It asset management policy
Webinar: practical advice for common asset management
(1) Western Sydney University has a significant fixed asset (‘assets’) investment. The University must function under the Public Finance and Audit Act 1983 (NSW) (‘the Act’) to ensure that this expenditure is properly handled, supervised, and registered.
(8) Except where an arrangement to the contrary is a condition of a specific grant or contract, all properties obtained from funds managed by the University, including purchases from consulting and research funds, are the property of the University.
(9) All representatives, staff, contractors, and appointees of the University are responsible for the proper care, security, and preservation of University assets under their control, and must ensure that those assets are only used for proper and permitted purposes.
(24) Unit heads are responsible for securing assets under their jurisdiction, including ensuring that only approved entities have access to assets, protecting assets from theft and injury, and allowing assets to be removed from University property only with their permission.
A multi-boutique approach for asset management strategy
Note: The following instructions are specifically for “cash basis” accounting and reporting local government bodies, which make up the vast majority of local governments in Washington. There are GASB statement conditions that identify principles differently for jurisdictions that account and report on a GAAP basis. If you’re using GAAP, consult the State Auditor’s Office’s GAAP BARS manual for more information.
Local governments have a diverse range of properties, ranging from large government buildings, infrastructure, and machinery to non-capital products like computers and tools, which are considered small and desirable assets. – of these assets is critical to the delivery of services, as well as the citizens’ quality of life, health, and safety under your jurisdiction.
Local governments have an implicit duty to protect their assets and implement an asset management system that considers oversight and regulation, as well as short- and long-term maintenance, repair, and replacement of these assets for continued success and lower life cycle costs.
How to write an asset management plan – updated
We’ve discussed and delved deep into the topic of asset management in our recent articles. Asset management, also known as asset inventory or technology inventory management, is essential for a successful cybersecurity program. It ranks first in two of the most widely used cybersecurity frameworks: NIST – Asset Management: The data, staff, devices, systems, and facilities that enable the company to achieve its business goals are defined and managed in accordance with their relative importance to the organization’s goals and risk strategy. CIS stands for Commonwealth of Independent States. The first two security controls on the Top Twenty list are inventory controls:
Asset Management is lacking. When assets aren’t monitored and registered, the technology and cybersecurity programs have no idea what they’re dealing with. As a result, the protection software and its controls do not reach all of the assets. This leaves security flaws and vulnerabilities. Even if the majority of the company is well-protected, these unprotected assets provide a potential entry point. One of the first steps in enhancing asset management, as we’ve mentioned, is to establish a strategy and standard operating procedure. These structured policies are approved by the executive branch and set the tone and standards for the rest of the company. The programs and budgets are also guided by this degree of funding. Success will eventually be realized with these policies and practices supporting the personnel, services, and budget needed to create this cornerstone of the program. The Goal of Asset Management Policy A good asset management policy can begin by identifying the policy’s intent. We started by defining the intent in the free downloadable policy we created for you.
Pas-55: interpreting section 4.2 – asset management policy
Logging, monitoring, and tracking assets for an organization is one of the most difficult and time-consuming tasks an IT administrator can face. Tracking can vary depending on the size of an enterprise and may or may not involve a robust program with different software and spreadsheets that monitor asset acquisition and lifecycle. As outlined below, this multipart blog series will outline some of the different areas that should be tackled in order to provide an operational and usable IT asset management program:
Organizations must have some form of asset management in place and operational to be compliant with several frameworks, including ISO 27001/2, PCI-DSS, HIPAA HITECH, and NIST. Having a program that can meet all of your organization’s needs, regardless of how assets are monitored and handled, is critical to keeping an operating company competitive.
Establishing the governance and policies that will dictate senior executives’ and the organization’s priorities and expectations is the first step towards an asset management program. At the very least, this procedure should include: