Realising the benefits promised by condition monitoring innovations requires an approach that recognises and responds to the challenges inherent in rail condition monitoring projects. RailCorp engaged Parsons Brinckerhoff to develop an integrated approach for the creation of RailCorp's next train and infrastructure condition monitoring strategy. This paper outlines the system maturity and capability model which provided the framework by which integration into RailCorp's business requirements, engineering environment and asset management regime was explored as part of the strategy. The paper also explains the benefits driven investment prioritisation approach that was taken to produce the next tranche of condition monitoring investment recommendations. Business data integration and a mature approach to project and portfolio management were key focuses of the strategy due to their criticality in benefits realisation. Models for both of these important aspects of rail condition monitoring projects are also presented. Parsons Brinckerhoff s work for RailCorp in developing a new train and infrastructure condition monitoring strategy underscored both the challenges and significant potential benefits of a large scale condition monitoring program. An approach, using the maturity, capability, governance and data integration models presented in this paper, will be important if the benefits on offer are to be realised whilst simultaneously addressing the many challenges. (7 pages)