Page 17 - Risk Management Bulletin April-June 2022

RMAI BULLETIN APRIL - JUNE 2022

think about, too. Robertson says that it wouldn’t be believe, or certainly not yet, but the potential benefits
necessary for every member of the compliance team of blockchain for third-party risk management are
to understand blockchain technology in depth, but compelling. What could be more valuable than a single
project managers and internal developers would need source of truth on your vendors and other third parties
to have specialist knowledge of whichever blockchain that is both up-to-date and accessible in real-time, not
their organization selects as well as any of the chains to mention an indelible record of all your third-party
used by their third parties. compliance activity, all saved in one place?

For large enterprises, the biggest challenge is likely to It’s unlikely that we’ll see wholesale adoption of
be getting buy-in from the business. blockchain straight away. But if Gartner and other
experts are to be believed, blockchain will be
When it comes to smaller organizations, the biggest mainstream in the compliance industry in around five
barrier to adoption is prioritisation. If the average start- years’ time. Between now and then we can expect the
up spends $83,000 in compliance costs in the first year, various issues and vulnerabilities to be ironed out and
how can it prioritise blockchain above other addressed, and as more businesses experiment with
compliance costs? the technology it is likely that our understanding of its
true potential will increase.

What’s next? When it comes to blockchain, there’s no denying the
Perhaps it isn’t the panacea many would have us possibilities. T

RMAI Activities

Chapters
We are shortly going to open chapters of the Association all over India. The role of the chapters would be to
promote the cause of Risk Management in the local area by organizing workshops, seminars and interactions.
Interested persons/bodies having the urge to promote the concept may contact the Secretary General for
the formalities.

Workshop/Seminars
We shall be conducting workshops and seminars across India on recent Risk Management Developments to
discuss and deliberate on various issues related to Risk Management, Safety, Fraud, Technology and other
relevant areas.
Research/Case study
We are encouraging members to submit case study on various industries which may serve as a road-map to
others and help to adopt best business practices in Risk Management.

Certificate Courses
We ar going to offer certificate courses on Risk Management and allied areas for the members. We have
tiedup with Association of Internal Control United Kindom to offer their courses in India. We have also tiedup
with Chartered Insurance Institute, London to offer their courses in India.
Tie-up with Risk Management Bodies
We have tiedup with the Professional bodies around the world to gain insight about their activities and new
developments in the Risk Management field.
Online Repository

We are maintaining a online repository of Risk management related information at our website
www.rmaindia.org We shall be sharing various information, PPT, articles, Links, Glossary, Case study for the
members.

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