Standard Operating Procedure for Asset Management
Objective:
To effectively manage and maintain office assets throughout their lifecycle, ensuring accountability,
security, and optimal utilization.
Responsibility:
The Asset Management Team and all employees responsible for handling or using office assets.
Procedure:
Asset Acquisition:
Request:
Employees needing new assets submit a request to the Asset Management Team detailing specifications
and justification.
Approval:
Asset requests are reviewed and approved based on budget availability and necessity.
Asset Assignment:
Recording:
Upon receipt, assets are recorded in the asset register/database including details such as asset type,
serial number, purchase date, and assigned user.
Assignment:
Assets are assigned to specific employees or departments based on operational needs.
Assignment details (user, location, etc.) are updated in the asset register.
Asset Use and Maintenance:
Responsibility:
Assigned users are responsible for the proper use and care of assets.
Regular Maintenance:
Schedule routine inspections and maintenance tasks as per manufacturer guidelines or office policy.
Document maintenance activities and updates in the asset register.
Asset Movement and Transfer:
Authorization:
Any movement or transfer of assets between departments or locations requires prior authorization from
the Asset Management Team.
Documentation:
Update the asset register with new location and responsible user information.
Asset Disposal:
Identification:
Identify assets that are obsolete, damaged beyond repair, or no longer needed.
Disposal Process:
Follow established procedures for asset disposal, which may include:
Recycling for environmentally sensitive items.
Proper disposal methods for electronic waste.
Sale or donation for reusable assets.
Documentation:
Document disposal actions and update the asset register to reflect asset status changes.
Asset Inventory and Audits:
Regular Inventory:
Conduct periodic physical inventories to reconcile asset records with actual assets on hand.
Audits:
Perform audits to ensure compliance with asset management policies and procedures.
Address any discrepancies promptly and update records accordingly.
Security Measures:
Asset Protection:
Implement security measures to safeguard assets against theft, loss, or unauthorized access.
Use asset tags or labels for identification and tracking purposes.
Access Control:
Restrict access to high-value or sensitive assets as appropriate.
Training and Awareness:
Provide training to employees on asset management policies, procedures, and their
roles/responsibilities.
Reporting:
Generate regular reports on asset utilization, status, and upcoming maintenance requirements for
management review.
Continuous Improvement:
Periodically review and update the SOP to incorporate feedback and improve asset management
processes.
