Section 12.107 Asset Management

Question 1

Asset Management

Answer 1

Systematic approach to governing and maximising the value of items an entity is responsible for throughout the asset’s life cycle

Question 2

Tangible Assets

Answer 2

○ Office buildings
○ Computers
○ Machinery

Question 3

Intangible Assets

Answer 3

○ Intellectual property
○ Organisations reputation
○ Goodwill

Question 4

Assignment and Accounting of Assets

Answer 4

Organisation should desingate individuals or groups as owners for each of its assets

■ Process referred to as the allocation or assignment of ownership

■ Avoids ambiguity, aids troubleshooting, upgrades, and replacements

Question 5

Classification and Categorisation

Answer 5

Involves categorising assets based on criteria like function, value or other relevant parameters as determined by the organisation

e.g Organisation servers may hold critical data which means its classigied as a high value asset

■ Informs maintenance, replacement, or retirement decisions

■ High-value assets may require stringent maintenance schedules

■ Low-value assets may be considered for recycling or disposal

Question 6

Monitoring and Tracking of Assets

Answer 6

Ensures proper accounting and optimal use of assets

Question 7

Asset Monitoring

Answer 7

○ Maintaining an inventory with specifications, location, and assigned users

Question 8

Asset Tracking

Answer 8

Goes beyond monitoring, involving the location, status, and condition of assets using specialised software and tracking
technologies

Question 9

Enumeration

Answer 9

○ Identifies and counts assets, especially in large organisations or
during times of asset procurement or retirement

○ Aids in maintaining an accurate inventory

Proactive approach for risk management and resource optimization

Question 10

Moble device management solutuions

Mobile Device Management (MDM)

Answer 10

Manages and tracks mobile devices

● Smartphones
● Tablets
● Laptops
● Wearables

■ Centralises management, enforces corporate policies, ensures software uniformity, safeguards sensitive data

■ Enables remote lock and wipe of lost devices, remote software updates, and consistent user experiences

■ Reduces risks associated with unsecured or outdated devices