Common Challenges to Asset and Risk Management

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To maximize their physical assets and to ensure that they deliver the highest ROI, businesses must have a clear understanding of their assets and the risks they pose. Businesses could make poor decisions without a good understanding of the risks. This can be detrimental to their bottom line. A lack of a robust process for managing risk and assets can expose businesses to costly fines from regulators or lost profits because of inadequate planning for the unforeseeable.

The most frequently encountered and significant challenges to asset and risk management include:

Inadequate awareness of the capabilities of the assets of an organization – For instance, employees might not be aware that an item is able to perform a function that is not within its intended scope or even know how to operate it at its highest efficiency. This could result in under-utilization of the asset and decreased ROI throughout its lifetime. This can be reduced by ensuring that employees receive the proper education to understand the capabilities of an asset and how to use it appropriately.

Lack of robust risk management processes – Since the financial crisis, many companies have had little time to think about strategic risk. This has led to inadequate strategies for managing risk, faulty methods for assessing risk and missed opportunities to optimize the performance of the assets of an organization.

Third-party Risk – From cyber-security to integrity of data and reputational damage can have significant consequences for an organization. To reduce the threat, a thorough verification process involving failsafe procedures must be in place to ensure that all vendors have been accepted.

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