**Asset management** is the process of tracking [[Asset|assets]] and the [[Risks]] that affect them. The idea behind this process is simple: you can only protect what you know you have. ### Why asset management matters Keeping assets safe requires a workable system that helps businesses operate smoothly. Setting these systems up requires *having detailed knowledge of the assets in an environment*. For example, a bank needs to have money available each day to serve its customers. Equipment, devices, and processes need to be in place to ensure that money is available and secure from unauthorised access. Organisations protect a variety of different assets. Some examples might include: - Digital assets such as customer data or financial records. - Information systems that process data, like networks or software. - Physical assets which can include facilities, equipment, or supplies. - Intangible assets such as brand reputation or intellectual property. Regardless of its type, *every asset should be classified and accounted for*. [[Asset Classification]] is the practice of labelling assets based on sensitivity and importance to an organization. Determining each of those two factors varies, but the **sensitivity** and **importance** of an asset typically requires knowing the following: - What you have - Where it is - Who owns it, and - How important it is