Keri McCollum, Technical Product Management Director with Wolters Kluwer Compliance Solutions, will present an overview of 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 from noon – 1:30 pm EDT Tuesday, June 21, at the Hyatt Regency Orlando.
Recent federal regulations require that financial institutions understand and manage cryptocurrency risks. A risk assessment is a document that documents the identified risks and controls for financial institutions who are collaborating with third parties to offer Bitcoin services to customers. 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,”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 cryptocurrencies to its end customers. Clients receive a report detailing how the findings relate to a range relevant controls. This gives clients a better understanding of their Bitcoin activities. This allows the financial institution to determine if it has the necessary controls in place to offer 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.