Security of data shared by client for Physical verification of assets

Posted @ 6/28/2018 11:52:01 PM by admin Under( Fixed assets verification)


Pre-requisite for conducting a Physical verification of assets is the Fixed Asset Register of the Organization. This FAR is then used by the asset management service provider as base for verification and tagging process. The reconciliation report submitted to management also consists of variances actually found against the Fixed Asset Register of the company.

Thus, company has to share its Fixed asset register with the service provider upfront. This sharing of data can be many a times a sensitive issue for the company. It might contain non-public information such as locations of assets used to provide services or manufacture goods. Other details might also be derived from the data provided to asset verification service provider from the company which requires physical verification of assets to be conducted.
Many of the companies we provide our services to are listed public companies in India. Most of their data is highly sensitive and comes along with a lot of statutory requirements, pertaining to way in which the data can be shared.

Also, the price of the equity of these companies is directly affected by the presence and value of assets. The assets form a large chunk of companies Net Assets and the resulting Share price.

As a result, the companies expect, and rightly so, a high level of confidence in the physical verification service provider to whom they are giving their data in form of Fixed Asset Register.

We at AAA asset verification take the issue of data sanity and security very seriously. Some of the actions taken to maintain the trust and understanding between the company and service provider,

  • Keeping only one master of data on the service providers server which cannot be accessed by anyone except authorised personnel.
  • Making a copy of this master data from Fixed asset register and segregating it into multiple parts. Each item is given a unique key so that the re-compilating of data on a later stage doesn’t caused any problem.

By segregating the data, it is thus ensured that no single person has access to complete list of company’s assets.

  • Also, in this copied segregated data, the fields not necessary for physical verification but included in FAR provided by company, such as WDV of the asset or Date of acquisition, etc, are removed for the cut on which the physical verification of assets activity will be conducted.
  • A strict scrutiny and Background checks of all the associates of AAA Asset Verification is conducted. Only after performing proper checks are the associates allowed to take part in verifications of assets and conduct physical verification activity in any part of India.

 






Back to Top