Asset and risk management is the process of identifying, assessing and reducing the risk in relation to the organization’s assets. This includes both tangible assets like buildings and equipment 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 utilized effectively to achieve business goals.
To perform a successful asset risk assessment, it is crucial to first determine all assets belonging to a business. This includes both physical assets as also intangible assets such as intellectual property and customer lists. Once all the assets of a business have been identified the next step is to determine the dangers associated with each. This includes the possibility of loss and the risk of unauthorised access or use.
After a company has evaluated the risks associated with its assets, it is crucial to determine how serious any breach or loss could be and how those losses can be minimized. This is where an asset management strategy can be useful, as it helps companies develop and implement strategies to reduce the chance of risk-related events and mitigate any losses that might occur.
It is also important to map out the operational risks that impact the business processes ‘front to rear’ and understand how those risks impact each of the company’s products. This will help provide information and context on the risks associated with each product and help focus efforts on addressing the risks.
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