Building a risk-based asset management capability — A multi-year organisation development journey

Asset management involves making optimal (investment) choices or doing the `right´ things and executing these activities efficiently or doing things `right´. BSI PASS 55 prescribes what asset management entails and its maturity assessment is a great starting point for building its capability. The biggest challenge however is how the capability can be developed in a practical way so that it produces durable results and survives management and organisational changes. The development is a multi-year journey and success therefore hinges on a significant change management effort. Involving all relevant subject matter experts in a multidisciplinary team acting as change champions should be the first step embarking on the journey. Together they develop a shared sense of urgency and an integrated view on the future, leading senior management and the rest of the organisation in its implementation. A capability improvement roadmap for asset management should follow, including both a short term ambition (1-2 years) and a longer term vision (58 years). Having undertaken this journey, we conclude with ten key lessons learned.