Addressing Risks In The Era Of Blockchain Adoption
Most organizations in the financial services and non-financial services sector are investing in identification and implementation of blockchain use cases within the enterprise. Blockchain enterprise use cases bring about a fundamental change in the current state processes and associated risks. However, lack of understanding of risks, controls, governance models and future state process flows results in organizations scrapping these initiatives or not getting the expected return on investment.
This session will provide the Internal Audit (IA) and Risk professionals with an understanding of the changes in risk landscape, including new risks introduced with enterprise blockchain solutions, and provide a background on governance of these initiatives. Since most blockchain initiatives in organizations do not engage IA until requirements and technical architecture are finalized (and in most cases implemented in test environment), this knowledge will enable Risk and IA teams to add value to various blockchain initiatives by ensuring adequate consideration is given to identification and mitigation of key technology risks at appropriate stages.
Kunal and Kareem will focus on the following topics:
- Criteria for identifying whether blockchain is the appropriate technology for a use case
- Background of different blockchain platforms available for enterprise solutions
- Technology risks introduced by blockchain solutions and relevant control areas
- Considerations in a consortium approach and the ‘coopetition’ paradigm