Risk and asset management is a process that involves identifying, assessing and mitigating the risks that are associated with assets of an organization. This encompasses both tangible assets such as buildings and equipment and intangible ones like intellectual property and data. The goal is to protect the value of these assets and ensure they are utilized effectively to achieve business objectives.
To conduct a successful asset risk assessment the first step is to recognize all the assets of a business. This includes both physical assets, as additionally intangible assets such as intellectual property, customer lists. Once all the assets of a business have been identified, the next step is assessing the risks associated with each. This includes both the risks of theft and unauthorized use or access.
Once a company has analyzed the risks associated with its assets, it is vital to determine what the severity of any breach or loss could be and how they could be minimized. This is where an asset management program can come in handy, as it allows companies to create and implement strategies that reduce the risk of occurrence and minimize any losses that may occur.
It is crucial to comprehend the risks that come with each product and outline them from front to back. This will provide context and clarity about the risks posed by each product, and help in prioritizing efforts to address those risks.
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