https://expertalmanagement.de/2021/09/01/what-is-voip-a-guide-for-business
It is essential for any industry to have a process that efficiently manages assets and risks. This is especially true for the financial industry, where insurers utilize the premiums received from policyholders to invest in assets to generate revenue and ensure their viability. Assets are volatile, which is why it is vital that investors take care of their investments. This means knowing when to take on risk or take a lower risk in order to achieve their goals.
Additionally, a well-designed asset and risk management process is crucial for energy and resource companies to protect their assets and earn the highest ROI over their lifespan. This includes the identification, assessment, and addressing the risks associated with assets of an organization that include tangibles such as equipment and buildings, as well as intangibles such as intellectual property and data.
The business must first determine and name all its assets. In the ideal scenario, each asset would be assigned a named owner who is responsible and has authority over the asset. These individuals are most familiar with the risks associated with their specific assets and are able to reduce them effectively. These stakeholders should be consulted with the risk management department to review the risk and vulnerability.
Then, a business should prioritize the identified risks. This is usually determined by the probability of occurrence and the impact of each risk on the business. Risks with the highest priority should receive the greatest security implementation, investment, and attention. Other risks need to be addressed in accordance with the company’s operational requirements and compliance with regulatory requirements.