This occupation is found in a range of industries that manage physical assets including energy and utilities, manufacturing, petrochemical, buildings, and transport. They may be employed by asset owning companies, outsourced services companies, or asset management consultants. Companies may range in size from small to large.
Physical assets are defined as an item, thing or entity that has value to a business or service. Examples include buildings, bridges, digital hardware, flood defences, gas fiscal metering, pipelines (water/gas), plant (cranes), rail track, reservoirs, roads, retail space, runways, and wind turbines. ISO 55000 defines asset management as ‘the co-ordinated activity of an organisation to realise value from assets.
The broad purpose of the occupation is to lead the asset management function within an organisation. This involves formulation and leading the development of the asset management policy, strategy, plans, and objectives to ensure physical assets are managed in a way to achieve the organisation’s objectives, including resolving multiple competing goals and clarification of risk appetite. They ensure the necessary resources, competence, asset management information, suppliers and culture are in place to achieve this, along with audit and assurance.
Infrastructure asset management professionals lead the creation of short, medium and long term asset investment plans using optimisation and prioritisation developed through testing plans against multiple business scenarios. They oversee the asset investment business cases and define and establish the parameters for asset investment decision making, risk quantification, and mitigation plans. They will evaluate and report on performance and drive continuous improvement. A key part of the role is to lead stakeholder engagement. They will work primarily in the office.
In their daily work, an employee in this occupation interacts with the wider business and executives in the organisation. In order to support their work, they will liaise with external and internal stakeholders. These could include senior executives, investment groups, policy teams, capital delivery, and customer services to ensure the asset management function aligns with customer, stakeholder, and organisational requirements. They are likely to routinely come into contact with representatives from other organisations or external bodies such as clients, funding agencies, regulators, and suppliers.
An employee in this occupation will be responsible for ensuring asset management complies with legal frameworks and legislation, including public health, health & safety, economic and environmental. They need to ensure they and others keep up to date with asset management requirements and best practice. They typically work to deadlines without supervision, being self-managing. They will have established a budget. They are likely to lead teams and be responsible for organisational functions.
Asset manager
Director of asset management
Head of asset management
Head of asset planning
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Duty 1 Formulate and lead the development of organisation asset management policy, strategy, plans, and objectives including resolving of multiple competing organisational goals. |
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Duty 2 Manage the implementation of organisation asset management policy, strategy, plans, objectives. |
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Duty 3 Formulate the asset management resource strategy, including the development of capabilities (resources, competencies, logistics etc.) and supply chain dependencies. |
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Duty 4 Create and implement asset data and information strategy and standards to ensure consistency and/or effectiveness of asset management information across asset portfolio and its life-cycles. |
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Duty 5 Create and implement plans to ensure effective, ethical, and sustainable lifecycle plans, from demand identification, through creation, and operation and maintenance, to disposal, of the assets and systems of assets with the overall asset portfolio. |
K1 K2 K4 K5 K8 K13 K14 K15 K16 K20 K23 K25 K26
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Duty 6 Define, establish, implement, and review frameworks for risk quantification and proactive asset decision making balancing performance, risk, and cost across the asset life cycle with risk appetite and tolerance boundaries. |
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Duty 7 Set and manage strategic mitigation plans to ensure long term resilience of asset systems. |
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Duty 8 Lead and support a culture of collaboration between stakeholders and across disciplines to achieve asset management objectives. |
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Duty 9 Initiate the audit and assurance of the asset management activity. |
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Duty 10 Evaluate and report on the effectiveness of the asset management activity and drive continuous improvement. |
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Duty 11 Report on asset and/or service performance, delivery of asset management plans, emerging risks to external or internal stakeholders for example regulators, investors, and shareholders. |
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Duty 12 Lead the creation of long-term investment plans using appropriate optimisation and prioritisation methods taking into account complexity and business significance. |
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Duty 13 Assure the delivery of programmes and portfolios of work to meet the objectives of the asset management strategy and plans. |
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Duty 14 Oversight and acceptance of asset investment business cases across the asset portfolio, in line with organisational decision framework and governance. |
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Duty 15 Develop robust proposals for clients and internal stakeholders for the development and delivery of management of the portfolios of assets. |
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Duty 16 Procure and manage projects, products, and services from external suppliers, setting of objectives for suppliers and performance measurement of suppliers in line with organisations asset management approach. Use Through Life Service providers to support the process for specific asset groups. |
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Duty 17 Engage and manage customers and stakeholder (clients, shareholders, regulators and/or investors) relationships across diverse organisational contexts. |
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Duty 18 Lead on research, development, and innovation activities within the business to enable the achievement of asset management objectives. |
K1: Communication and influencing techniques and strategies, both written and oral.
Back to Duty
K2: Decision making principles and techniques used in Infrastructure asset management.
Back to Duty
K3: Learning and development strategies, including personal and professional development.
Back to Duty
K4: Change management models and the link to organisational culture.
Back to Duty
K5: How culture and organisation structure impact the delivery of required performance.
Back to Duty
K6: Asset management standards such as ISO55000, British Standard Institute (BSI), Publicly Available Specification (PAS) 55.
Back to Duty
K7: Stakeholder mapping and engagement approaches.
Back to Duty
K8: Asset life cycle activities such as acquire/create, operate, maintain, and renew/dispose.
Back to Duty
K9: Sustainability development goals and impact on asset investments.
Back to Duty
K10: Principles of maintenance and reliability engineering.
Back to Duty
K11: Portfolio management models and approaches.
Back to Duty
K12: Procurement and supply chain strategies and delivery management.
Back to Duty
K13: The use of horizon scanning techniques in the infrastructure asset management environment.
Back to Duty
K14: Performance monitoring of asset life cycle activities.
Back to Duty
K15: Techniques to critically analyse asset management non-conformities such as causes and effects; Failure Mode Event/Effects Critically Analysis (FMEA/FMECA), and Root cause analysis.
Back to Duty
K16: The application of contingency plans in the infrastructure asset management environment.
Back to Duty
K17: Risk management and its application to infrastructure asset management: risk assessment, quantification, mitigation, and impact.
Back to Duty
K18: The application of system engineering and infrastructure models, tools, and frameworks e.g., Defra 4R’s approach to resilience.
Back to Duty
K19: The importance of prioritisation and multi criteria optimisation techniques and tools (prescriptive analytics).
Back to Duty
K20: The application of decision-making frameworks.
Back to Duty
K21: Application of uncertainty analysis on outcomes and outputs.
Back to Duty
K22: Understanding of balance sheets, profit and loss, and the difference between companies.
Back to Duty
K23: Asset and project costing and valuation techniques; cost estimation (maintenance, operation, renewal, disposal), depreciation, whole life costing, and social, environmental, safety and reputational cost.
Back to Duty
K24: The requirements for an integrated infrastructure asset and investment management enterprise-wide approach and the high-level user case.
Back to Duty
K25: Information technology systems and processes such as asset registers, work management systems, word processing, spreadsheets, email, presentation.
Back to Duty
K26: Critical data analysis and interpretation techniques; and data presentation techniques (charts, diagrams, and tables).
Back to Duty
K27: Range of asset and investment management tools.
Back to Duty
K28: The sources and types of funding for infrastructure asset management activities.
Back to Duty
K29: Problem solving techniques and their application.
Back to Duty
K30: Regulatory, legislative and policy/standards requirements such as data protection, cyber security, Environmental emissions limits, Pressure Systems Safety Regulations (PSSR), Construction, Design and Management Regulations (CDM), and Control of Major Accident Hazards (COMAH).
Back to Duty
K31: Principles of policy and strategic development in Infrastructure asset management.
Back to Duty
K32: The different stages of projects including the principles of planning, scheduling, and sequencing.
Back to Duty
K33: The ways of managing, influencing, and controlling outcomes through the application of project management techniques.
Back to Duty
K34: Different, inclusive leadership styles and models, how to develop diverse teams and support people using coaching and mentoring.
Back to Duty
K35: Commissioning and facilitating research and development activities.
Back to Duty
S1: Apply a consistent approach to asset risk management, risk assessed inspection, and maintenance programmes.
Back to Duty
S2: Use quantitative methods in the research, critical analysis and interpretation of complex data.
Back to Duty
S3: Adapt communication technique when communicating with others.
Back to Duty
S4: Specify and influence data and information requirements.
Back to Duty
S5: Use decision making principles and techniques in the infrastructure asset management environment.
Back to Duty
S6: Optimise and prioritise projects and programmes in a portfolio of work in the infrastructure asset management environment.
Back to Duty
S7: Lead and manage the optimum delivery of life cycle activities and resources.
Back to Duty
S8: Apply systems engineering models, tools, and frameworks within the infrastructure asset management environment.
Back to Duty
S9: Develop and evaluate options within a decision-making framework.
Back to Duty
S10: Monitor and report on the performance of asset and infrastructure asset management.
Back to Duty
S11: Procure, build, and manage relationships with the supply chain.
Back to Duty
S12: Lead, commission, and facilitate research and development activities, innovation, change and organisational development.
Back to Duty
S13: Apply leadership skills.
Back to Duty
S14: Develop and promote proposals and business cases.
Back to Duty
S15: Identify and manage stakeholder needs and expectations.
Back to Duty
S16: Identify learning requirements and improvement opportunities for self and others.
Back to Duty
S17: Lead and encourage collaboration across the asset management life cycle stages.
Back to Duty
S18: Implement and create infrastructure asset management strategies and plans.
Back to Duty
S19: Challenge and provide feedback: colleagues and stakeholders.
Back to Duty
S20: Use horizon scanning techniques in the asset management environment.
Back to Duty
S21: Manage team resources to deliver the infrastructure asset management resource strategy.
Back to Duty
S22: Create long term investment plans aligned with organisational objectives.
Back to Duty
S23: Create, implement, and monitor Infrastructure asset management policy and strategic plans.
Back to Duty
S24: Manage the balance between quality, costs, and time.
Back to Duty
S25: Apply contingency planning in Infrastructure asset management plans.
Back to Duty
S26: Demonstrate fiscal rigour in Infrastructure asset management plans.
Back to Duty
S27: Use project management and planning techniques. Monitor progress towards project goals and identify corrective actions.
Back to Duty
B1: Takes accountability and ownership of their tasks and workload.
Back to Duty
B2: Role models collaborative and inclusive working across organisational and cultural boundaries, driving diversity.
Back to Duty
B3: Seeks continuous professional development opportunities for self and wider team.
Back to Duty
B4: Acts in a professional manner with integrity and confidentiality.
Back to Duty
B5: Champions infrastructure asset management and influences its development.
Back to Duty
B6: Committed to compliance with legislation, asset management standards and company policies.
Back to Duty
Apprentices without level 2 English and maths will need to achieve this level prior to taking the End-Point Assessment. For those with an education, health and care plan or a legacy statement, the apprenticeship’s English and maths minimum requirement is Entry Level 3. A British Sign Language (BSL) qualification is an alternative to the English qualification for those whose primary language is BSL.
This standard aligns with the following professional recognition:
| Version | Change detail | Earliest start date | Latest start date |
|---|---|---|---|
| 1.0 | Approved for delivery | 29/08/2023 | Not set |
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