The risk is that assets are taken by employees and / or volunteers and / or external parties of the organisation for personal use and not returned (in effect, the theft of the assets).
Methods to Mitigate the Risk
When developing controls over assets, the following should be considered:
- Small assets should be secured by using locks or similar security measures where appropriate (for example, a security lock attaching a laptop to a desk);
- All assets should be tagged with an Asset Number;
- An Asset Register should be maintained. The Register should include the following information - Asset Tag number, Description of the asset, Date of purchase, Warranty information, Location of the asset.
- Stock takes of assets should be undertaken at least yearly and any discrepancies to the Asset Register should be investigated. The stock take and investigation of discrepancies should be undertaken by a person who is not responsible for the recording of assets in the Asset Register.
- If an asset is to be disposed of, it can only be removed from the Asset Register with a properly authorised Asset Disposal Form having been completed as required by the Asset Disposal Policy. Refer to my Blog post on 26 January 2009.