Asset and Risk Management for Energy and Resources Companies
It is crucial for any industry to have a method that effectively manages assets and risks. This is particularly true for the financial sector, as insurers invest the money they collect from policyholders in assets to generate revenue and maintain the company’s financial stability. Assets are volatile, so it is crucial that investors manage their investments properly. This means knowing when to take on risk or take a lower risk to meet their goals.
A well-designed asset and risk management strategy is essential for energy and resource companies to protect assets and maximize ROI over the course of their lifespan. This means the identification, assessment, and managing the risks associated with the assets of an organization, including tangibles like equipment and buildings, as well as intangibles like intellectual property and data.
First, a company should identify and identify its assets. Idealy, each asset should be given a name and a designated owner who is accountable and has authority over it. These individuals are most familiar of the risks associated with their assets and are able to reduce them effectively. These stakeholders should be consulted with the risk management department to evaluate the possibility of threats and vulnerabilities.
From there, a business should prioritize the risks identified. This is usually done in relation to the likelihood of the risk happening and its https://expertalmanagement.de/2021/09/01/what-is-voip-a-guide-for-business impact on the business. The most important risks should receive the most security implementation, investment and focus. Other risks must be addressed as required and while taking into account the business’s operational needs and regulatory compliance.