Wolters Kluwer with NYDIG Launches Bitcoin Risk Assessment
By Edlyn Cardoza
- Bitcoin Risk Assessment
Together with NYDIG, a leading Bitcoin company, Wolters Kluwer Compliance Solutions has launched Bitcoin Risk Assessment – NYDIG Clients to provide regulatory assessments to financial institutions seeking to offer their clients access to Bitcoin services provided by NYDIG.
The risk assessment assesses a financial institution’s control environment related to its participation in the NYDIG Bitcoin platform. As part of the assessment, clients receive a report on how the results fit within a range of established and relevant controls, providing a clearer picture of their Bitcoin activities. This helps the financial institution understand whether its current controls will meet relevant regulatory standards for offering Bitcoin products and services.
“Recent federal regulatory messages and guidance have emphasized that financial institutions pursuing Bitcoin-related investments for their clients must fully understand and control potential risks,” explained Stevie Conlon, Vice President, Tax and Regulatory Advisor for Wolters Kluwer Compliance Solutions. “A focused assessment allows a financial institution to appropriately tailor and document its controls.”
“Federal regulators are sending a clear message,” said Steve Meirink, Executive Vice President and General Manager of Wolters Kluwer Compliance Solutions. “Financial institutions considering the potential rewards associated with Bitcoin products need to have a clear understanding of what they want to deliver and how they will deliver it. We’re excited to partner with NYDIG to provide participating financial institutions with these assessments, which will help organizations begin their journey of offering Bitcoin to their customers.
Consumers increasingly expect their banks and credit unions to offer Bitcoin-related products and services. According to a Bitcoin and banking 2021 survey commissioned by NYDIG, 71% of bitcoin holders said they would switch their primary bank to one that offered bitcoin-related products alongside traditional banking services.
“NYDIG research clearly shows that consumers expect their banks and credit unions to provide them with access to Bitcoin,” said Patrick Sells, Chief Innovation Officer of NYDIG. “With Wolters Kluwer’s expertise and NYDIG’s industry-leading platform, banks can confidently deliver the Bitcoin products customers want, securely and compliantly.”
Wolters Kluwer is an NYDIG preferred consultant for risk assessments conducted by financial institutions linked to the NYDIG platform. In 2021, the two companies announced a strategic agreement in which Wolters Kluwer agreed to provide regulatory compliance solutions and services, such as Wolters Kluwer Bitcoin Deposit Disclosure Program-NYDIG Accounts for interested financial institutions who wish to gain increased confidence in the fact that their account disclosures are used with NYDIG is compliant and meets regulatory requirements.
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to US insurers, banks, credit unions and securities firms. The company, part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions effectively manage risk and regulatory compliance obligations and gain the insights needed to focus on better service. to their customers and the growth of their business.
Wolters Kluwer’s GRC division provides a range of expert solutions to help financial institutions manage regulatory obligations and risk. For example, the eOriginal® suite of purpose-built digital lending solutions from Wolters Kluwer Compliance Solutions enables lenders to digitize their transactions and offers e-signatures, collateral authentication and an e-vault. OneSumX® for Regulatory Change Management from Compliance Solutions tracks regulatory changes and organizes them to create value-added structured content through a single data feed combined with an easy-to-use software solution. Meanwhile, Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR) is a global market leader in providing integrated regulatory compliance and reporting solutions. The division’s legal solutions businesses are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.
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