The asset management policy ensures that the company’s assets (capital and non-capital) are properly recorded, maintained, and disposed. This decreases any risks of destruction or loss of assets in the future.
Risks Addressed by Policy:
- Without asset management, your company will not know what assets it owns.
- Maintenance of assets will be over or under maintained because no one knows proper procedures. This can lead to improper operation of the assets and in return, losing credibility of the company.
- Assets can easily be lost.