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Asset basics

Asset Mangement

Whatever type of asset you are managing, it may help to consider these questions:

What are its main purposes?

You should be very clear about the purpose the asset serves and who owns it.  You may also wish to specify other things for which it is not to be used, such as private use of a vehicle. 

What risks should you anticipate?

  • Business risks (how the asset is used and how effective it is)
  • Regulatory risks (related to the local, State or Federal laws including police clearances and   working with children checks)
  • Health and safety risks (for staff, volunteers, clients, visitors and the public)
  • Civic risks (complaints made by neighbours, disputes with local government)
  • Operational risks (public liability, accident, theft, storm damage)

How can risks be reduced and/or managed?

Document how you will reduce or manage risk.  Include procedures (evacuation plans), guidelines on usage and responsibilities (who is allowed to drive certain vehicles), and restrictions (prohibiting the consumption of alcohol at a particular facility).

How will you manage the operation of your asset?

Operating guidelines for an asset can be brief or run to dozens of pages.  It is important to set out how you will actually manage your asset on a day-to-day basis e.g. how a vehicle will be used and maintained in a responsible manner.

How will you maintain and repair your asset?

Be prepared to take care of the asset over its lifetime.  Make sure you have documented the procedures for maintenance and repairs, as well as how the costs will be covered and who is responsible for these tasks.

What is the expected life of the asset and how will you replace it if you need to?

Consider how you can extend the life of your asset and how you will responsibly dispose of it e.g. ensuring that old computer hardware goes into a recycling scheme.

How will you ensure everything to do with your assets is well documented?

Maintain a register listing each asset, its worth, and any policies or procedures governing use, maintenance, repair, replacement and disposal, as well as any warranties and insurance.


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