By definition and practice, risk management is the process of identifying, analyzing, prioritizing and applying resources to eliminate those risks that an organization faces with its products, services, messaging and relationships. Added to company budgets initially for engineers and designers, it has now become an imperative practice for marketing and branding.
One example of risk management in its earliest use is proper labeling on products. Things like “choking hazard” and “keep away from flame” are messages that, for legal and ethical reasons, help an organization and its publics avoid those identified risks. Another example of risk management is a set of operating procedures that accompany almost anything. These instructions are guides, not suggestions, for the user to avoid pain & suffering – an all too common litigation in today’s courts.
Millions of dollars are invested by organizations to beef-up risk management practices with the understanding that the return on investment (ROI) will be in a safe work environment, products, procedures and also a goodwill stamp on their brand, signifying that they put people before profits. It’s one slice of the corporate social responsibility pie. So where does digital asset management fit into risk management?
Being a marketer or in the marketing workflow, think about the areas where you can contribute to or help avoid some internal and external risks. Think about how branding and messaging is controlled. What’s the protocol for attaining, sharing and monitoring images, videos, creative documents, internal collateral and so on? Can you confidently say that you have a firm grasp on your organization’s image when outdated and unapproved digital assets are being used without a set of standards or approvals?
It’s a real risk that marketing teams and creatives are engaged in every day. It’s so important to identify and control that the industry now has a term for it, Brand Risk Management. This type of risk management covers the most important thing to a company – its image.
Digital asset management systems are that lockbox. They give organizations a central repository, where different types of keys (permissions) can unlock only certain areas. Thus establishing a controlled environment where anyone can access and attain pre-approved, brand-supporting assets for use in moving closer to organizational goals, rather than pushing farther away.