Asset and Risk Management

Asset and risk management is the process of identifying, assessing and reducing the risks associated with an organization’s assets. This includes both tangible assets such as equipment and buildings as well as intangible assets such as intellectual property and data. The goal is to safeguard these assets and make sure that they are utilized effectively to meet business objectives.

To conduct an effective risk assessment of assets The first step is to determine all of a company’s assets. This encompasses both physical assets as additionally intangible assets such as intellectual property and customer lists. Once all of a company’s assets have been identified the next step is to assess the risk associated with each one. This includes both the risks of theft and unauthorized use or access.

After a business has assessed its risks, it’s important to assess the extent of any breach or loss and how these losses can be reduced. A good asset management plan is essential, as it enables businesses to implement strategies that can lower the probability of occurrence of risk and minimize any losses.

It is also crucial to identify the operational risks that affect the business process ‘from front to back and to understand how those risks relate to the products of the firm. This will provide some context and clarity about the risks that are faced by each product and help to prioritize efforts in addressing these risks.