Wolters Kluwer Technology Expert to Offer Insights on Cryptocurrency Risk Assessment Benefits
Keri McCollum, Technical Product Management Director with Wolters Kluwer Compliance Solutions, will present an overview on how its Bitcoin Risk Assessment offering is helping complement banks’ development of cryptocurrency offerings in a secure, safe and compliant manner at the American Bankers Association’s 2022 Regulatory Compliance Conference. Her presentation is part of the ABA’s Innovation Showcase, which will take place noon – 1:30 pm EDT Tuesday, June 21, at the Hyatt Regency Orlando.
Recent federal regulatory guidance specifies that financial institutions should understand and control cryptocurrency risks. Financial institutions participating with a third party to offer Bitcoin services to their customers can benefit from a risk assessment that provides documentation of identified risks and associated controls. McCollum’s presentation will explain the main elements of the risk assessment solution as regulators will expect participating institutions to proactively identify and manage crypto-related risks.
“A risk assessment is a fundamental building block for those looking to develop crypto offerings, helping them develop the appropriate policies and risk controls based on an analysis of potential inherent risks and gaps identified as part of the assessment,” says McCollum. “Given the likelihood of additional regulatory guidance in coming months, it’s critical for financial institutions to fully understand the potential opportunities as well as the risk factors in play when considering their crypto offering roadmap.”
The Risk Assessment evaluates a financial institution’s control environment related to its offering of crypto currencies to their end customers. As part of the assessment, clients receive a report on how the findings fit within a range of established, relevant controls, providing clients a clearer picture of their Bitcoin activities. This helps the financial institution understand if its current controls will allow it to fulfill the relevant regulatory standards for offering Bitcoin products and services.
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks, credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.
Wolters Kluwer’s GRC division provides an array of expert solutions to help financial institutions manage regulatory and risk obligations. Wolters Kluwer Compliance Solutions’ OneSumX® for Regulatory Change Management solution, for example, tracks regulatory changes and organizes them to create structured, value-added content through a single data feed that is paired with an easy-to-use software solution. Compliance Solutions’ OneSumX® ProViso offering significantly reduces costs and time spent by an organization’s legal and compliance teams in initiating, executing and maintaining a requirements management program, providing full compliance expert validation of all requirements to which that organization is beholden. Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), meanwhile, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. The division’s legal solutions businesses are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.