The IAM Awards recognise the growing number of outstanding contributions in asset management.
The awards are presented in conjunction with the IAM Annual Lecture and Dinner, which take place the first evening of the two-day IAM Asset Management Conference.
Shortlisted nominees will be announced in August, and will be invited to attend the Annual Dinner free of charge (for team and project nominations one individual can attend for free). Sponsors of shortlisted nominees are entitled to a 50% discount of the booking price and are encouraged to attend.
The Achievement Awards recognise those who have worked to improve aspects of an asset management system and generate benefits or enhanced value for society. There are three categories:
An award to recognise an individual with typically more than 5 years’ experience of asset management who has made a personal contribution to their business/organisation or to the wider asset management knowledge base.
An award to recognise an operational team or department in an organisation who have made a significant contribution to their business/organisation or the asset management knowledge base. The team should consist of people from across the organisation or from people from different organisations.
An award to a project which has achieved a good/notable outcome. Examples of projects could be construction, information systems, business change or research projects.
The NxtGen Award recognises an individual who is new to asset management (5 or less years’ experience). Nominees for this award will have made an outstanding contribution to the implementation and development of asset management, and demonstrate great potential in the field.
The Asset Management NxtGen Award will be awarded to the individual who demonstrates:
- Outstanding performance in the development or implementation of an aspect of asset management, explaining the personal involvement in delivering a successful outcome
- Excellent understanding of asset management, including the relationship between the various elements of asset management and evidence of how this knowledge has been applied
- Exceptional promise for the future, which may include demonstration of attributes such as leadership, influence, enthusiasm, determination and accountability
- Creativity in approach, which includes imagination, ingenuity, inspiration, inventiveness and originality
- Collaboration with others in the development/ implementation of an asset management project or initiative, such as team work across functions or with supply chain or clients.
This award recognises innovation in asset management which has delivered financial, performance and risk reduction benefits.
Originality is key and there is significant emphasis on the contribution made to whole life asset management, risk management, the impact on business performance and innovative methods and practices that have yielded positive results and benefits to the business. Other factors include progress with implementation, integration into the business and the contribution to asset knowledge.
Submissions for this category may include projects such as:
- Development of whole life asset management tools to optimise capital investment, asset renewal or maintenance requirements
- Risk-based approaches to maintenance or inspection
- Innovative asset information systems supporting Asset Management decisions
- Development of risk models to quantify financial, environmental and safety risks
- Development of ‘operational readiness’ capabilities to plan for and respond to major incidents affecting the business and its customers
- Novel approaches to asset and asset management performance measurement and related decision-making
- Novel approaches to competency and the development of asset management skills
- Innovative use of asset knowledge to improve the reliability or efficiency of assets
- New approaches to managing change as asset management is embedded in an organisation
- Novel approaches to asset management strategies and planning
- Fresh approaches to aging assets and strategies e.g. embedding new components into legacy systems to mitigate against broader asset lifecycle costs
The President’s Award
During the Award’s presentation, the IAM President will also continue to acknowledge the outstanding work of volunteers who have made considerable efforts to support the work of the Institute. This award recognises an individual that has shown outstanding continuing commitment to the IAM, selected by the President.
If you have any questions about the IAM Awards, please contact us at Awards@theIAM.org.
For previous years' IAM Awards winners and shortlisted nominees, browse the IAM News using the search box or the Awards tag.
Judging the Awards
The IAM has always depended on willing individuals and organisations in everything we do and without this commitment we would not be as successful or as productive as we are. The judging panel for the awards are made up of willing members, and we welcome applications for this panel. Please read the requirements below and apply to be a judge if you feel that this is something you are able to do.
What does it involve?
An awards judge will support the promotion and communication of the awards. As part of the judging panel, a judge will review and score awards submissions, and provide feedback to the rest of the panel via teleconferences.
What commitment is needed?
The judging process takes place between May and November. Between May and August, we ask for one hour a month of your time. During the three-week judging period in September, this will increase to one half day a week, to include participating in four 1.5 hour teleconferences.
(These times may change slightly but the workload will not be more than what is stated above)
What skills are required?
To be a judge you should have a good understanding of all areas of Asset Management – an Anatomy (IAM Certificate or Diploma). You will also need experience of implementing asset management improvements, and good organisation and communication skills.
Volunteer to be an Awards Judge