ISO55000 is the International Organisation for Standardization (ISO) standard for asset management published in 2014. It stipulates that effective control and governance of assets by organizations is essential to realize value through managing risk and opportunity, in order to achieve the desired balance of cost, risk and performance. It is a challenge to industries on how to address this. This paper is on the issues and challenges of balancing cost, performance and risk in heavy haul rail asset management. Illustrative example from heavy haul network is used for this and on how to address some of the important challenges faced by heavy haul sector for managing life of rail assets.