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Common Challenges to Asset and Risk Management

To ensure that companies can maximize their physical assets and make them yield the highest ROI they must have an in-depth understanding of their assets and the risks associated with them. Businesses may make poor decisions in the absence of an adequate understanding of the risks. This can ultimately hurt their bottom line. Lack of a solid asset and risk management process can expose businesses to costly fines from regulatory agencies or loss of profits because of inadequate preparation for the unexpected.

The management of risk and assets is confronted by a range of challenges.

Unawareness of what an organization’s assets are capable of For instance employees might not know that a particular piece of equipment is able to perform a function that is beyond the scope of its design or to use it at maximum efficiency. This could result in under-utilization of the asset and lower ROI over the course of its life. This can be mitigated by ensuring employees are properly educated to know an asset’s capabilities and how to utilize them appropriately.

Insufficiently developed processes for managing risk – The continuous stream of compliance demands that have flooded the sector since the financial crisis have left many companies with a lack of time to consider strategic risk management. This has led to inadequate risk management strategies, ineffective risk assessments, and missed opportunities to maximize an organization’s assets.

Third-party risk – From cyber security to reputational and data integrity Third-party risks can have serious consequences for organizations. To limit this kind of risk, a thorough procedure for vetting with failsafe protocols must be in place to ensure that every vendor has been accepted.

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