A method for monitoring status of one or more components of a vehicle is provided. The method comprises: retrieving one or more known identifiers associated with each of the one or more components of the vehicle; retrieving one or more requirements in relation to one or more physical conditions and/or regulations associated with each of the identifiers; retrieving historical data relating to the one or more physical conditions and/or regulations associated with each of the identifiers; and aggregating the requirements and the historical data based on the known identifiers to form one or more sets of aggregated historical data; and determining, based on the one or more sets of the aggregated historical data associated with each of the components, if the each of the components meets the requirements associated with the each of the components. A corresponding system for performing the said method is also provided.