The IAM Competences Framework provides a comprehensive description of what asset management professionals should be able to do, know and understand. It is the only framework of its kind.
It is applicable to people in asset management roles from any sector, including those selected for or aspiring to such roles. Organisations, managers and individuals can apply the framework to various processes such as training needs analysis, recruitment and selection, career planning, continuing professional development and workforce management.
The framework contains a unified set of generic competence requirements which apply to all organisations and sectors whose business performance relies on optimising the delivery and performance of physical assets.
Its structure is compatible with other leading competence frameworks and the contents reflect the principles and requirements of ISO 55001 and BSI PAS 55.
Using the Competences Framework
The Competences Framework defines the key purpose of asset management: 'To Optimise the Delivery and Performance of Physical Assets.' This purpose is achieved by professionals performing one or more of 7 Key Roles:
- Policy Development
- Strategy Development
- Asset Management Planning
- Implement Asset Management Plans
- Asset Management Capability Development
- Risk Management and Performance Improvement
- Asset Knowledge Management
Each role is broken down into 27 competence units. Each unit is then subdivided into a small set of elements of competence: for example, “Assess Policy options using appropriate decision criteria” and “Investigate root causes of asset or system failures or incidents”. This is the level at which assessment takes place.
The Competences Framework comprises:
- A Key Purpose Statement for Asset Managers
- The 7 Key Roles needed to achieve this purpose
- The 27 Units of Competence needed to deliver these roles
- The Elements of Competence which define the requirements individuals should be able to meet
Performance criteria should be developed for each element, while the knowledge and understanding requirements sections should be tailored to get the most out of this model.
The Competences Framework consists of two volumes. Volume 1 lists a complete suite of competence requirements and an indication of the knowledge needed to meet them. It can be used for:
- Writing or reviewing job descriptions
- Planning recruitment
- Defining selection criteria
- Identifying individual learning and development needs
- Managing individual and team performance
- Career planning
- Performance review
Volume 2 gives guidance on how to use the framework and customise it to your organisation. You can adapt the framework to your specific needs by deciding which areas apply to the roles within your business, and to what extent. This volume also covers how to bring processes together for a systematic approach to managing the competence of your asset management workforce.
The Competences Framework was first published in 2006. It is the product of extensive consultations with individual and corporate members of the IAM, educators, trainers and other stakeholders. During the framework development in 2008, the 7 Key Roles were identified by consulting widely with IAM members, employers and other stakeholders.
The latest version of the Competences Framework has been comprehensively revised and updated and was published in 2014. This version incorporates some minor changes to reflect feedback from users. It has also been aligned with the 39 subjects and provides the basis for the IAM Certificate and Diploma Qualifications as well as the learning objectives of the IAM Endorsed short courses.
The Framework is periodically updated to reflect feedback from users and to align it with the IAM’s latest thinking on the scope and components of asset management.
Download the Competences Framework
The IAM Competences Framework is available for free to paying IAM members.
Both volumes are available to download as a PDF or Word Document, if you wish to use certain parts in your own documents. When using the framework, please acknowledge the IAM as the source. Please read our Terms and Conditions carefully before downloading and using the IAM Competences Framework.
Download Competences Framework