To maximize the value of their physical assets and help them return the most they must have a an understanding of both their assets and the risks involved. Companies can make bad decisions in the absence of a good understanding of the risks. This could ultimately affect their bottom line. A lack of a robust asset and risk management process can also leave organizations exposed to costly regulatory fines or lost profits due to insufficient planning for the unforeseeable.
The most frequent and significant issues affecting managing risk and assets include:
Unawareness about the capabilities of the assets of an organization. For instance, employees might not be aware that a piece of equipment can perform a function outside its intended scope or even know how to operate it to maximum efficiency. This can lead to underutilisation of the asset as well as a reduced ROI throughout its lifespan. This can be mitigated by ensuring employees are properly educated about the capabilities of an asset and how to use them appropriately.
Insufficiently developed processes for managing risk – The constant demand for compliance that have flooded the market since the financial crisis has left many companies with a lack of time to consider strategic risk management. This has led to poor risk management practices, inaccurate risk assessments and missed opportunities to optimize the company’s assets.
Third-party risk from cyber security to reputational damage and data integrity, third-party risks can have devastating consequences for an organization. To minimize the risk of this kind the need for a robust process for vetting vendors should be implemented with failsafe procedures in place to ensure all vendors are properly approved.
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