Report on Supply Chain Compliance 3, no. 1 (January 9, 2020)
The influential risk management and standards advisory organization, the Committee of Sponsoring Organizations of the Treadway Commission (COSO), will address risk management and distributed ledgers in a guidance document. COSO stated it will release the guidance during the first quarter of 2020.[1]
COSO releases guidance and advisory papers on a host of issues facing the corporate world, including auditing practices, cybersecurity and internal controls. The paper on blockchain technology is part of an effort to address emerging technologies and the risks that come with new tools that are not completely understood.
“I want to make sure that we’ve got that properly controlled because it is a very different view of the world when you have distributed ledgers,” said Paul Sobel, COSO’s chairman, in a Wall Street Journal article. “It isn’t something that is contained in your own system.”[2]