Asset and Risk Management

Asset and risk management is the process of identifying, assessing and reducing the risks that are associated with the company’s assets. This encompasses both tangible assets such as equipment and buildings as well as intangible assets such as intellectual property and data. The goal is to protect the value of these assets and ensure that they are being used effectively to achieve business goals.

To perform a successful asset risk assessment, it’s important to first identify all assets belonging to a business. This encompasses both physical assets as well as intangible assets, like intellectual property and customer lists. Once all the assets of a business have been identified, the next step is to assess the dangers associated with each. This includes both the risk of loss as well as unauthorized access or use.

After a company has evaluated the risks associated with its assets, it’s important to determine what the severity of the consequences of any breaches or losses would be and the ways in which those losses could be minimized. This is where a good asset management strategy can be useful, as it allows businesses to devise and implement strategies that reduce the risk of risk occurring and mitigate any losses that could occur.

It is also crucial to understand the operational risks that affect business processes ‘front to back’ and understand how these risks are related to each of the firm’s products. This will provide information and understanding of the risks faced by every product, and help in prioritizing efforts to address those risks.