Introduction
The record of data processed by any organization is maintained through an Information Asset Register (IAR). Generally, information is stored in an asset register either physically or virtually.
According to the General Data Protection Regulation, the data recorded in an information asset register should be updated regularly. Otherwise, a significant fine can be imposed.
What is an Information Asset?
The specific types of data collected through manual filings, cloud storage, CRM, or emails is known as Information Asset. Storage, where the data of an organization is stored or is processed, is called an Information Asset.
What is an Asset Register?
The index of the Information Assets of any organization is regarded as an Information Asset Register (IAR). The given index can be stored in a database, a spreadsheet, a Word document, or any software. These asset registers are used to even list paper filings, data stored on computer systems.
What is the Need for an Asset Register?
An Information Asset Register (IAR) benefits in numerous ways. These benefits have been listed below.
- It is an easier way to maintain the records of your organization.
- These asset registers help you with easier storage, processing, and sharing of data.
- It is helpful in securing the database of your organization.
- It helps in the easier maintenance of assets.
- It also helps in easier searching or verification of assets of the organization.
- It helps in improving decision-making with regard to the asset of a company.
- It helps in a greater understanding of all the assets that the organization owns.
- It helps in improving the visibility of asset management.
- It helps to reduce risks pertaining to the assets of an organization.
- It helps in the easier sharing of data with third-party organizations.
- It helps you to analyze the next financial step for your organization.
How to Create an Asset Register?
Make an Asset owner. It is generally the responsible person of your organization. Then define the ownerships of the assets you own. This would be the first step towards the creation of your asset register. The next step includes aggregating data regarding the assets.
What can be Stored in an Information Asset Register?
The General Data Protection Regulation allows you to store specific data in an asset register of your organization. These includes
- What assets you have
- Name of asset
- Where are the assets stored
- How are the assets secured
- Who can access the asset
- Owner of the asset
- Asset number
- Format of asset
- How long can the asset be retained for
- Personal data
- Risks of asset
An asset register must be updated from the perspective of both the organization and the government. Failure to update the data in an asset register may result in heavy fines. Hence it is essential to keep an Information Asset Register.
The Asset Register should clearly state the person responsible for the Information Asset. It is generally the Asset owner. If there are a large number of information assets in the case of any larger organization, a number of people could be responsible for the Information Asset. All of them need to be stated in that case.
An asset register must also state if it contains any personal data. If it contains personal data, it should also state if it lies in the ‘sensitive’ or ‘special category ’ data.
Who is the Information Asset Owner?
The responsible person for maintaining the Information Asset Register is called the Information Asset Owner. It is generally the senior-most individual who takes part in the working of any organization.
What role does the Information Asset Owner (IAO) Perform?
The Information Asset Owner (IAO) is held responsible for several tasks. These have been listed below.
- the accounting of information
- processing of the stored information
- the addition of new information
- removal of outdated information
- maintenance of the access of data stored
- sharing of data
- the reason for sharing the data
- how is the information updated?
In the case of larger organizations, there are Asset Administrators in addition to the Information Asset Owner (IAO).
What is a Fixed Asset Register?
The database of all the fixed assets of an organization is known as a fixed asset register. It is maintained to securely record all the data regarding the financial or non-financial data of all the fixed assets of any organization. This helps in the easy identification or verification of an asset. Hence, a fixed asset register helps in maintaining a financial record pertaining to the assets of an organization.
What does the Fixed Asset Register Contain?
The specific information that can be listed in a Fixed Asset Register has been listed below.
- Unique Identifying Code of an asset
- Name of the Asset
- Details regarding an Asset
- Date of purchase of an asset
- Date of capitalization of an asset
- The purchasing cost of an asset
- How long can the asset be retained for
- The residual value of that asset
- The depreciated value of an asset
What are Fixed Assets?
The long-term investments made by a business are known as fixed assets. Although they are utilized to improve the valuation of a company, the rates of fixed assets keep on depreciating with time.
What is the use of Maintaining a Fixed Asset Register for a Business?
The benefits of maintaining an Asset Register are numerous. They have been listed below.
- It offers complete data regarding an asset including its date of purchase or where is it stored or who can access it. This helps in the easy tracking of data regarding an asset.
- It offers the accurate value of an asset since the asset registers are updated regularly.
- It helps in keeping proper financial records of a business.
- It helps in easy and quick identification or verification of an asset.
- Improvises asset management of a company.
- Heps in easier decision-making.
What is a National Asset Register?
A National Asset Register is the central indexing of the database regarding the several departments of the government, non-departmental bodies, public corporations, or any other executive or non-executive bodies.
