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The Institute of Asset Management (IAM) is the professional body for those involved in acquisition, operation and care of physical assets - especially critical infrastructure - for professionals worldwide that are dedicated to furthering Asset Management knowledge. IAM gathers, collates and presents existing knowledge and good practices as well as researchs it, providing products to assist organizations to put this knowledge into effect.

The accreditation is a Strategic Asset Management Support (SAMS) initiative and part of the group’s business plan aimed at being a leader in the market and offering a differentiated service to clients.

PAS55 is a published BSI ‘Publicly Available Specification’ which describes a globally-recognized framework of good Asset Management practices. This specification is fast becoming a de facto standard for Asset Management in the eyes of many of Hatch’s clients. Importantly, it is being used as the basis for ISO 55000-an international Asset Management standard currently being developed and targeted for release in 2014.

Prior to PAS55 there was no standard to allow asset-intensive businesses to prove they were following best Asset Management practices. PAS55 does this by describing the processes required to demonstrate competency, establishing improvement priorities, and identifying how to align whole-of-life strategic planning with the day-to-day activities of operations and maintenance.

The SAMS team navigated through the process to achieve the accreditation and have formed an initial team of PAS55 assessors. The working group compiled the significant volume of information for the Endorsed Assessor application process.

Work is now underway to promote and develop the PAS55 Asset Management business with several clients in various parts of the world.

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