Blockchain & Regulatory Compliance
Globally, businesses spend about $436 billion each year on compliance. And with new Risk and compliance groups, including KYC (know your customer) and AML (anti-money-laundering), seemingly being developed every day, it’s no surprise that I’m often asked about how companies can get a leg-up on the increasingly complex regulatory environment. Maintaining this information on a Blockchain ledger offers clear benefits, as the chain would maintain records of procedures and compliance activities for each client in a secure and immutable way.
Financial institutions considering the Blockchain must balance the potential costs against the known risks, which includes inherent challenges for internal auditors, including:
Technical Competency Issues. Blockchain is new, and most IT audit departments simply don’t have the relevant experience necessary to run these systems.
Blockchain is Untested. It was invented within the first ten years after the turn of the millennium, whereas many reliable enterprise software applications have been under development for decades. Audit teams have not had the time they need to use, repair, and test Blockchain platforms in the same way as other technologies, so adoption is slow.
Non-Transferable Control Methodology. For the most part, the processes that have governed best practices in internal and external audits are exchangeable. However, the control, access, and administration of a Blockchain system is non-transferable once the governing programming is established.
At the end of the day, implementing any new technology can be risky, but leaders in the evolving global financial services marketplace must think out of the box if they’re going to compete effectively. Smart leaders in banks, insurance companies, and other financial institutions are quickly figuring out how to strategically leverage blockchain. This may require investing in updated business processes and technology systems, as well as becoming comfortable with collaborating on projects with external partners, customers, and even competitors.
SPEAKERS
Tim Dierckxsens, Co-Founder & CEO at Venly (previously Arkane Network)
Alireza Siadat, Advisor at BFG Blockchain Founders Group AG
Thomas Naegele, Attorney at Law at NÄGELE Attorneys at Law LLC
Pierre Gerard, CEO at SCORECHAIN
‘Blockchain & Regulatory Compliance’ belongs to the event series about different blockchain topics that are brought together by BLOCKROCKET. BLOCKROCKET is an early-stage investor and digital accelerator program for blockchain startups in Germany that helps startups, corporates, and investors leverage the potential of blockchain technology. Since their launch in 2019, they have acquired numerous well-known partners and mentors and handpicked some of the best blockchain startups among 150 applications for their program.
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