SimpleRisk – transforming risk management. simple. Automated. effective


Asset Valuation in Simplerisk



Introduction

Today we are here to cover Asset Valuation in SimpleRisk. This was not an original feature in the SimpleRisk Core product, but was added as an enhancement based upon customer feedback. Although SimpleRisk can be used to keep track of an asset’s value, the asset value does not affect an overall risk score. An asset’s value should factored into the Risk Impact component, which is an integral part of the overall risk score calculation. In short, Asset Valuation will never affect the Risk Score in SimpleRisk. 


Instruction

To start making use of the Asset Valuation feature, you should first configure it to match the needs of your organization by navigating to the “Configure” menu at the top, followed by the “Asset Valuation” menu on the left. On this page, you will see there are three sections for configuring Asset Valuation.


The first section displays the details for default settings. This is where you choose the both the default currency to be used in your organization, along with an asset’s default value. The default asset value ranges can only be selected for those assets that have previously been defined in SimpleRisk.


The second section allows you to set a minimum and maximum value for an asset could have in your organization. Once you define the min/max values, SimpleRisk takes the low and high valu and automatically calculates ten equal asset values ranges. This will make for an easy method of creating equal asset valuation ranges that may provide meaningful information.


Once you have set the minimum and maximum ranges, click the “Update” button at the bottom of the section and the generated ranges for assets will now be reflected in the section below.


The 
third section allows you to manually select minimum and maximum values for each value range. When manually setting these ranges, you should note that SimpleRisk has built-in protection to ensure that all ranges remain contigous from the lowest value to the highest so there are no gaps in between ranges. Any new assets added will be put in the value range that applies to the asset value set when creating the asset.


Once you have configured the Asset Value Ranges, you are now ready to start making use of them. To give an already defined asset a value, you first navigate to “Asset Management” at the top and then “Edit Assets” on the left. Here you will see all of the assets that have been added to the system. There is a column near the middle labeled Asset Valuation. By adjusting the dropdown menus in this column, you are able to set the asset value for the asset displayed in that row. Any changes made must be saved into the system by clicking the “Update” button found at the bottom of the page.


Any new assets added to system will be placed in the proper value range according to the asset value given.


This concludes the video on “Asset Valuation.” If any questions were left unanswered or could use more in-depth descriptions, please submit your feedback to our Customer Support email address which is support@simplerisk.com