What Is asset management compliance?
Asset management compliance (sometimes called regulatory compliance) is all about making sure your organisation manages its assets according to the rules, standards, and laws set by your industry and government. It’s not just a one-off task; it’s an ongoing effort to regularly check that your organisation is following the right procedures and staying up to date with any changes.
Why does compliance matter?
Staying compliant helps your business avoid costly penalties and fines by keeping up-to-date with federal regulations and maintaining thorough process documentation. Effective compliance practices not only protect your brand reputation but also streamline internal operations, fostering a culture of accountability and efficiency.
The two sides of compliance
When it comes to asset management, compliance generally falls into two main categories:
1. Internal Compliance
Internal compliance is all about the rules and standards your own organisation sets. These might include quality checks, safety policies, or guidelines for how assets should be handled and maintained.
For example:
Before buying new manufacturing equipment, your team might have a checklist to make sure everything is working properly-like checking for loose screws or making sure the machine functions as it should. These internal checks help you maintain high standards and avoid issues down the track.
2. External Compliance
External compliance, on the other hand, involves following the laws and regulations set by outside authorities, such as government agencies or industry bodies. These rules are mandatory and shape how you manage your assets and run your operations.
Why it’s important:
- Increases accountability and transparency
- Ensures your processes are safe and reliable
- Helps protect your employees and your business
For example:
Many organisations need to comply with standards from the International Organisation for Standardisation (ISO) to ensure workplace safety and quality.
A sustainable GRC organisation should have a framework and management structure which include clearly defined roles, responsibilities, activities and systems to analyse and manage each recognised aspect of GRC.
The objective is to to transform these activities from a costly burden into a strategic management tool, enable the company to respond flexibly and effectively, to changing stakeholder demands and lay a strong foundation for business success. At Hardcat, our asset management solutions make it easier for you to stay compliant-both internally and externally-so you can focus on running your business with confidence and peace of mind.
What Is GRC?
An operational strategy known as Governance, Risk, and Compliance (GRC) assists businesses in managing risk, coordinating IT efforts with business objectives, and adhering to legal and regulatory requirements. Reliable asset information provides the peace of mind required to confidently address an organisation’s GRC needs and help realise the implementation of the ISO 55000 standards framework.
Asset management compliance can be described as the management of assets under the necessary standards of your specific business industry. Hardcat utilises personnel certifications, accreditations, courses and impairments for controlling asset restrictions.
Our system can be integrated into your existing HR application to easily issue and return equipment through barcode/RFID scanning. Identifying personnel qualifications and impairments during the process saves time and creates diligence around the responsible issuing of assets and meet safety and compliance requirements.
Hardcat solutions provide a single source of truth and governance around the management of critical operational assets ensuring only personnel with the correct certification can have access to certain assets.
We help you meet regulatory GRC obligations and actively manage risk by providing accurate and up to date information about your assets. An enterprise view and governance of all assets, whilst product specific management at divisional/organisational unit level provides consistency, transparency, efficiency and ease with decision making.
What Is Governance?
Governance involves setting processes and structures that guide and control an organisation’s operations. It ensures accountability, transparency, and strategic decision-making to achieve financial sustainability and long-term value creation. Organisations implement governance frameworks to align with regulatory requirements, manage risks, and optimise performance. Effective governance fosters trust among stakeholders, enhances operational efficiency, and supports ethical business practices.
What Is Risk?
Risks come in different forms. Some will have a big impact and others a moderate impact. Working out which to focus on can be considered by looking at a ‘level of risk’ scale. It can be overwhelming to consider all possible risks an organisation may face. Assessing the impact of each can help prioritise where to invest your time and energy.
What Is Compliance?
Compliance entails grasping and fulfilling the expectations and obligations of all internal and external stakeholders, encompassing both legal requirements and voluntary standards.
What Is ISO 55000?
ISO 55000 defines asset management as the coordinated activities of an organisation aimed at realising value from assets, which are items, things, or entities that have potential or actual value to the organisation.
“The key issue to bear in mind from the start is that organizations have been managing assets for a long time. In most organizations, there are enthusiastic and competent groups of engineers seeking to improve their assets and contribute to their business. However, for most of them, they are bombarded by initiatives for safety, the environment, cost reduction and a myriad of other important ideas. The trick to a successful organization is in bringing all of these well-intended initiatives together with excellent reliability engineering to deliver organizational value. And there lies the challenge for most organizations.” ISO55000: It’s all about the value
Effective asset management challenges
- Traditionally seen as a finance role
- Losing visibility of assets after procurement
- Inherited disjointed systems that hinder the organisation from achieving a comprehensive view and visibility of its assets
- Manual processes and data inaccuracy
- Inconsistent asset management processes
- Less budget and need to do more with less
- Increasing compliance requirements
Effective asset management framework
- Improved financial performance
- Informed asset investment decisions
- Managed risk
- Improved services and outputs
- Demonstrated social responsibility
- Demonstrated compliance
- Enhanced reputation
- Improved organisational sustainability
- Improved efficiency and effectiveness
Reduce risk, boost efficiency, and gain full asset control
Hardcat software products provide a precise, one-stop source of information including maintenance records, related expenses, audit findings, and a comprehensive history of all events that have happened throughout the course of the asset’s lifetime. With the Hardcat system’s extensive knowledgebase, you can confidently testify to compliance and regulatory requirements and create reports that support ongoing governance risk and compliance efforts. Hardcat asset management solutions are at the core of good governance, risk and compliance and ISO 55000.
