For any industry it’s essential to have an effective asset and risk management process in place. This is especially true in the financial sector, as insurers invest the premiums they receive from policyholders in assets to generate income and maintain solvency. Assets can be volatile, and it is vital that investors take care of their investments. This includes knowing when to take on more risk or less risk to reach their goals.
A sound asset and risk management system is also essential for energy and resource companies to protect assets and increase ROI over the course of their lifespan. This means identifying and assessing the risks associated with the company’s assets, which include physical, such as buildings and equipment, and intangibles like intellectual property and data.
The business must first determine and name all its assets. In the ideal scenario, each asset should have a person in the organization with oversight and responsibility over it. They are the people who are most familiar of the risks associated with their assets and are able to reduce them effectively. The risk management department must work with these stakeholders to assess potential threats and vulnerabilities.
The business then has the ability to determine the risk that is most important to them. This is usually in relation to the likelihood of the risk occurring and its impact on the business. Risks with the highest priority should receive the most security implementation, investment and focus. Other risks should be addressed as needed and while taking into account the company’s needs for operations and regulatory compliance.
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