managing individual and team performance For more information about these products and other United Kingdom
IAM services, contact us at +44 (0) 8454 560 565 +44 (0) 8454 560 565
Career planning
or via our website at www.theIAM.org [email protected]
Performance review www.theIAM.org

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