New Tone at the Top Discusses Blockchain Technology and its Enormous Potential to Transform How Businesses Operate
Though blockchain technology holds enormous promise to transform how businesses operate, it also has the potential to cause significant issues for boards and senior executives alike. Boards have a legal and fiduciary responsibility to manage risks. For blockchain, that means evaluating how it improves transparency and reliability in operations and whether the potential added benefit exceeds the benefit of what the company is already doing. One of the first questions boards should ask management is how much of their attention they should devote to blockchain and why. If the audit function serves as the eyes and ears of the audit committee, helping the board to understand risk and how well risk management controls are (or are not) working, then one question rises to the top: Does internal audit have the resources it needs to assess and monitor blockchain risk?
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