Release of Version 4 of the IAM Asset Management Anatomy

Release of Version 4 of the IAM Asset Management Anatomy

The Institute of Asset Management is delighted to announce the release of Version 4 of the IAM Asset Management Anatomy.

The first version of the Anatomy was published in 2011 and was subsequently revised in 2014 and 2015. Version 4 has been extensively developed taking into account the evolution of asset management since 2015 and how asset management as an integrative discipline is supporting the big global challenges and opportunities. 

The Anatomy was developed to provide an appreciation of asset management: what it is; what it can achieve; the scope of the discipline and a description of the underlying concepts and philosophy. It also describes the knowledge, skills and attitudes that support asset management.

The Anatomy is a good introduction for people seeking to understand asset management. It is intended to:

• Explain the asset management approach and introduce the Asset Management Subjects;
• Help individuals see how asset management can assist their professional development, and integrate their contribution with the work of colleagues and other teams; and
• Help organizations decide whether to adopt asset management or how to improve their asset management capabilities.

In 2022, the IAM published The Pathway to Excellence in Asset Management: Maturity Scale and Guidance. This work refined the well-established IAM conceptual model (6-box model), introducing ten areas in which organizations need to develop their capabilities. We released this as the IAM’s 10-box Capabilities Model.  With Version 4 of our Anatomy, the IAM is adopting the 10-box model across all levels of maturity. This means the IAM 6-box model will no longer be used in forthcoming IAM material. However, it can still be used by any members or other organizations that have adopted it for use in their management systems or documents.  Existing IAM material will gradually be updated.

On 5 June 2024, the Global Forum on Maintenance and Asset Management (GFMAM) released the third edition of the Asset Management Landscape, which defines the subjects that comprise the asset management discipline.  This document was produced following the efforts of over 250 representatives from the Global Forum members, 100 of which were IAM volunteers.

In Version 4 of the Anatomy, the asset management subjects defined in the GFMAM Asset Management Landscape have been mapped against the ten capabilities in the 10-box model to support a greater understanding of the breadth of activities within the scope of asset management.

Ursula Bryan, IAM CEO, said, “Version 4 of the IAM Asset Management Anatomy is the culmination of significant efforts by a large number of volunteers who have contributed to and peer-reviewed the document.  It represents a considerable intellectual effort from a wide variety of people worldwide, and I would like to thank everyone involved and, in particular, those named in the document.  Work is not ongoing to translate the document and I look forward to seeing those translations published and hearing feedback from those who use the new IAM Anatomy.”