A system includes at least one sensor and an equipment health monitoring (EHM) unit. The at least one sensor is configured to measure one or more characteristics of an asset, where the asset includes a piece of equipment. The EHM unit includes at least one sensor interface configured to receive at least one input signal associated with the asset from the sensor(s). The EHM unit also includes at least one processing unit operable to be pre-configured to identify a specified fault in the asset using the input signals and an asset-specific model that includes a combination of standard subsystem models. The EHM unit further includes at least one output interface configured to provide an indicator identifying the fault. The standard subsystem models could include standardized fault models configured to identify faults for standard assets.