Corporate Finance

AICPA and CIMA publish blockchain risk white paper

The new resource by the trade associations helps organizations navigate the blockchain risk

The American Institute of CPAs (AICPA, ISACA and the Chartered Institute of Management Accountants (CIMA) has published a joint white paper to help organizations navigate the blockchain risk.

Developed by the ISACA-AICPA and CIMA Joint Blockchain Working Group, the document examines the specific risk related to blockchain implementation and operation.

Specifically, the report is organized by five key domains—governance, infrastructure, data, key management, and smart contracts.

Dustin Brewer, ISACA’s senior director for emerging technology and innovation and a member of the ISACA-AICPA & CIMA Joint Blockchain Working Group, said: “Many enterprises are eager to harness the power of blockchain to transform their businesses or operations.

“While there are great benefits to using blockchain, practitioners should ensure they fully understand all types of risk to avoid potentially exposing their business to vulnerabilities, attack vectors or other issues before implementing—or even retroactively, if needed.”

Diana Krupica, AICPA and CIMA’s lead manager for emerging assurance technologies assurance and advisory innovation, said: “It is important for any entity using blockchain technology to understand that there are unique risks in this space and it is imperative to identify those risks quickly.

“Using a resource such as this risk matrix means entities will be alerted to issues in order to design the necessary processes and controls to mitigate such risks and enable success.”

 

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