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It is crucial for any business to have a procedure that effectively manages assets and risks. This is particularly true for the financial sector, where insurers utilize the premiums received from policyholders to invest in assets to generate revenue and ensure their viability. Assets are volatile, which is why it is crucial that investors manage their investments well. This means knowing when to take on risk or take a lower risk in order to reach their goals.
Additionally, a successful process for managing risk and assets is crucial for energy and resource companies to safeguard their assets and achieve the best ROI throughout their lifecycle. This involves the identification, assessment, and addressing the risks associated with assets of an organization that include tangibles such as buildings and equipment and intangibles like intellectual property and data.
The first step is to identify and identify its assets. In the ideal scenario, each asset would be given a name and a designated owner who is accountable and has authority over it. These individuals are aware of the risks that are associated with their assets and mitigate those risks effectively. The risk management department needs to collaborate with these stakeholders to identify the potential risks and vulnerabilities.
The company can then prioritize the risks identified. This is usually dependent on the probability of occurrence and the impact of each risk on the business. The highest priority risks need the greatest security implementation, investment and focus. Other risks must be addressed by focusing on the company’s operational requirements and compliance with regulatory requirements.
