Estate Planning Blog

Asset and Risk Management

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

To conduct a successful assessment of risk to assets the first step is to recognize the company’s assets. This includes both physical assets as also intangible assets like intellectual property and customer lists. After having identified all assets, the next step involves the assessment of the risk associated with each asset. This includes the risk of losing and the risk of unauthorized access or use.

After a business has assessed its risks, it’s crucial to assess the severity of any losses or breaches and how the losses can be reduced. A solid asset management strategy is essential, as it permits businesses to implement strategies that reduce the likelihood of occurrence of risk and limit any losses.

It is also critical to map out the operational risks that are associated with the business process ‘from front to back and know how those risks relate to the products of the firm. This will give context and clarity about the risks posed by each product, and help in prioritizing efforts to address those risks.

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