Asset and Risk Management for Energy and Resources Companies

It is essential for every business to have a procedure that effectively manages assets and risks. This is particularly true in the financial sector, as insurers make use of the premiums from policyholders to invest in assets in order to generate revenue and ensure their financial viability. Assets can be volatile, which is why it’s essential for investors to manage their investments wisely – this includes knowing when to take more risk or risk less to achieve their objectives.

A well-designed asset and risk management system is vital for resource and energy companies to protect assets and maximize ROI over the course of their lifespan. This includes the identification, assessment, and addressing the risks associated with the assets of an organisation, including tangibles like equipment and buildings, as well as intangibles, such as intellectual property and data.

A business should first identify and name all of its assets. The ideal is that each asset should have an owner within the company that has the responsibility and authority over it. They are the ones who are most familiar with the risks associated with their assets and are able to mitigate them effectively. The risk management department needs to work with these stakeholders in order to identify the potential risks and vulnerabilities.

From there, businesses should prioritize the identified risks. This is typically based on the likelihood of the risk happening and its impact on the business. Risks that are most critical should receive the most security implementation, investment and attention. Other risks should be addressed as needed with consideration of the business’s operational needs as well as regulatory compliance.

https://expertalmanagement.de/2021/06/19/die-vorteile-der-nutzung-eines-datenraums-fur-due-diligence