What best describes the responsibility of an asset owner?

The responsibility of an asset owner is best described by the management and protection of the asset. This role encompasses a wide range of responsibilities, which include ensuring that the asset is properly maintained, securing it against threats, and implementing controls to mitigate risks associated with the asset. An asset owner is accountable for the asset's performance, security, and compliance with applicable policies and regulations.

While legal oversight, financial assessments, and scheduling maintenance can be part of an asset management framework, they do not fully capture the holistic responsibility ingrained in the role of the asset owner. The essence of asset ownership lies in actively managing the asset’s lifecycle and ensuring it contributes effectively to the organization’s objectives, aligns with risk management strategies, and complies with relevant standards. Therefore, the emphasis on management and protection truly encapsulates the core duties expected of an asset owner.