OBJECTIVE
The objective of this policy is set procedures to follow in the event of lost, stolen or damaged company owned assets, computer equipment and related hardware.

SCOPE
The scope of this policy applies to all personnel who are using any of the IT assets including computer hardware, desktops, laptops, server, cellphone and other peripherals belonging to the company within inside or outside the company premises.

DEFINITION
‘Company’ – Uplers Solutions Private Limited (‘Uplers’), an organization registered under companies act 1956
‘Personnel’ – Any person who is associated with the company either inhouse or external as employee, trainee, contractor or consultant
‘IT assets (or assets)’ – Physical computer and other mobile equipment such as desktop, server, laptops, cellphone, tablet, Printers, projectors and other electronic equipment
‘Asset holder’ – any personal who has been assigned with any company asset
‘Lost’ – Any asset(s) weather misplaced or stolen
‘Stolen’ – Any asset(s) taken by unauthorized person without the permission of authorized person
‘Simple Negligence’ – Failure of any prudent personnel to use ordinary care of the asset
‘Willful Misconduct’ – When an asset is lost/damaged by any personnel without taking any precautions to prevent that damage/loss

ASSET HOLDER’S RESPONSIBILITY
Any personnel who are provided any asset or equipment belonging to the company must take the necessary safeguard to protect the provided asset from loss, theft or damage. Those who fails to do so will be held financially responsible for lost or damaged property and will be required to reimburse the company

SAFEGUARDING THE ASSET(S)
Every personnel must exercise due diligence and care to protect from loss, theft and damage the company’s property and IT asset. These assets while belonging to Uplers must be safeguarded in the same manner that people would use to protect their own personal property.
Provided asset must be used for authorized purpose only. It must be properly operated and maintained and returned to the company in the same condition as it was received.

PROCEDURE TO HANDLE DAMAGED OR LOST/STOLEN ASSETS
Damaged Assets
• All damaged asset must be reported to the Admin Manager looping the manager of the concern personnel withing 2 working days
• If investigation revealed that there was negligence on the part of the personnel, the said personnel will be required to pay the repairing cost.

Stolen and Lost assets
• Personnel assigned the asset will be responsible for protecting the respective asset from loss or theft and protecting the information it contains.
• All asset lost or stolen must be reported to the Admin Manager looping the manager of the concern personnel withing 24 hours.• A loss or theft to the company’s assets may be the result of accidental loss or unavoidable theft or robbery. Alternatively, it may be due to circumstances within a person’s control, such as simple negligence, or willful misconduct

Costs
• Company personnel may be held responsible for loss or damage caused though negligence or misconduct. The level of responsibility and reimbursement will depend on whether the loss or damage was due to simple negligence or willful misconduct.
• When an asset has been damaged due to simple negligence, the amount of reimbursement will be the total cost of repair or the fair market value of the asset, whichever is lower
• When an asset has been damaged due to willful misconduct, the amount of reimbursement will be the total cost of repair or the current replacement cost of the asset, whichever is higher.
• In cases of loss due to simple negligence, the amount of reimbursement will be the fair market value of the asset.
• In cases of loss due to willful misconduct, the amount of reimbursement will be the current replacement cost of the asset.
• The personnel will be expected to pay or replace the lost asset within a period of three months. In case of replacement, the replaced asset should match the specification of damaged/lost/stolen asset.
• In case of willful misconduct, the organization may also take required disciplinary action

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