An intensive professional development training course on

Asset Management & Risk Mitigation

Standards & Best Practices

We currently have no scheduled sessions for this course. If you are interested in running this course, please contact our Training Department at

brochure image
Download the

Why Choose this Training Course?

The Course

Effective asset management needs to be a complex mix of art and science involving human and technical factors. Good communication and team work across all departments and stakeholders is vital. The glue which ensures that all asset management stakeholders’ needs are properly reconciled and addressed is risk.

This course starts by introducing the principles, framework and process for asset management. The various steps involved are then introduced together with the necessary management system. The second part of the course then shows how risk needs to feature in all aspects of asset management. Finally important risk tools and techniques are demonstrated by completing case study examples.

The highlights of this programme include:

  • Introduction to asset and risk management and their associated standards.
  • Life cycle asset policies & strategies derived from the business plan.
  • Risk assessment methodologies, quantitative, qualitative etc.
  • Formulating effective asset management plans and ensuring that they are carried out.
  • Continuous improvement and the learning organization.


The Structure

This comprehensive programme consists of two modules which can be booked as a 10 Day Training event, or as individual, 5 Day courses.

Module 1 - Asset Management & ISO 55000 Series: Maximising Returns from Capital Investments

Module 2 - Risk Assessment of Assets: Principles, Framework, Process, Systems, Tools & Techniques


The Goals

  • Demonstrate how best practices are built from asset and risk management principles and foundations
  • Illustrate the consequences of mistakes in managing assets and their risks
  • Illustrate risk management best practice drawn from a variety of different industries
  • Demonstrate the range of technical and human risks associated with asset management and how they can be mitigated
  • Illustrate a practical approach to developing an action plan to utilize these technologies and fitting them into the overall asset management strategy, and then measuring benefits


The Delegates

Professionals whose responsibilities include:

  • Asset Management Coordination
  • Business Planning
  • Capital Allocation
  • New Project Design
  • Operations and Maintenance
  • Risk Assessment / Analysis


The Process

This workshop is designed to be a hands-on, stimulating experience. The program is highly interactive with many discussion and facilitated practice sessions. Key points will be emphasised with case study examples. There will be a combination of presentation sessions and workshops during this programme. Relevant international standards, frameworks and publications are introduced and discussed.

Detailed descriptions are given about commonly used risk tools such as Hazard & Operability Analysis, Reliability Centred Maintenance, Failure Modes & Effects Analysis, and Risk-Based Inspection.


The Benefits

Delegates attending will be able to show and demonstrate the benefits of this course by:

  • Develop new insights into international best practices.
  • Use risk to prioritise improvement activities.
  • Use risk to improve communication between different departments.
  • Use risk to decide the best asset intervention.
  • Practical application of important risk tools for asset management.


The Results

Benefits to the organisation include:

  • Fewer unexpected asset failures
  • More cost-effective asset management
  • Increased satisfaction of stakeholders
  • Reduced risk of non-compliance
  • Fewer accidents and near misses


The Course Content

Module 1: Asset Management & ISO 55000 Series: Maximising Returns from Capital Investments
Day One

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 Two

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 Three

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 Four

Asset Information Management

  • Asset information requirements: Asset data & knowledge, Asset knowledge standards
  • Using asset management information: Asset information strategy, Stakeholder acknowledgment
  • (Key) Performance Indicators
  • Specifications, selection, selection & use of asset information systems & tools
  • Asset knowledge system & procedures; data collection, storage, dissemination & maintenance
Day Five

Financial & Business Impact

  • Cash flow & Budgeting
  • Life Cycle Costing principles
  • Asset Management planning: long term investment plan / long term maintenance plan (MIP/MJO)
  • Change management
  • Competency framework
Module 2: Risk Assessment of Assets: Principles, Framework, Process, Systems, Tools & Techniques
Day Six

An Overview of Risk Management

  • Challenging the traditional approaches to maintenance
  • Definitions of key terms & risk principles
  • Risk in Asset Management (ISO 55000 series)
  • Risk Framework (ISO 31000)
  • Case study: Importance of risk assessment & risk management (video)
Day Seven

Risk Management Process & methods

  • Linkage between Corporate risk  and Asset related risk
  • The steps involved in managing risk
  • Risk assessment, risk register & hazard log
  • Criticality analysis
  • Best practices: RCM, HAZOP,  FMECA & FRACAS
  • Contingency planning
Day Eight

Risk Management Best Practice: Maintenance Concepts with RBM (Part 1)

  • Failure behavior & probability
  • Availability & Reliability concepts
  • Maintenance concept & the seven steps of Risk Based Maintenance (RBM)
  • Failure Mode Effect & Criticality Analysis (FMECA)
  • Group Exercise
Day Nine

Risk Management Best Practice: Maintenance Concepts with RBM (Part 2)

  • Maintenance concept: the seven steps of RBM (continued)
  • Failure patterns
  • Determine maintenance tasks and frequencies
  • Exercise
  • Risk Based Inspection (RBI) & specific aspects for typical equipment
Day Ten

Optimizing Performance and Case study

  • Using decision support tools to optimize maintenance concepts
  • Case study package distribution system
  • Monitoring performance – setting up relevant performance indicators for RBM
  • Implementation aspects & pitfalls of the RBM approach
  • Implementation plan
  • Wrap-up

The Certificate

  • AZTech Certificate of Completion for delegates who attend and complete the course.


Request for
In-House Solutions
Request for
More Details
Share this Course
With a Colleague
Download the
Course Brochure

AZTech Training & Consultancy
Chat with an assistant

Hello there
how can I assist you?