Asset and Risk Management for Energy and Resources Companies

For any business it’s essential to have a successful process for managing risk and assets in place. This is particularly true for the financial industry, where insurers make use of the premiums from policyholders to invest in assets in order to generate revenue and ensure their solvency. Assets can be volatile, and it’s essential for investors to manage their investments wisely – this includes knowing when to take more risk or less risk to reach their goals.

A good asset and risk management system is also vital for resource and energy companies to protect assets and maximize ROI over the course of their life. This includes identifying and assessing the risks that are associated with an organization’s assets – including physical assets, like equipment and buildings, as well intangible assets, such as intellectual property and data.

The business must first determine and name all of its assets. The ideal is that each asset should have a person in the organization who has the https://expertalmanagement.de/2021/12/29/risk-assessment-in-business/ authority and responsibility for it. These individuals are most familiar about the risks that come with their specific assets and are able to manage them effectively. The risk management team should work with these stakeholders in order to determine the risks and vulnerabilities that could be present.

The business can then decide on the most risky risks to be a priority. This is typically by assessing the probability of the risk happening and its impact on the business. Priority risks should be given the most attention, along with investing in security, and implementing it. Other risks should be addressed based on the business’s operational requirements and compliance with regulatory requirements.