Wolters Kluwer technology expert to offer insights on cryptocurrency risk assessment benefits at ABA Regulatory Compliance Conference

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.

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes.