The benefits of using technology to manage third-party risk are not lost on compliance professionals. When you consider the growing size, complexity and geographic diversity of companies’ third-party ecosystems, it’s easy to see why. 60% of organisations now work with more than 1,000 third parties and managing the risks of doing business with them is both costly and cumbersome.
Big data, AI, robotic process automation and machine learning are just some of the technologies compliance teams are using to rise to the challenge. But there’s another much-feted kid on the block that’s causing quite a stir: blockchain.
Described by Bill Gates as a “technological tour de force”, blockchain has its origins in cryptocurrency but its application extends far beyond. “Blockchain will be transformational across most industries within five to ten years,” says Gartner.
Here we ask: Is compliance one of the industries that will benefit? And when it comes to third-party risk management, does the reality live up to the hype?
Blockchain: What is it and Where did it Come From?
A blockchain is a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction is made, a record of that transaction is added to every participant’s ledger. This makes it difficult or impossible to change, hack, or cheat the system, which is one of the aspects that makes it so appealing.
Blockchain was originally implemented as the public ledger for transactions made using bitcoin, the decentralized digital currency. However, since its cryptocurrency beginnings, blockchain has gone on to make its mark in many other industries and in many different ways.
So, what’s to stop the compliance sector benefitting, too?
Continue reading: https://informationsecuritybuzz.com/articles/what-does-the-future-hold-for-blockchain-within-third-party-risk-management/
Big data, AI, robotic process automation and machine learning are just some of the technologies compliance teams are using to rise to the challenge. But there’s another much-feted kid on the block that’s causing quite a stir: blockchain.
Described by Bill Gates as a “technological tour de force”, blockchain has its origins in cryptocurrency but its application extends far beyond. “Blockchain will be transformational across most industries within five to ten years,” says Gartner.
Here we ask: Is compliance one of the industries that will benefit? And when it comes to third-party risk management, does the reality live up to the hype?
Blockchain: What is it and Where did it Come From?
A blockchain is a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction is made, a record of that transaction is added to every participant’s ledger. This makes it difficult or impossible to change, hack, or cheat the system, which is one of the aspects that makes it so appealing.
Blockchain was originally implemented as the public ledger for transactions made using bitcoin, the decentralized digital currency. However, since its cryptocurrency beginnings, blockchain has gone on to make its mark in many other industries and in many different ways.
So, what’s to stop the compliance sector benefitting, too?
Continue reading: https://informationsecuritybuzz.com/articles/what-does-the-future-hold-for-blockchain-within-third-party-risk-management/
