IT Company Asset Management Policy

Effective Date: 01 Jan 2024
Applies To: All employees (full-time, part-time, remote, contract)
Departments Responsible: IT Department 

1. Purpose

The purpose of this policy is to define the responsibilities, procedures, and standards related to the allocation, usage, protection, and return of company assets. The policy ensures that all employees handle company-owned equipment and digital tools responsibly, securely, and in alignment with organizational objectives.

2. Scope

This policy applies to all employees, contractors, and interns who are issued or have access to company-owned physical or digital assets.

Covered Assets Include:

  • Laptops, desktops, monitors, and computer peripherals
  • Mobile phones, tablets, and smart devices
  • Software licenses, cloud access, and email accounts
  • Networking devices (routers, hard drives, etc.)
  • Access cards, ID badges
  • Office equipment or remote work kits (chairs, webcams, headphones, etc.)
  • Any digital services, credentials, or subscriptions provided by the company

3. Asset Allocation and Handover

  • Assets are assigned based on the role and operational requirements of the employee.
  • Each asset is tracked using a unique Asset ID and recorded in the company’s Asset Management System.
  • A formal Asset Handover Form must be signed by the employee, acknowledging receipt, condition, and responsibilities.

4. Acceptable Use

  • All assets must be used strictly for official purposes unless otherwise authorized in writing.
  • Usage must comply with all IT and security policies, including Acceptable Use, Data Protection, and Information Security guidelines.
  • Employees must not:
    • Install unauthorized or pirated software
    • Access inappropriate websites or content
    • Use devices for illegal or unethical purposes
  • Personal usage should be minimal and must not compromise data security or asset functionality.

5. Software & Licensing

  • Only licensed software provided or approved by the IT department may be installed.
  • Sharing or copying software without authorization is prohibited.
  • Software updates, antivirus scans, and backups must be performed as per IT instructions.

6. Security and Confidentiality

  • Devices must be protected using passwords, encryption, and company-approved security tools (e.g., VPN, firewalls, antivirus).
  • Employees must lock screens or shut down systems when not in use.
  • Sensitive data should never be stored locally unless encrypted and approved.
  • Use of personal USBs or drives must follow company security protocols.
  • In case of suspected breaches, the incident must be reported immediately to IT and HR.

7. Asset Maintenance

  • Employees are responsible for basic care, cleanliness, and maintenance of assigned assets.
  • Issues such as physical damage, software malfunctions, or connectivity problems must be reported to the IT helpdesk.
  • Employees must not attempt unauthorized repairs or take devices to third-party service centers.

8. Remote Work Assets

  • For employees working from home, all guidelines apply as if operating in the office.
  • Devices must be stored securely when not in use, especially in shared or public environments.
  • Use of public Wi-Fi must be avoided unless connected via a company-approved VPN.

9. Transfers and Internal Movement

  • When an employee changes departments, projects, or roles, asset allocation may be reviewed.
  • Any transfers of devices or accounts between employees must be reported and recorded by the IT department.
  • Reallocations require updates in the Asset Register and a signed acknowledgment from the new user.

10. Asset Return Procedure

Assets must be returned:

  • Upon resignation, termination, or retirement
  • When an employee is on long-term leave or sabbatical
  • Upon role or project completion, if the asset is no longer required

Return Checklist:

  • Devices must be in good working condition, with all accessories and chargers.
  • All company data must be retained or transferred as instructed by IT.
  • Devices must be factory-reset or cleared by the IT team.
  • A formal Asset Return Form must be completed and signed during exit clearance.

Failure to return any asset may delay final settlements and may involve legal action or cost recovery.

11. Loss, Theft, or Damage

In case of Loss or Theft:

  • Report the incident to IT and HR immediately.
  • File a written report detailing the event.
  • In serious cases, a police complaint may be required.

In case of Damage:

  • Report to IT for assessment and possible repair.
  • If the damage is found to be due to negligence or misuse, the employee may be liable for the repair or replacement cost.

12. Financial Accountability

  • The company reserves the right to recover the cost of assets that are lost, stolen, or damaged due to negligence.
  • Any recovery will be discussed during HR clearance or final settlement.
  • Refusal to return or pay for damaged/missing equipment may lead to legal proceedings.

13. Asset Audits and Inspections

  • Periodic audits may be conducted by IT to verify:
    • Asset condition
    • Usage compliance
    • Software licensing
    • Presence and security of assigned devices

Employees are required to cooperate with asset audits and provide devices upon request.

14. Termination of Access

  • Upon employee separation (resignation, termination, or end of contract), access to:
    • Email, servers, VPN, cloud services
    • Software licenses and internal tools
    • Device authentication systems

...will be revoked immediately to protect company data.

15. Policy Violations

Violations of the asset policy may result in:

  • Verbal or written warnings
  • Suspension of device or access privileges
  • Disciplinary action up to and including termination
  • Legal or financial recovery actions

16. Policy Review

This policy will be reviewed annually or as needed to reflect technological advancements, regulatory changes, or operational needs.