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Indec has been involved in asset management assignments since the mid 1990s, beginning with developing asset management plans for the NSW Railways track infrastructure and then progressing into the water and roads sectors. In these early assignments it was obvious there was a need for a capability checklist to determine the maturity of asset management within an organisation and to highlight the areas of strength and weakness in trying to achieve an integrated asset management framework and system. The benefits of integrated asset management are particularly cost effectiveness of the assets in order to achieve the stakeholder objectives.

Indec was the first amongst consultancies to develop an asset management diagnostic. The diagnostic included a structured series of questions targeted to identify gaps in asset management processes and practices within an organisation. It focuses on both the processes and the linkages between processes to ascertain how well they are developed and integrated and how they can be improved.

In general, Indec has found that most organisations have in place in excess of 70% of the processes needed to manage their assets. However, organisations may be missing key elements of the processes or the processes may be poorly integrated, which significantly reduces their ability to improve asset performance. The Indec diagnostic is targeted at locating these issues.

Additionally, the principles behind the diagnostic and the development of the questionnaire have been successfully applied to organisations with regard to regulatory price reviews. Commencing in 2000, Indec’s diagnostic began assisting electricity, gas and water utilities to successfully present asset management reviews to State Price Regulators and the ACCC in support of their forward CAPEX and OPEX programs.

“The IAM is the professional body for those involved in acquisition, operation and care of physical  assets, especially critical infrastructure.”


Asset Management Certification

The development of an international guideline and diagnostic began to be undertaken by UK Institute of Asset Management (IAM).  In September 2008, IAM published PAS55 Part 1: Specification for the optimized management of physical assets and Part 2: Guidelines for the application of PAS55-1. This was subsequently supported by a questionnaire diagnostic, the PAS55 Assessment Methodology which was very similar to the already developed Indec diagnostic covering identical elements.

The IAM format uses polar (radar) graphic diagrams and bar charts as well as a scoring system to drill down on any key gaps between each asset management function and the requirements of PAS55.  An example polar graph and bar chart is shown below in Figure 1 which details the elements covered as listed on the right-hand side of the example.

Figure 1 Polar Graph Bar Chart

Asset Management Certification

By 2012 it was becoming evident to Australian organisations subject to regulatory price reviews and organisations that provided total asset management services that they needed to be accredited by IAM Endorsed Assessors to PAS55.

In May 2013 Indec became an Endorsed Assessor of the IAM with four of Indec’s staff being classed as Endorsed Assessors. This was based on their and the Company’s experience over a three-year period.  At that time, whilst the only internationally  recognised asset management standard was PAS55 (which was a guideline), an ISO Standard named ISO55000 was also under development.

Once the ISO55000 series was published, IAM implemented changes within the PAS55 in order to align the standards and ensure that Endorsed Assessor were compliant.  These changes;

  • incorporated a separate tool to cover ISO55000 into the Assessment Methodology;
  • required Endorsed Assessors to pass an exam called the IAM Certificate; and
  • authorised Endorsed Assessors to conduct an assessment, or gap analysis, and Certification to PAS55 as well as conducting an assessment to ISO55000.

To align with ISO55000 and the changes in IAM requirements, six Indec staff successfully sat the IAM Certificate exam in July 2015. In May 2017 Indec also submitted the required documentation to IAM for its re-certification as an Endorsed Assessor organisation.

Accordingly, with the Company’s objective of providing first-class services in the realm of asset management, Indec can now both assess and certify an organisation to PAS55 standard as well as assess an organisation to ISO55000 standard. This attribute is assisting many of Indec’s clients to date, especially with developments such as the governments of Victoria and WA now requiring their departments and agencies to be certified.

Indec’s four Endorsed Assessors are Peter Shepherd, Sandro Marin, Melissa Lysaght, and Alex King.

Peter Shepherd
Sandro Marin
Alex King










“ IAM Qualifications are designed to recognise an individual’s knowledge and understanding of asset management. The IAM Certificate is concerned with the fundamental principles of asset management, and is awarded to those who successfully pass the examination ‘Principles of Asset Management’.