To help companies maximize their physical assets and make them yield the highest ROI they must have an in-depth understanding of their assets and the risks they pose. Companies can make bad decisions when they don’t have an understanding of the risks. This can be detrimental to their bottom line. Insufficiently developed process for managing risk and assets can expose businesses to costly fines and penalties from regulators or losses because of insufficient preparation for the unexpected.
The management of risk and assets is faced with a number of challenges.
Unawareness of what an organization’s assets are capable of For instance employees may not be aware that a piece of equipment has the capability to perform a task beyond its original scope or to operate it with maximum efficiency. This can cause the asset to be inefficient and suffer lower ROI over its lifetime. This can be avoided by ensuring that employees have sufficient training to be aware of the capabilities of an asset and how to utilize it appropriately.
A lack of a comprehensive process for managing risk – The constant stream of compliance-related demands that have flooded into the industry since the financial crisis has left many companies with little time to think about strategic risk-management considerations. This has led to suboptimal risk management practices, inaccurate risk assessments, and missed opportunities to maximize the assets of an organization.
Third-party Risk – From cyber-security to data integrity, and reputational damage can have significant implications for an organisation. In order to mitigate the risks associated with this type of threat, a robust vendor vetting procedure should be implemented with failsafe procedures in place to ensure all vendors are properly approved.
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