Blockchain
Crypto Evolution: From Consent Order to Regulatory Renaissance
FTI Consulting was engaged by a financial services client to assist with remediating and enhancing their Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program following a consent order issued by the Office of the Comptroller of the Currency (OCC). Through seven workstreams, our experts helped the bank mature from a start-up to a more established institution after being regulated as the first of its kind in the crypto-native industry.
Our Impact
Strengthened Compliance Framework:
FTI Consulting enhanced the bank’s compliance framework by bolstering its automated transaction monitoring system, improving its third-party risk management (TPRM) program, and upgrading its AML customer risk rating (CRR) tool and documentation.
Improved Cybersecurity Measures:
We conducted a thorough assessment of the bank’s cybersecurity program, providing actionable recommendations to enhance security measures, ultimately reducing the risk of cyber threats and potential data breaches.
Client Remediation and Regulatory Compliance:
FTI Consulting assisted the bank in remediating alleged shortcomings in its BSA/AML program, ensuring compliance with regulatory requirements.
Enhanced Operational Efficiency:
Through our expertise and support, the bank experienced enhanced operational efficiency across various areas, likely resulting in future cost savings and improved risk management.
Our Role
TRM Labs Model Validation:
FTI Consulting performed an independent model validation of the bank’s automated transaction monitoring system, TRM Labs, using OCC Risk Management. We provided a final model validation assessment report with our methodology, observations, and recommendations based on our testing and evaluation of conceptual soundness, ongoing monitoring, and outcomes analysis.
Third-Party Risk Management Program Advisory:
We assisted the bank with its TPRM program by conducting a current state assessment and using the results to enhance the program design. This included onboarding procedures, vendor selection, subject-matter expert support, report designs for onboarding backlog, governance, inventory management, active management procedures, and initial integration support.
Customer Risk Rating:
FTI Consulting performed a two-phase engagement to first conduct a current state analysis of the AML CRR tool and then enhance it. The assessment involved interviews with key stakeholders, understanding the business and risks, and a review of policies and procedures to ensure compliance with regulatory guidance. We provided an updated AML CRR tool with increased functionality, incorporating our recommendations relating to risk factors. Additionally, we provided updated and enhanced procedures, methodology, and audit log documentation.
Cybersecurity Program Assessment:
We conducted an independent assessment of the bank’s cybersecurity program, including its security architecture, policies, and procedures, using industry best practices and frameworks. We provided a final assessment report with our approach, quantitative and qualitative findings, and recommendations based on the information and documentation received and interviews performed. We also assessed the bank’s dark web and digital footprint exposure to provide actionable feedback on potential areas of vulnerability.
KYC Uplift:
FTI Consulting’s team was engaged to assist the bank in enhancing its Know Your Customer (KYC) processes for more than 400 high- and medium-risk customers. This involved updating policies and procedures, utilizing an advanced AML CRR tool, collecting missing information, and verifying Customer Identification Program (CIP), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD) documentation.
Compliance Testing Resource Support:
We supported the bank by conducting second line of defense control testing for its IT security controls, including incident management, cyber threat, access, asset and configuration management, resiliency, endpoint security, and Hardware Security Modules (HSM) operations. We produced workpapers evidencing the fieldwork, as well as summary reports outlining the results, issues identified, and recommended remediation activities.
Source: ftinconsulting.com
The post Crypto Evolution: From Consent Order to Regulatory Renaissance appeared first on HIPTHER Alerts.
Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
The post UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System appeared first on News, Events, Advertising Options.
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