Managing Cultural Assets from a Business Perspective

Download or read book Managing Cultural Assets from a Business Perspective written by Laura Price and published by . This book was released on 2000 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Without understanding the value of collections as assets to the home institution, it is difficult for libraries to determine how best to make those assets most productive. This report describes how the Library of Congress developed and implemented a plan for greater accountability over its collections. The report presents a model for the management of library and archival collections, adaptable to any type of library that defines those collections as core assets and seeks to make them maximally productive while controlling risks to their integrity. The model focuses on business risk and proposes a framework of controls to minimize the risks that threaten the viability of those assets. The first section of the report defines business risk and discusses the origins of the risk-assessment model. The next section describes the risk-assessment process which includes creating an internal control framework identifying relevant controls, determining how to assess risk, conducting the risk assessment, addressing unacceptable risks, monitoring risk, and limitations on internal control. Finally, long-term benefits of risk assessment are outlined, with discussion on integrating technology and taking preventive action. The business risk model is fully described in the appendix. (AEF)