FIINANCIAL RISK ONE PAGE MAGIC BEST PRACTICES
Digital technology is transforming worldwide financial markets. Blockchain is part of this digital innovation It is important to note that not all blockchains will be the same, there will not be one solution, & that many blockchain implementations may work in tandem with one another, forming the new worldwide financial system.
Blockchain can be used without cryptocurrency. Cryptocurrency is one application of blockchain. Essentially a blockchain is a distributed ledger, which means its a record of transaction. Cryptocurrencies are built on top of blockchains. They allow you to invest in the value of the underlying blockchain. Cryptocurrency cannot be counterfeited & transactions cannot be reversed or even duplicated. Blockchain safety transfer is almost 100%.
Cyber attackers are using websites with weak security to deliver malware. With many new websites to spread information to combat the coronavirus, attackers are exploiting the weak security controls on many of these sites . Cybersecurity risk management is risk management to the cyberworld.
Money Laundering: Any transaction aimed at concealing and/ or changing the identity of illegally obtained money so that it appears to have originated from legitimate sources , where in fact it has not. Examples: 1) Depositing a large amount of cash in numerous small instalments. 2) Setting up as cash business as a cover for banking criminal money.
Fraud is unlawfully illegal making with the intent to defraud, a misrepresentation which causes actual prejudice or which is potentially prejudicial to another. In law, fraud is intentional deception to secure unfair or unlawful gain.
Financial risk management is the practice of economic value in a firm by using financial instruments to manage exposure to risk: operational risk, credit risk and market risk, foreign exchange risk, shape risk, volatility risk, liquidity risk, inflation risk, business risk, legal risk, reputation risk, sector risk etc. Financial risk management requires identifying its sources
Keywords: Financial Risk, Banks, Fraud, Cybersecurity, Blockchain, Cryptocurrencies, Money Laundering, Money, Financial Crime, Risk Management, Cyber Risk Management, Cryptocurrency, Distributed Ledgers