ISO 55001: Asset Management Systems for Internal Auditor

Internal Auditing using International Framework Best Practices

5 Found
Date Duration Venue Fees
17-21 Jun 2024 5 Days Dubai - UAE US$4,450 Register
12-16 Aug 2024 5 Days Dubai - UAE US$4,450 Register
14-18 Oct 2024 5 Days London - UK US$5,450 Register
16-20 Dec 2024 5 Days Dubai - UAE US$4,450 Register

Course Overview

ISO 55001 is a framework for an asset management system that will help an organisation to establish, implement, maintain, and improve the management system for asset management, from acquisition to decommission. ISO 55001 standard is designed to give the internal auditor the techniques and required knowledge to manage professionally the risks and costs associated with owning assets in a structured, efficient manner that supports continual improvement and ongoing value creation and shows how these can be used to optimise the management of assets.

This 5-day unique ISO 55001: Asset Management Systems for Internal Auditor training course aims to introduce the new standard ISO 55001:2014 on Asset Management; it will help the internal auditor learn the skill required to perform internal audit system for using the international framework of the new Asset Management standard. It will facilitate the internal auditor how to gain a correct and relevant understanding of the Asset Management System standard and support you in designing your plan to control your assets and cost. It will provide the participants with the requirements for establishing, implementing, maintaining, and improving a management system for asset management. Furthermore, this programme will explain to the internal auditors how to support their organisations to effectively plan, implement, manage, monitor, and maintain an Assets Management System.

Course Objectives

After the training course, the participants will learn to:

  • Understand and apply asset management terminology, definitions, and principles
  • Gain the correct understanding of the Asset Management System Standard (ISO 55001:2014)
  • Identify and manage the expectations of stakeholders with respect to asset management
  • Learn how to interpret the ISO 55001 requirements in the specific context of an organisation
  • Become familiar with internationally recognised asset management methodologies and good practices
  • Master the concepts, approaches, standards, methods and techniques for the implementation and effective management of an Asset Management System (AMS)
  • Appreciation of the structured approaches available for the improvement of value realisation from assets
  • Acquire the expertise to advise an organisation in implementing Asset Management System best practices

Target Audience

This training course is suitable for an Internal Auditor who wants to learn the skills required to perform an internal audit using the framework of the new Asset Management Standard ISO 55001: 2014.

It is suitable for a wide range of working professionals, including (but not limited to) the following:

  • Corporate Planning
  • Internal Auditor
  • Engineers involved in Asset Management
  • Asset Management System Team Members
  • Managers or Consultants involved in Asset Management
  • Expert advisors seeking to master the implementation of an Asset Management System
  • Individuals responsible for maintaining conformance with Asset Management System requirements

Training Methodology

This training course is structured upon instructions on the latest developments in the strategy of governance, which is combined with real-world case studies, video adaptations, self-assessments, participatory discussions, and many exercises to make the course a stimulating and enriching learning experience.

Course Outline

Day One

Introduction to ISO 55001

  • Asset Management Concept & Terminology
  • Background of ISO 55001: 2014
  • How does a structured approach add value?
  • Benefits of an Asset Management System
  • Challenges to ISO 55001 Certification
Day Two

The Principles of ISO 55000 Series

  • Fundamentals
  • Decision Making Criteria
  • The Treatment of Risk
  • Scope of Asset Management System (AMS)
  • Assets Management Frameworks
  • Principal Considerations for Implementation of ISO 55001
Day Three

The Internal Audit Requirements

  • Defining your ISO 55001 Organisation and Roles
  • The Roles of the Lead Auditors in the Internal Audit Process
  • Planning for Internal Audits
  • Checklist Development
  • Collecting Evidence
  • Reporting on Non-conformances
  • Writing the Audit Report
  • Audit Follow-up
Day Four

Implementation Plan of an Asset Management System (AMS)

  • Mapping your ISO 55001 Maturity Journey
  • Implementing the Requirements of ISO 55001
    • General Activities
    • Activities for Policymakers
    • Activities for Asset Managers
  • Implementing ISO 55001: Activities for Asset Operator
  • Writing the Audit Report
  • Audit Follow-up
Day Five

Certification and Audit Guide

  • Important Implementation Tips
  • ISO 55001 Certification Overview
  • What does ISO Auditor typically seek?
  • How should an organisation prepare for an ISO Audit?
  • Produce Asset Management Documents aligned with ISO
  • Performance Evaluation & Improvement


Upon successful completion of this training course, Newage Certificate will be awarded to the delegates.

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