To help companies maximize their physical assets and make them deliver the best ROI, they need to have an in-depth understanding of their assets as well as the risks that come with them. Without a thorough understanding of the risk environment companies could make ill-informed choices that will ultimately hurt their bottom line. A lack of a comprehensive process for managing risk and assets can leave organizations vulnerable to regulatory fines or loss profits due to poor planning.

The most common and significant issues affecting managing risk and assets include:

Inadequate awareness of the capabilities of the assets of an organisation – For instance, employees may not be aware that a piece of equipment can perform a job outside its designed range or know how to operate it at its highest efficiency. This can result in underutilization of the asset, and a reduced ROI throughout its lifespan. This can be reduced by ensuring that employees are educated about an asset’s capabilities and how to https://expertalmanagement.de utilize them appropriately.

Lack of a robust process for managing risk – The constant demand for compliance that have flooded into the industry since the financial crisis has left many companies with a lack of time to consider strategic risk considerations. This has led to suboptimal strategies for managing risk, faulty risk assessment methodologies and missed opportunities to maximize the performance of the assets of an organization.

Third-party Risks – From cyber-security to integrity of data, and reputational damage can have significant consequences for an organization. To reduce the risk of this kind it is essential to have a thorough vendor vetting process must be in place with failsafe protocols in place to ensure that all vendors are properly vetted.