What is a risk asset organizer?
A risk assets organizer is a repository of important company assets. It contains all of the company assets (type of assets). It helps to keep track of assets together with responsibility for each asset. This serves to ensure accountability to ensure that they are properly taken care of.
What’s an asset in risk management?
In risk management an asset is any data, device, tool, software, building, property, or a part of property or any other asset or other component of an organisation's systems that is valuable and is potentially a source of risk.
- Physical Assets: Buildings, equipment, machinery, and infrastructure.
- Human Assets: Employees, contractors, and their skills, expertise, and health.
- Information Assets: Data, intellectual property, trade secrets, and proprietary processes.
- Reputational Assets: Brand equity, customer trust, and public perception.
- Financial Assets: Cash, investments, and accounts receivable.
- Technological Assets: IT systems, software, and networks.
- Services: e.g. electricity supply, cloud services
Overview of company assets as a source for risk analysis
The asset register as part of risk management is designed to provide an overview of all the assets of a company and serves as an input for risk analysis. Each asset can be described and assigned vulnerabilities and threats. It is recommended to use the register together with the risk register in which you have an overview of the risks and the action register in which you keep track of the subsequent corrective or preventive actions for each risk.
You get an overview of your company assets
- Catalog, register of company assets
- Vulnerability descriptions as a feature of each asset
- Assignment of responsible persons to assets
- Different types of corporate assets
- Threat assignment
Company assets as a source of risks
Before starting an asset risk assessment, you should identify all your assets. This is an important step as it will help identify the risks associated with the assets. An organization's assets can include anything that the organization values. This may mean assets that have a high monetary value or those that are essential to the operation of the business. When creating an asset organizer, it is also necessary to rank the assets in order of importance/criticality. For example, the sensitive data that you hold and the mechanisms to protect it may be classified as critical assets. By classifying all assets based on their importance to the organization, you can determine which ones to focus on. The outcome of this step will vary from organization to organization. For example, some may prioritize digital assets over physical assets. Some organizations may rely heavily on their employees, while others may rely more on machines.
Once you have created a complete asset organizer, you can begin to identify the risks associated with each asset. Prioritize critical to high-priority assets and work your way down.
Think about all the potential risks associated with these assets. Then rank each risk according to its likelihood of occurrence and the impact it would have. At this point, you will have an asset organizer that ranks assets based on the importance and risks associated with each asset. The risks that are also scored will give you a more comprehensive view of which risks to prioritize.
In conclusion, an asset-based risk organizer can help you identify and mitigate key threats to your organization. Identifying risks and putting controls in place should be a step that every organization takes. A risk organizer and asset organizer are important tools to help businesses organize and document risks and assets. They provide a comprehensive view of company risks. This enables organizations to make more informed decisions and minimize the level of risk they face.