Policy

1. Introduction

The Company Asset Management Policy is designed to protect the company's assets from unlawful use, transfer, storage, disposal, leasing, or sharing, which could lead to operational disruptions or losses. Additionally, this policy aims to mitigate the risk of confidential data breaches by unauthorized parties and ensure effective compliance with asset management regulations.

2. Scope

This policy applies to all individuals who access or utilize company-owned resources, including employees, contractors, consultants, and other personnel. This also encompasses individuals from external organizations who are granted access to company assets or property.

3. Asset Management

3.1. Hardware, Software, Applications, and Data

All procurement of company assets must be directed through the Procurement Team. According to the asset return policy for employees, each asset must be cataloged with specific identifiers, including name, number, and codes for company asset inventory tracking.

The company asset inventory tracking should encompass the following details:

• Asset Class (e.g., Fixed, Movable, Immovable, Equipment, Machinery)
• Asset Type (e.g., Building, Vehicle, Computer, Laptop, Server, Mobile)
• Harmonized System of Nomenclature (HSN) Code (as per government regulations)
• Location
• Asset Model (e.g., GE, Mitsubishi, Honda)
• Asset Owner
• Asset Value

3.2. Ownership of Assets

All assets and their associated properties are the sole property of the company and must be recorded in the Asset Register and financial accounts. The company may assign temporary usage of assets to employees, who will then assume responsibility for those assets.

3.3. Return of Assets

All employees, contractors, and third-party users are required to return any company assets in their possession upon the termination or alteration of their employment, contract, or agreement, as outlined in the company’s Human Resource Policies. This process includes but is not limited to, returning all software, documents, and equipment issued by the company, ensuring that all relevant information is transferred back to the organization, and securely erasing any data from the equipment if an employee, contractor, or third-party user purchases company equipment or uses their own devices.

4. Importance of Managing and Protecting Company Assets

Effectively managing and safeguarding company assets is vital for several reasons.

• Firstly, it protects client information and the overall operational framework of the organization. 
• Secondly, it enhances the financial health of the employer by ensuring optimal resource utilization and preventing waste.
• Thirdly, it supports regulatory compliance with legal regulations, helping the company avoid penalties and legal challenges.

Moreover, protecting company assets reduces the risk of damage or loss and promotes operational efficiency by ensuring smooth business processes, minimizing downtime, and lowering maintenance costs, ultimately leading to increased productivity.

5. Guidelines for the Use of Company Assets

The company asset management policy is intended solely for business purposes and should be handled responsibly. Employees must utilize these assets exclusively for job-related tasks and responsibilities. To maintain accountability, the following guidelines should be adhered to:

• Promptly report any issues that require attention.
• Conduct regular backups on devices to ensure data protection and asset management.
• Keep all assets updated and refrain from using them for personal purposes.
• Never share company assets with third parties without proper authorization.

By following these guidelines, we can uphold the integrity of our resources and contribute to maximizing productivity and the overall success of the organization in the context of Indian businesses.

6. Policy Review

This policy will be reviewed annually and streamlined as needed to ensure its effectiveness and adherence to current laws and regulations.