Abstract: A monitoring system and method for a tool of working equipment, preferably a ground engaging tool comprising wear members such as an excavator bucket, the system/method including one or more sensors mounted on the working equipment and directed towards the tool and a processor configured to: receive data relating to the tool from the one or more sensors, generate a three dimensional representation of at least a portion of the tool using the received data, compare the generated three dimensional representation with a previously generated three dimensional representation, and identify one or more of wear and loss of at least a portion of the tool, preferably a wear member portion, using the comparison of the generated three dimensional representation with the previously generated three dimensional representation.