To optimize their physical assets, and to make them deliver the best ROI, businesses must have a firm grasp on their assets as well as the risks involved. Businesses could make poor decisions when they don’t have an accurate understanding of risks. This can be detrimental to their bottom line. Lack of a solid process for managing risk and assets could expose companies to costly fines from regulators or lost profits because of insufficient preparation for the unexpected.

Asset and risk management is faced with a number of issues.

Inadequate awareness of the capabilities of an organization’s assets – For instance, employees may not be aware that a piece of equipment can perform a job outside its intended range or how to operate it to maximum efficiency. This can result in underutilization of the asset and a lower ROI over the course of its life. This can be mitigated by ensuring that employees are trained to be aware of an asset’s capabilities and how to use them appropriately.

Lack of a robust process for managing risk – The continuous stream of compliance demands that have flooded the market since the financial crisis has left many companies with a lack of time to think about strategic risk considerations. This has resulted in inadequate risk management strategies, ineffective risk assessments, and missed opportunities to maximize an organization’s assets.

Third-party Risks – From cyber-security to integrity of data, and reputational damage can have profound implications for an organization. To minimize this threat, a thorough screening process that includes failsafe procedures must be implemented to ensure that all vendors have been properly recognized.

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