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Disciplinary consequences. Financial consequences to the offending person and or his business unit’s.
Loss of control over the asset management function. Loss of assets, software, unable to have a positive impact on the bottom line due to lack of control.
Many consequences depending on the severity of the violation. Anything from warnings to termination.
If not followed and we are audited, there will be discrepancies noted that will be raised to higher leadership above the organization and put a spotlight on these, requiring them to corrected.
Non-Compliance and Legal Risks
Software License Violations: Non-compliance with software licensing agreements can result in audits by vendors, which may lead to fines, legal action, and reputational damage. Over time, software vendors have become more aggressive in enforcing compliance.
Data Security and Privacy Violations: If policies governing the use and disposal of IT assets are not followed, sensitive data may be exposed or improperly handled, leading to data breaches and violations of regulations such as GDPR, HIPAA, or CCPA. This can result in fines, legal action, and loss of customer trust.
Environmental Regulations: Improper disposal of hardware assets (such as failing to recycle electronics) may result in violations of environmental laws, leading to regulatory fines and reputational damage.
Lack of control over the inventory, then this drives the organization to potential losses or non-compliance with specific legislation.
Lots of mistakes and miscommunication. Not having things be completed correctly and what is needed for audit purposes.
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