Risk and asset management is a process that involves identifying, assessing and reducing the risk associated with assets of an organization. This includes physical assets such as equipment and buildings and intangible assets like intellectual property and data. The goal is to secure these assets and make sure that they are effectively used to achieve business objectives.
To conduct a successful risk assessment of assets, the first step is identifying all the assets of a business. This includes both tangible assets and intangible assets, such as customer lists or intellectual property. After having identified all assets following this, the next step is assessing the risk of each asset. This includes the risk of loss and the risk of unauthorized access or use.
After a company has evaluated the risks associated with its assets, it is crucial to determine how severe any breach or loss could be and the ways in which those losses could be minimized. A good asset management plan is vital, since it enables businesses to put in place strategies that can decrease the likelihood of risk and reduce any losses.
It is crucial to be aware of the risks associated with each product and map them out from front to back. This will provide information and understanding of the risks faced by every product, and help in prioritizing efforts to mitigate those risks.