Key Management 101: What Are Key Control and Asset Management Systems? (2024)

Key control and asset management systems have grown rapidly in recent years. And for good reason, given the increases in security, efficiency, savings and intelligence that businesses can achieve with these systems.

So what exactly are key control and asset management systems, and how do they work? In essence, they are tools that help secure and track the use of mechanical keys, plastic card keys, or other important items like cell phones, documentation or other important items.

A basic system usually comprises a computerized key storage cabinet, a key locking mechanism and a tracking system. The tamper-proof systems are designed so that only authorized users – using pre-programmed PIN codes, access cards or biometrics – can access keys or assets, while on-board advanced technology automatically records all access activity.

Building on this foundation, several options and design variations can be added to customize the solution and help protect the investment as needs change. For networked installations, management software can also be included in the system. Permission levels can be established for each user and data can be monitored from any desktop connected to the network.

When networked, changes such as additions or deletions are synchronized throughout the enterprise for faster, more effective control. Additionally, the software can run activity reports, sort based on different criteria and view and print reports, among other uses.

As touched on above, vital documents, cash, employee badging/access control cards, data drives and even small electronic gear can also be controlled and secured using asset management lockers or modules integrated into a key control system. Whether used to secure keys or assets, the systems are similar in functionality; users can access items only from the lockers/modules for which they have been pre-authorized and any activity such as removing or returning items or opening lockers/modules is automatically recorded in an audit trail.

The sophistication of today’s key control and asset management systems means that they offer a variety of benefits. The systems have become a higher-level management tool for effectively addressing the safety and security of building occupants and the security of the building assets. Knowing the identity of authorized key holders, which keys they have in their possession or have access to, and when they were used are all essential pieces of information that help ensure a safe and secure environment.

Furthermore, technological developments and open protocols have made it possible to integrate key control with access control and other security systems as part of a facility’s networked security system. Now, a user who has taken a specific key can be denied egress from the facility until the key has been returned – and selected management can be alerted via email or SMS text if a key has not been returned on time.

With these points in mind, it’s not surprising that the systems have become an operational necessity in all sorts of applications that manage keys or other important assets, ranging from correctional institutions to hospitals, car dealerships, property management, casinos and educational facilities. Key management is also a critical function for anyone overseeing security at conference centers, government agencies, control rooms, automotive businesses and corporate buildings. Ultimately, however, the systems can be used in businesses of all sizes because of the measurable benefits of enhanced security and convenience – as well as increased staff productivity and accountability.

For more information, download a free copy of our white paper: Understanding Key Control Systems and Best Practices.

Key Management 101: What Are Key Control and Asset Management Systems? (1)

Tim Purpura

VP Global Sales & Marketing

Key Management 101: What Are Key Control and Asset Management Systems? (2024)

FAQs

Key Management 101: What Are Key Control and Asset Management Systems? ›

So what exactly are key control and asset management systems, and how do they work? In essence, they are tools that help secure and track the use of mechanical keys, plastic card keys, or other important items like cell phones, documentation or other important items.

What is a key control system? ›

Key control is an access control system you can use to keep track of your company's keys. It allows you to be sure your keys are being used by authorized people only. The rise of cybercrime has pushed people to focus their attention on improving information security and high-tech security measures.

What is asset management control? ›

With asset control, the right decisions are made for the company by having the information of the assets in each area and the company's needs are determined. Asset control solution reduces compliance risks and the need for auditing.

What do you mean by key management system? ›

Key management refers to management of cryptographic keys in a cryptosystem. This includes dealing with the generation, exchange, storage, use, crypto-shredding (destruction) and replacement of keys. It includes cryptographic protocol design, key servers, user procedures, and other relevant protocols.

Why is the control of keys so important to the site? ›

Keys grant access to sensitive locations and equipment within your organization. Without key management, these same keys become a security vulnerability. When you have full access control over your keys, you keep your assets secure.

What are examples of key controls? ›

Key preventive control activities include:
  • Segregation of Duties. ...
  • Authorization and Approvals. ...
  • Verification, Reconciliation, Reviews, and Documentation. ...
  • Physical Security. ...
  • Reconciliation. ...
  • Performance Reviews. ...
  • Internal Audits. ...
  • Creating Processes.
Feb 5, 2024

What are the key management control systems? ›

So what exactly are key control and asset management systems, and how do they work? In essence, they are tools that help secure and track the use of mechanical keys, plastic card keys, or other important items like cell phones, documentation or other important items.

What are asset management systems? ›

An asset management system is a process a company uses to manage all of its assets across the business. These assets can be tangible or intangible. They can include personnel, buildings, software and hardware, inventory, monetary assets, and anything vital to the business's day-to-day running.

What are the 3 main asset management types? ›

Historically, the three main asset classes have been equities (stocks), fixed income (bonds), and cash equivalent or money market instruments. Currently, most investment professionals include real estate, commodities, futures, other financial derivatives, and even cryptocurrencies in the asset class mix.

What are the examples of asset control? ›

Asset Control Definition

It can encompass items like computers, equipment, furniture, and even company vehicles, as well as intangible assets such as software licenses. Asset control isn't new by any means—companies of every shape and size have always prioritized tracking their most valuable assets.

What are the objectives of key management control? ›

Goals of key management

Support of different standards and key types. Protection of keys from hackers and unauthorised access. Access to keys only for authorised persons. Audit security through adherence to compliance guidelines and legal requirements.

What is the goal of key management? ›

The primary goal of key management is to protect sensitive data by ensuring that cryptographic keys are handled securely throughout their lifecycle. This involves making sure that keys are strong, securely distributed, stored safely, rotated regularly, and securely deleted when no longer needed.

What is the function of key management system? ›

The purpose of the key management is the key of the production, storage, distribution, update, control and destroyed in the process of the whole life cycle to ensure the safety of the key.

Why are key controls important? ›

Key controls are those that must operate effectively to reduce the risk to an acceptable level. Secondary controls are those that help the process run smoothly but are not essential.

What is a key control? ›

A key control is an action your department takes to detect errors or fraud in its financial statements. It is expected that departments have their processes and controls documented. Your department should already have key financial review and follow-up activities in place.

What are the five R's of key control? ›

Final answer: The 'five R's' of key control in a hotel setting are record, restrict, revoke, replace, and reprogram. Key control plays a crucial role in a hotel's security efforts by preventing unauthorized access and ensuring authorized personnel can access keys.

What is the purpose of rekeying? ›

Rekeying is a highly effective method of enhancing the security of your home or business without the need to replace the entire lock. By altering the internal components of the lock, rekeying renders existing keys useless while allowing a new set of keys to operate the lock.

What is the difference between a control and a key control? ›

Internal controls are divided into key and non-key controls. Key controls are the primary procedures relied upon to mitigate a risk or prevent fraud. Non-key controls are considered secondary or back up controls.

How do you identify a key control? ›

When determining which controls are key, consider factors such as:
  1. The nature of the risks being addressed.
  2. The characteristics of related account balances or transaction classes.
  3. Whether the control is preventive (prevents misstatements) or detective (detects misstatements)

How does a key system work? ›

A master key system references a group of locks, and the keys that operate them, which are related in a hierarchy with one key at the 'top', which will fit into a large number of locks; and a large number of keys at the 'bottom' which may only fit into one lock. The fewer master key levels, the more secure the system.

Top Articles
How to Use LinkedIn Collaborative Articles. The Definitive A-Z list of Topics
5 Ways To Find Collaborators For Your Research Project
Exclusive: Baby Alien Fan Bus Leaked - Get the Inside Scoop! - Nick Lachey
Trevor Goodwin Obituary St Cloud
The Best English Movie Theaters In Germany [Ultimate Guide]
Goteach11
Craigslist Free Grand Rapids
Thayer Rasmussen Cause Of Death
World History Kazwire
Aspen.sprout Forum
Directions To 401 East Chestnut Street Louisville Kentucky
How Much Is Tay Ks Bail
Equibase | International Results
Spider-Man: Across The Spider-Verse Showtimes Near Marcus Bay Park Cinema
Vipleaguenba
Keurig Refillable Pods Walmart
Gayla Glenn Harris County Texas Update
Palm Springs Ca Craigslist
Gina Wilson All Things Algebra Unit 2 Homework 8
Ac-15 Gungeon
Routing Number For Radiant Credit Union
Turbo Tenant Renter Login
Arrest Gif
Yale College Confidential 2027
Wolfwalkers 123Movies
Isablove
Dairy Queen Lobby Hours
Justin Mckenzie Phillip Bryant
Edward Walk In Clinic Plainfield Il
RUB MASSAGE AUSTIN
Go Upstate Mugshots Gaffney Sc
Louisville Volleyball Team Leaks
Rs3 Bis Perks
Metro Pcs Forest City Iowa
Riverton Wyoming Craigslist
Questions answered? Ducks say so in rivalry rout
10 Rarest and Most Valuable Milk Glass Pieces: Value Guide
The Realreal Temporary Closure
Craigslist Com Panama City Fl
Craigslist Odessa Midland Texas
Nail Salon Open On Monday Near Me
Kenner And Stevens Funeral Home
Blow Dry Bar Boynton Beach
La Qua Brothers Funeral Home
A rough Sunday for some of the NFL's best teams in 2023 led to the three biggest upsets: Analysis
Online College Scholarships | Strayer University
Craigslist Marshfield Mo
Acellus Grading Scale
Varsity Competition Results 2022
Latest Posts
Article information

Author: Amb. Frankie Simonis

Last Updated:

Views: 5924

Rating: 4.6 / 5 (56 voted)

Reviews: 87% of readers found this page helpful

Author information

Name: Amb. Frankie Simonis

Birthday: 1998-02-19

Address: 64841 Delmar Isle, North Wiley, OR 74073

Phone: +17844167847676

Job: Forward IT Agent

Hobby: LARPing, Kitesurfing, Sewing, Digital arts, Sand art, Gardening, Dance

Introduction: My name is Amb. Frankie Simonis, I am a hilarious, enchanting, energetic, cooperative, innocent, cute, joyous person who loves writing and wants to share my knowledge and understanding with you.