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Everything You Need to Know About Crypto
- 1. LIVE WEBINAR Everything You Need to Know About Crypto featuring Ryan McInerny, CAMS, FRM, MSBA - Principal, Product Strategy May 18th, 2023 9:30am PDT, 12:30pm EDT Tara Dwyer moderated by
- 2. Quantivate provides web-based governance, risk, and compliance (GRC) technology and services to organizations nationwide. Founded in 2005 with the release of its Business Continuity Software, the company has grown to feature a full suite of GRC management solutions, including Vendor Management, Enterprise Risk Management, IT Risk Management, Internal Audit, Compliance Management, Complaint Management, Policy & Document Management, and Issue Management. LEARN MORE: QUANTIVATE.COM
- 3. Have a question for our panelist? Click on the QUESTIONS panel to engage with our speaker! Have an audio issue? Try dialing in! TO USE YOUR TELEPHONE: You must select "Use Telephone" after joining and call in using the numbers below. United States: +1 (914) 614-3221 Access Code: 219-184-895
- 4. Ryan McInerny CAMS, FRM, MSBA - Principal, Product Strategy RiskScout Everything You Need to Know About Crypto featuring
- 6. What is Cryptocurrency? The Basics ● Cryptocurrency ○ A digital or virtual currency secured by cryptography and based on a network that is distributed across a large number of computers
- 7. What are the Parts? The Basics ● Blockchain ○ A shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network ● Node ○ A computing device that shares a part in a larger network
- 8. What is a Non-Fungible Token? The Basics ● NFT ○ Non-fungible tokens are one-of-a-kind digital assets that can take the form of GIFs, tweets, and more. They exist on a blockchain currency and give the buyer digital ownership rights ● Fungible ○ Replaceable by another identical term; mutually interchangeable
- 9. How and When NFTs are Used The Basics ● Supply Chain and Logistics ● Art & Luxury Brands ● Digital Identity ● Events and Ticketing
- 10. What is a Crypto Wallet? The Basics Normal Wallet ● Can physically hold currency ● Holds your debit card, which then accesses your value in your account Crypto Wallet ● Won’t hold the actual store of value (ie. crypto, cash) ● Holds your private key, which then accesses your value on the blockchain
- 11. Cryptocurrency is “Maturing” The Basics Timeline ● 2009 - Bitcoin ● 2012 - Coinbase Launches ● 2013 - Dogecoin ICO ● 2014 - Coinbase reaches 1M users ● 2016 -Ethereum ICO ● 2017 - Bitcoin hits $10k (first time) ● 2019 - Commercial Participation ● 2020 - Crypto lending ● 2021 - Market cap exceeds $2T
- 12. Adoption Pace is… Precedented The Basics
- 13. Poll Question RISKSCOUT.COM Would You Consider Using Blockchain as a Risk Management or Process Improvement Tool? ● Now ● In 1-3 Years ● In 3-5 Years ● In 5+ Years ● Not happening, not now. Not ever.
- 14. Survey of CFOs on Blockchain The Basics High Priority Medium Priority Low Priority No Priority Within 2 years 11.3% 16.3% 22.5% 33.8% 2-5 Years 13.8% 27.5% 23.8% 17.5% Prioritization of Crypto and Decentralized Ledger Technology (DLT) as a part of growth and development strategy Very Important Moderately Important Neutral Less Important Not Important Within 2 years 0% 2.5% 15.2% 19% 63.3% 2-5 Years 7.6% 7.6% 25.3% 26.6% 32.9% Impact of Crypto and DLT on liquidity management practices
- 16. Bitcoin Price Volatility Trends
- 17. The Crypto Universe Trends
- 18. The Crypto Graveyard Trends
- 19. Active Cryptocurrency Growth Trends
- 23. Crypto & Bank Closures Risk
- 25. Building a Workflow Risk DESIGN A ROBUST ONBOARDING APPLICATION DEFINE ACCOUNT APPROVAL PROCESS 1 2 INTERNALLY RISK RATE CUSTOMERS 3 Developing Your Program’s Workflow EDUCATE CUSTOMERS AND STAFF 4
- 26. Refining Your Service Area Risk Evaluate the types of industry participants before deciding who and how to serve them.
- 28. Revenue Examples Opportunitie s Custodial Services Safeguarding crypto keys is something most banks and credit unions can easily provide Trading Integrations into existing online banking or mobile wallets can allow buying, selling, and use of crypto Rewards Programs Offer crypto rewards via debit & credit cards or even paying interest in crypto
- 29. Revenue Examples Opportunitie s Lending Allowing the crypto industry to borrow against client crypto assets via low risk, over collateralized, loans Issuing/Backing Stablecoins Offer significant yields to financial by holding the underlying assets Blockchain/Crypto Technology Secure sensitive data, speed up settlement periods, and provide P2P solutions
- 31. Reviewing Transactions Identification Transaction Characteristics ● Review for Receiving / Originating Party ○ Venmo, Coinbase, etc. ● Transaction Descriptions Transaction Behavior ● Check for structuring ● Money Mules ○ Particularly the Elderly ● Crypto Tracing
- 32. When to Use Third Party Monitoring Identification Instances where a third party makes sense ● Supporting high levels of crypto payments ● Intentionally entering the crypto space Why? ● Understanding the wallets and exchanges that are involved in the transaction ○ Directly ○ Indirectly
- 33. Requirements Identification ● Know Your Customer (KYC) ● Customer Due Diligence (CDD) ● Ongoing Monitoring ○ Transactions ○ Negative News ○ Watch List Screening
- 34. Q&A Ryan McInerny CAMS, FRM, MSBA Principal, Product Strategy Tara Dwyer Webinar Coordinator Community Banking Brief /in/dwyertara communitybankingbrief.com /in/ryan-mcinerny/ riskscout.com