Inspectioneering Journal

Achieving an Integrated Asset Management System (IAMS) - A Management Framework from a Utility Company's Perspective

By Yousuf Hasani, Principal Asset Integrity Consultant at Continental Marine Energy, Mohammad Asif, Senior Asset Integrity Consultant at Continental Marine Energy, M.H. Botaj, Professional Chemical Engineer at Continental Marine Energy, and M.S. Usman, Certified Reliability Leader (CRL) at Continental Marine Energy. This article appears in the May/June 2019 issue of Inspectioneering Journal.


Asset Management is now a strategic requirement for asset intensive organizations. The shift from managing assets to strategic asset management is primarily to ensure that the expectations of stakeholders or interested parties are safeguarded and managed in a more structured manner. Common expectations of the stakeholders are safe and reliable operations, adoption of new technologies, on time completion of capital projects, healthy return on investment, and business sustainability. Moreover, due to the imbalance in demand and supply of energy products, more specifically the post-June 2014 decline of oil prices, rising security threats in some global markets, especially in the Middle East and North Africa (MENA), have pushed organizations to develop more robust, agile, integrated systems, and move from conventional to strategic asset management.

Review of All Available Management Standards

Available asset management specifications and guidelines broadly identify the need for a coordinated, risk-based approach across various business segments within an organization. This integrated approach is critical to optimizing costs, risks, and performance. Some of the salient standards and specifications are discussed herein.

Quality Management

ISO 9001 is a standard for quality management systems. Quality management of essential importance to an organization’s customers, products, or services. In its 2015 revision, the standard was restructured and the high level structure is now consistent with the other ISO standards (14001, 55001, and 18001). The new clauses in the updated standards focus on the organization and the needs and expectations of interested parties (in this article, the term “interested parties” is interchangeably used as “stakeholders”). Furthermore, the revision emphasizes leadership involvement and risk-based management practices.

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Comments and Discussion

Posted by Elycia Ang on July 9, 2019
A very good review of systems, thanks for sharing. Log in or register to read the rest of this comment.

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