Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. Duties and Responsibilities of an Asset Manager. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastructure, buildings or equipment) and to intangible assets (such as intellectual property, goodwill or financial assets). Asset management is a systematic process of developing, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner (including all costs, risks, and performance attributes).
What Is Asset Management?
Asset management is the practice of increasing total wealth over time by acquiring, maintaining, and trading investments that have the potential to grow in value.
Asset management professionals perform this service for others. They may also be called portfolio managers or financial advisors. Many work independently while others work for an investment bank or other financial institution.
Asset Manager Duties:
- Manage and oversee the physical assets of the organization, including buildings, equipment, and inventory, by planning, organizing, and directing operational activities
- Manage the maintenance of all physical assets of the organization by planning, organizing, and directing operational activities
- Assist in the development of strategic asset management plans
- Develop, implement, and maintain quality assurance protocols
- Support the board of directors and staff in communicating the organization’s financial status
- Manage facilities by planning, organizing, and directing operational activities and by providing maintenance, custodial, and security functions
- Manage the physical asset’s maintenance budget by planning, organizing, and directing operational activities
- Ensure that all physical assets are in compliance with safety, environmental, and building codes
- Oversee the procurement and disposition of surplus assets
- Oversee the physical asset’s inventory control by planning, organizing, and directing operational activities
Asset Manager Responsibilities:
- Manages asset management and disposition of inactive and obsolete assets by tracking inventory, costs, movement and disposition
- Perform expense management for asset disposals (forecasts, bids, schedules, etc.) and maintains asset disposal records
- Develops asset management plans for all assets, assessing the need for renewals, new purchases, or disposals
- Manages lease and disposals for assets, including transition of assets between contractors and service providers
- Reviews asset information, such as warranties, manufacturer warranties, maintenance and service agreements, and regulatory compliance (EPA, OSHA etc.)
- Make recommendations regarding asset disposition and disposal procedures to senior management
- Responsible for maintenance and disposition of assets, including leasehold interest, insurance, encumbrances, titling, advertising, and disposal
- Reviews contracts, if necessary
