IAM 2016 - 19 Strategic Plan version 1.

2 (August)

2016 -19 Strategic Plan

Version 1.2 August 2016

1 © Copyright The Institute of Asset Management 2016. All rights reserved

2016-19 Strategic Plan IAM Strategy 2016 IAM Policy 2016
 IAM 2016 - 19 Strategic Plan version 1.2 (August)

Introduction
Last year we published our first Strategic Plan setting out an
ambitious programme of activities to continue to support our
members on their individual and corporate journeys and to
develop the Institute itself to ensure it continues to be fit for
purpose to serve those members.

We have made significant progress against the milestones we set ourselves and a review of our
progress against these milestones is provided in the next section.

Over the last year, we also have been making some major changes to the structure of the IAM to
support our increasing international membership. We are effectively inverting the Institute such that
the Chapters become the focus for engagement with members and for developing new knowledge
and the IAM office and Central committees provide a supporting role, whilst still ensuring activities
are consistent with the IAM’s overall strategy and vision. We are now working towards an integrated
strategy and planning process as shown below:

We have separated our old Strategy statement into separate Policy and Strategy documents and we
have updated these to reflect the Chapter structure. The Policy defines our purpose and values and
the Strategy sets out our enduring objectives and the high-level strategy of how we intend to achieve
these.

This Strategic Plan sets out our priorities and milestones over the next 2 to 3 years that the Board has
agreed in order to achieve our objectives. As the new Chapter structures mature, the Chapter
business plans and Action Plans from Committees will increasingly influence our Annual Business Plan
(and associated budgets). This will ensure the top down strategic view provided by this Strategic Plan
is balanced by the bottom-up priorities from our Chapters and Committees. We shall implement this
business planning process for the 2017 planning cycle.

Our updated Policy and Strategy continue to emphasise our dual purpose: to be both a Professional
Association that recognises the competence of our members (and provides services); and also a
Learned Society that develops the discipline and knowledge base, with wider societal objectives to
spread good practice and awareness. We have not updated our Enduring Objectives as we believe
these are still relevant.

This Strategic Plan reflects the progress made in the last year, the current priorities for the Institute
and ensures continued alignment with the Policy and Strategy - with similar themes to last year:

• Individual Journey • Events, Exams & Endorsed Schemes

• Corporate Journey • The Institute
• Influence & Engagement

1 © Copyright The Institute of Asset Management 2016. All rights reserved

 IAM 2016 - 19 Strategic Plan version 1.2 (August)

Review of Previous Plan

A review of the milestones that were scheduled to be completed over the last year is shown below.

Category Milestone Status Comment

Qualifications & Professional Task force has defined Q&PD
 
Development Strategy complete framework
Work started but delays in forming
Implement CPD process   task force impacted on this activity -
now scheduled for 2017
Launch the application for Pilot undertaken in 2015 and full
Individual  
Fellow (FIAM) process launched at 2016 conference
Journey
GFMAM project - delays in agreeing
International Accord developed
  objectives and participants - no
and live
current start date planned
Robust plan being finalised -
Proposals on Chartership firmed
  engagement with members and
up
sponsors about to start
Anatomy 3 published   Anatomy 3 published
SSGs published   SSGs for 7 Subjects published
Start delayed due to resource
First Edition IAM Handbook
  constraints - now scheduled for
published
completion in next 12 months
Asset Management Maturity IAM Maturity Guidance document
 
guidance published published
Corporate
Extensive engagement undertaken –
Journey Arrangements for assessing
  plans in place for endorsing maturity
organisational maturity in place
assessors.
Plans in place for further Start delayed due to changes in
development of the Big Picture   knowledge committees - rescheduled
products to 2017
Framework developed and cause
Report on the ‘Benefits of Asset
  studies in progress - due to be
Management’ published
published in late 2016

© Copyright The Institute of Asset Management 2016. All rights reserved 2

 IAM 2016 - 19 Strategic Plan version 1.2 (August)

Review of Previous Plan (continued.)

Category Milestone Status Comment

Engagement strategy for Initial Engagement Strategy under
 
external stakeholder complete development
Proposals for surveys to assess
how we are achieving our   Annual survey completed
objectives
Influence & Further development of the Work not started – to be picked up by
Engagement member value proposition member ‘touch points’ initiative
Review of annual survey – every
  Annual Survey undertaken as planned
AGM
Engagement complete with many
President’s engagement with
  Patrons but not all – to continue over
Patrons complete
next 12 months
Events Strategy and criteria for Draft Events Strategy complete but
 
supporting external events not yet issued
New Diploma exam launched   New Diploma Exam launched
Events, Exams &
Training IAM training strategy developed Now picked up by Q&PD task force
 
by Sept ‘15 but date slipped to 2017
First IAM short courses launched No progress pending outcome from
 
in late 2015 task force
US Chapter incorporated and Exec
Launch US Chapter  
committee in place
Canada Chapter close to
Launch Canada Chapter   incorporation and Exec committee in
place
No progress - now on hold as other
Launch UAE Chapter  
Chapters have taken priority
Netherlands and Belgium Chapters
Launch Chapter(s) in Europe  
progressing well
The Institute No more planned Chapters in next
Develop prioritised plan for
  12 months but we will respond to
other regions
member demand on case by case basis
Implementation of the IT
  Ongoing
strategy – Jul ’15 to Dec ‘16
Strengthening of management New COO & US admin resource in
team, office staff, Board &   place. New recruits to Board and
Council Council
Plan agreed by Board - to be renamed
Plan for establishment of Senate  
Senior Advisory Group

3 © Copyright The Institute of Asset Management 2016. All rights reserved

 IAM 2016 - 19 Strategic Plan version 1.2 (August)

Individual Journey

As reported last year, the two key tasks for the individual journey continue to be
the development of the professional development pathway and the move towards
achieving Chartered Status. The Qualifications and Professional Development (QP&D)
Task Force is making great progress on the first of these and is providing many
of the foundations we will need to move towards achieving Chartered Status.
A framework that defines the routes to professional registration has been produced by the Task Force
that shows how the different aspects of professional development are brought together to provide
the professional development pathways.

The Task Force will continue to specify the detail of this framework to enable all these components to
be developed in a coherent and consistent way.

EVIDENCE IAM Professional Registration ELIGIBILITY

Evidence of achievement across
the 7 CF Roles and in AM Leadership

IAM Diploma or equivalent is minimum knowledge requirement

Other CPD Activity

IAM Qualifications
UK and Internationally Regulated

Transferable CPD Evidence

IAM Membership
Company Schemes AM Diploma
Credits & exemptions

Recognised, Endorsed or
Accredited by the IAM
AM Certificate
exemptions
Credits &

Training & Awards

IAM Leadership AM Award from other
Programme & Professional Bodies
Short Courses

Evidence, credits & exemptions Credits & exemptions IAM Diploma embedded

University Masters Degrees

Asset Management, Economics, Business & Finance, Engineering &
Technology, Accounting, Social Sciences

Underpinned by the requirements of IAM Competence Framework (CF) & Leadership Frameworks (LF)

One aspect of this framework where we have Becoming a Chartered body would be a very
made good progress in the last 12 months is the significant commitment for the IAM and we
recognition of company training and have therefore engaged extensively with
professional development schemes. The IAM members and other advisors to understand
has been working with Rolls Royce to pilot this both the appetite and the workload for us to
scheme and we have now formally recognised achieve this. The feedback from members has
the Rolls Royce scheme as meeting the criteria been very consistent – they want professional
set out by the Task Force. We are now looking recognition for the discipline, they want the
for other organisations to submit their schemes IAM to put this place, but they want us to
for recognition. ensure that the appropriate resources are
made available to deliver this.

© Copyright The Institute of Asset Management 2016. All rights reserved 4

 IAM 2016 - 19 Strategic Plan version 1.2 (August)

We have engaged external support to help us develop robust plans that will define the detailed
activities, budget and resources necessary to achieve Chartered Status. We will soon be engaging with
our members and other interested parties to build support and secure sponsorship for this project.

NxtGen has been an extremely active and important section of the IAM for many years and the
number of people engaging in NxtGen activities has been growing steadily. Over the next 12 months
we will be launching NxtGen + which will provide the following benefits:

• Enhanced products and services for those looking to

develop their asset management careers;
• Access to workshops and mentoring programmes;
• Discounts for exams; and
• Pathway to full IAM membership.

The following priorities have been agreed by the Board for the Individual Journey:

Description Within 18 months Within 36 months

Regular free talks / socials in
Continue to deliver NxtGen Business Plan
all active Chapters

NxtGen Launch NxtGenPlus,

including access to
workshops mentoring and
Onsite Insights
Eligibility and Evidence
Requirements for
Professional Registration
IPD and CPD fully implemented
specified
CPD process and
Qualifications requirements specified
& Professional
IAM Award Qualification IAM Qualifications approved by UK
Development
launched qualifications regulators
Leadership short course
Credit recognition of qualifications
requirements specified and
and experience in place with relevant
launched Endorsed Training
professional and awarding bodies
Scheme
Project fully funded and
IAM becomes Chartered Body with Register
Charter Project membership vote taken
of Professionals
place
Multiple company training
and development schemes
Company Recognition Companies with recognised schemes issuing
recognised by the IAM
Schemes IAM qualifications as ‘agents’
- and ‘roll out’ of this new
product

5 © Copyright The Institute of Asset Management 2016. All rights reserved

 IAM 2016 - 19 Strategic Plan version 1.2 (August)
Corporate Journey
In our discussions with Corporate
Members, and in particular Patrons,
over the last 12 months, there is an
increasing appetite for more SSGs, how-
to guides, case studies, guidance on the
assessment of maturity and evidence
of benefits. In fact, there is a sense of
frustration that we are not producing
these quickly enough. The changes that
we have been making to introduce
the new committee structures in the
Chapters has caused some delays in the
development of knowledge.
A clear focus of this Strategic Plan is, therefore,
to improve and speed up these processes,
including:
• identifying knowledge priorities,
• creating or developing this knowledge; and
• completing peer review
- all within timescales that are acceptable
to members – especially those who have
volunteered to participate. We shall support
volunteers with office resource to manage key
knowledge projects and find technical authors
where appropriate. We shall also welcome
appropriate offers to develop new material
under ‘prepared for the IAM’ arrangements.
A new Knowledge Leadership Group (KLG)
has been established that will coordinate the
development and dissemination of knowledge
across the IAM. KLG will provide guidance on
the framework for new knowledge to ensure
the IAM’s knowledge products are aligned and
complementary, especially as Chapters start to
take a lead on knowledge creation.
We will continue to develop the Subject Specific
Guidelines (SSGs) to reflect member priorities
and will start to review the existing SSGs in
due course.
© Copyright The Institute of Asset Management 2016. All rights reserved
A number of new knowledge projects have
already been identified and will be starting very
soon. These include:
• Development of guidance on the
development of strategy and strategic asset
management plans; and
• Publication of the first section of the
IAM Handbook - a ‘how to’ guide
on implementing and improving
asset management capability within
organisations, starting with the
development and implementation of an
Asset Management System.
We will continue to develop guidance on
maturity. This will include an extension of the
Endorsed Assessor Scheme to include a new
category for individuals that are recognised as
having the knowledge and experience to assess
organisations at levels of maturity beyond
compliance with ISO 55001. We will continue
to work with other professional bodies in
the Global Forum on Maintenance and Asset
Management (GFMAM) on maturity as there
are several projects around the world that are
exploring how we best define and measure
Asset Management maturity.
Closely linked to this is the work the IAM has
been undertaking on determining the benefits
and value of Asset Management. The work to
date has provided a framework for assessing
benefits and we are now working on the
development of case studies and evidence that
show the benefits that have been delivered
by organisations at various stages of their
Asset Management journeys. This will help
organisations to develop the case for improving
their maturity in Asset Management, or indeed
to decide that there may be no case to do so.
We are also working with GFMAM colleagues to
enable a wider perspective to be taken on the
value of Asset Management (as other member
organisations are also looking at this subject).
The output from this work will be a publication
on value and benefit of Asset Management
towards the end of 2016.
6
 IAM 2016 - 19 Strategic Plan version 1.2 (August)

The following priorities have been agreed by the Board for the Corporate Journey:

Description Within 18 months Within 36 months

Continue to publish SSGs
SSGs Completion of all SSGs
across the 39 subjects
Publication of the
Knowledge Framework,
prioritised list of new
Knowledge Leadership
knowledge projects and
Group
improved processes for the
production of knowledge
products
• Guidelines on strategy
and development of
SAMPs
Further products as prioritised by Chapters
New Knowledge • IAM Handbook first
and members
release - how to
implement an Asset
Management System
New category of EA scheme Publication of guidelines and case
Asset Management
launched for ‘maturity studies on how to define and assess asset
Maturity
assessors’ management maturity
Publication on the value
Value & Benefit of Asset Update to this publication with new
and benefits of Asset
Management case studies.
Management

7 © Copyright The Institute of Asset Management 2016. All rights reserved

 IAM 2016 - 19 Strategic Plan version 1.2 (August)
Influence & Engagement
Engagement with both members and
other interested bodies is essential
for a successful Institute. The direct
contacts we have had with Patrons
and other members over the last 12
months has been extremely valuable.
We will continue to proactively
engage, with Patrons in particular,
to ensure we are focused on what
our members think is important.
However, we need to do more to engage
with Individual Members. Some early work
has been completed on member ‘touch
points’ which we will be developing further
over the next 12 months. We need to ensure
that our value proposition is compelling
and is relevant to the different regions in
the world where we have members.
We will continue to undertake our annual
member survey, which is presented
at our AGM each year, and we are
reviewing the scope of this survey.
We will continue to engage with other
professional bodies to ensure that consensus on
what is meant by ‘good Asset Management’ is
© Copyright The Institute of Asset Management 2016. All rights reserved
converging around the world. At the same time,
we need to be careful not to stifle the discipline
as, in some areas of Asset Management, leading
practices are evolving as fast as they ever have.
The work we have undertaken with the GFMAM
over the last few years is helping to achieve
this balance by achieving consensus on high-
level principles and frameworks (like the Asset
Management Landscape) but not being overly
prescriptive. We will continue to work with
GFMAM and other professional bodies around
the world to develop common guidance and
to share knowledge for the benefit of all Asset
Management practitioners around the world.
However, to achieve our objective of influencing
public policy and stakeholder expectations
(particularly important for achieving Chartered
Status) we need to increase our engagement
with external parties. We are therefore
developing an engagement plan that will
provide more structure about: key stakeholders,
how we intend to engage with them and the
resources we will need. By implementing this
engagement plan we want to ensure the IAM
is seen as a valuable advisor to Governments
and policy-makers in areas relevant to Asset
Management. This will explicitly include a
focus on boards, leaders (particularly finance
teams) and decision makers generally in any
asset owning or managing organisations.
8

The following priorities have been agreed by the Board for influencing and engaging:
Description
Patron Engagement
Member Engagement
Member survey
Organisations, especially
large and/or significant
asset owners and stewards
Governments & Regulatory
Bodies
Other professional bodies
9 © Copyright The Institute of Asset Management 2016. All rights reserved
IAM 2016 - 19 Strategic Plan version 1.2 (August)
Within 18 months Within 36 months
President to continue
to visit senior Patron
representatives
Implementation of plan for Member
Development of plan for
‘touch points’ including supporting
Member ‘touch points’
systems
Continue Annual Member
Continue Annual Member Survey
Survey
Develop a plan to
demonstrate the value Communicate not only to IAM Corporate
and benefits of asset Members and similar in partner societies
management approach, but externally
initially to IAM Members
Plan how to demonstrate
value to top management
including the financial Continue this engagement, which should
and other benefits of become ‘business as usual’
using asset management
approaches
Develop and implement an
Engagement Plan, using
Continue this engagement, which should
Chapters and Members to
become ‘business as usual’
support the execution of
this plan
IAM active in providing advice to
government and other policy makers in
areas relevant to Asset Management
Continue to work with
GFMAM members and
other key professional
bodies
 IAM 2016 - 19 Strategic Plan version 1.2 (August)
Events, Exams & Endorsed Schemes
Our commercial activities are essential
to help finance our primary aim of
collation, creation and dissemination of
knowledge. Exams and the Endorsed
Training and Assessment Schemes are
becoming important sources of revenue
for the IAM as well as providing a
valuable service to members.
We are about to launch some significant
improvements to our exam delivery platform,
making it easier for members and partners
to host exams. We shall offer partnering
so Endorsed Training Providers, or other
potential commercial partners, can take on
the responsibility of organising and hosting
IAM exams. We expect this to result in both an
improved member experience and to increase
significantly our capacity to deliver exams
around the world.
Our Annual Conference is both an important
event for our members and a key source of
revenue but we are regularly challenged by
members about whether this event should be
priced at commercial rates or whether it should
be run as a ‘member benefit’. We are working
with Chapters to agree a framework for events
to ensure we get the right balance between
revenue generation and member benefits and
we hope to publish this framework within the
next few months as part of our wider strategy
for events.
Chapters will increasingly take responsibility
for running events (except the IAM Annual
Conference which will continue to be organised
by the Centre). Chapter events will range from
low-key (typically free) branch events to one
© Copyright The Institute of Asset Management 2016. All rights reserved
or two-day Chapter conferences. Chapters
will propose an events calendar as part of the
annual business planning cycle.
We are also formalising our agreements with
a number of Preferred Partners for delivery
of events that we promote with our logo and
speakers. These events will be included in the
overall events calendar to ensure we do not
overlap with Chapter events.
A number of accreditation schemes have
been launched (offered by UKAS and other
accreditation bodies around the world) to allow
certification bodies to be accredited to certify
organisations against ISO 55001. However, we
believe that the IAM Endorsed Assessor Scheme
(EAS) still has relevance to provide assurance to
organisations, that service providers offering
gap analyses or certification against ISO 55001
have the appropriate Asset Management
domain knowledge and experience. Indeed,
many organisations may not be interested
in certification but still want to use service
providers to help develop an improvement plan
based on ISO 55001 and the EAS will continue
to provide assurance to those organisations.
For those organisations that have already
achieved certification or alignment to ISO 55001
and are looking to develop their capabilities
beyond this, our new maturity assessor scheme
discussed under the Corporate Journey will help
those organisations select the right partners.
Our Endorsed Training Scheme is going from
strength to strength and this will continue to
be the primary source of IAM recommended
training. The Q&PD Task Force is exploring
the opportunity for the IAM to run a number
of short courses in addition to this that will
supplement the courses delivered by
Endorsed Trainers.
10
 IAM 2016 - 19 Strategic Plan version 1.2 (August)

The following priorities have been agreed by the Board for Events, Exams & Endorsed Schemes:

Description Within 18 months Within 36 months

Launch new delivery
capability and partnership Exams to be updated to reflect the
Exams
deals for third parties to outcomes from the Q&PD Task Force
organise and host exams
Events being run in the Centre, Chapters
Publication of the events
Events Framework and Branches in accordance with the
strategy and framework
strategy and framework
Event Partners agreed and
Event Partners commercial contracts in
place
2017/18 events calendar
Chapter Events Integrated calendar across the whole IAM
published for each Chapter
New category of EA scheme
Endorsed Assessor
launched for ‘maturity
Scheme
assessors’

11 © Copyright The Institute of Asset Management 2016. All rights reserved

 IAM 2016 - 19 Strategic Plan version 1.2 (August)
The Institute
Over the last year, we have been
making some major changes to the
structure of the IAM to support our
increasing international membership.
We are effectively inverting the
Institute such that Chapters & Branches
become the focus for engagement
with members and for developing new
knowledge. This requires the office
and committees at IAM Centre to
provide a supporting role, whilst still
ensuring activities are consistent with
the IAM’s overall strategy and vision.
This ‘inversion’ process has involved the
establishment of many new procedures and
committees and changes to existing central
committees, which has sometimes tested the
patience of our volunteers and staff. We believe
we now have the most difficult tasks behind us
and that the effort we have made to get this
right will serve us for years to come.
Much of the work to date has been undertaken
behind the scenes and may not yet be evident
to members. A welcome development for USA
and Canada members that should, however, be
very visible is that we have opened an IAM
North American office in your time zone to
provide much needed support.
Chapters and Branches are the lifeblood of the
IAM as they provide the means for members to
learn, network and contribute to the
development of the discipline. Our priority for
Chapters and Branches is now to focus on the
five most active Chapters (UK, USA, Canada,
Belgium and Netherlands) and the expanding
network of Branches rather than set up new
Chapters.
We need to ensure that the changes we have
made to the IAM to support these Chapters are
© Copyright The Institute of Asset Management 2016. All rights reserved
embedded and that the working groups and
committees within these Chapters start to
deliver the outcomes discussed in the Individual
and Corporate Journeys (see above). This is not
to say new Chapters are out of the question
where there are sufficient members in a region
to justify this, but we have no specific targets
for the establishment of new Chapters in the
next 12 to 18 months.
The key requirement of the ‘inversion’ process
will be the introduction of the planning process
set out in the introduction to this Strategic Plan.
This requires all Committees to produce annual
actions plans and the Chapters and the Centre
to produce annual business plans for the 2017
financial year. This will allow us to produce a
business plan that is aligned with the budget
and reflects both the strategic priorities in this
document, but also reflects the priorities of the
Chapters and Committees.
We are planning changes to a number of our IT
systems to improve the member experience and
to better support Chapters and Branches over
the coming 12 months. In particular, members
will see improvements to the process for
booking events and to improve customer
service for our online exams. This is part of our
long-term IT strategy which will take several
years to fully implement.
The Patrons of the IAM have been reviewing
their future in the context of the Chapters and
are developing a new terms of reference that
enable Patron Groups to be established in all
Chapters where there is demand for this. Over
the next 12 months, we plan to have a UK
Patron Group and a USA Patron Group as a
minimum and we hope the other 3 Chapters
will establish their own Patron Groups soon
thereafter.
We will continue to strengthen the Board and
Council of the IAM to ensure the governance of
the Institute reflects our growing demands,
particularly including representation of
Chapters on Board and Council.
12
 IAM 2016 - 19 Strategic Plan version 1.2 (August)

The following priorities have been agreed by the Board for the development of the Institute:

Description Within 18 months Within 36 months

Chapter Committees are
Chapter Committees established in each Chapter
with directors appointed
Committee actions plans
Committee Action Plans produced as part of the
business planning cycle
Chapter business plans
Chapter Business Plans produced as part of the
business planning cycle
Establish Patrons Groups in Continue to establish Patrons Groups in
Patrons Groups
non-UK Chapters non-UK Chapters
Elect Chapter
Board & Council representatives to Board
and Council
Database and website
technology upgraded
Continue to implement the overall
IT Systems to give better member
IT Strategy
experience and more
flexibility for Chapters

Measures
We are in the process of developing the appropriate indicators to measure the successful achievement
of this Strategic Plan. These indicators will include:

• Coverage of our knowledge products, for example percentage of the 39 subjects with SSGs;

• Uptake of our knowledge products, for example the number of downloads or sales;

• Success of our value proposition, for example number of members; and

• Engagement with our members, for example results from our annual membership survey.

We will be developing these measures further over the coming months and once we have an agreed
set of metrics that cover all our enduring objectives, we intend to publish the metrics periodically to
track our progress.

This Strategic Plan is intended to communicate our

priorities for the next three years. We encourage
members to comment on the priorities we have set and Richard Edwards
to provide feedback. The plan will be updated annually to
reflect progress and any new priorities for the Institute. President

August 2016
13 © Copyright The Institute of Asset Management 2016. All rights reserved
 This is part of a hierarchy of documentation, which may be found at:

www.theIAM.org/Strategy

St Brandon’s House, 29 Great George Street, Bristol BS1 5QT +44 (0) 8454 560 565 | office@theIAM.org | www.theIAM.org

© Copyright The Institute of Asset Management 2016. All Rights Reserved