Asset and Risk Management

Asset and risk management is the process of identifying, assessing and reducing risks that are associated with an organization’s assets. This covers physical assets like buildings and equipment as well as intangible assets, like intellectual property and data. The goal is to protect these assets and make sure that they are effectively used to achieve business objectives.

To conduct a successful asset risk assessment, it is crucial to first determine all assets belonging to a business. This includes both physical assets, as well as intangible assets, such as intellectual property and customer lists. After having identified all assets following this, the next step is assessing the risk of each asset. This includes the risk of losing and the risk of unauthorised access or use.

Once a business has assessed the risks associated with its assets, it is important to determine how severe any losses or breaches would be and how those losses can be minimized. A sound asset management strategy is vital, since it permits businesses to implement strategies that minimize the chance of risk and limit any losses.

It is also important to map out the operational risks that impact the business processes ‘front to rear and know how those risks relate to each of the firm’s products. This will give an understanding of the risks posed by each product, and help in prioritizing efforts to address those risks.