Asset management Governance, Risk and Compliance (GRC); effective asset management is the coordinated activity of an organisation to realise value from its assets and is dependent on accurate, up-to-date and quality asset information. This requires asset management to interact with many functions and departments of an organisation as assets can touch many areas.

During an industry benchmarking study by a prominent asset management consultancy for a large utility organisation, it was determined that the cost of the asset management system made up only 3% of industry cost. However, the activities and decisions generated impacted at least 82% of the industry’s total costs.

Effective asset management is an integrated approach to optimising the life cycle of your assets, people, tools and equipment, beginning at purchase through to usage, decommissioning and disposal. By acknowledging and paying attention to these five primary risks to effective asset management you can put in place plans to mitigate the effects.

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