The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is looking to introduce new blockchain-focused guidelines, for firms aiming to deploy the tech.
Reported by The Wall Street Journal on December 27, COSO – an organization specialized in combating corporate fraud – is investing resources in coming up with a guidance for blockchain, in an attempt to provide better instructions for any companies, which are looking to incorporate the tech into their systems.
Though the exact release time has yet to be finalized, COSO is planning to introduce the new guideline in the first months of next year.
Particularly, the new guideline has the primary target of providing necessary clarity for key players in the financial services sector, and any firms that utilize blockchain for an enhanced supply chain.
“We 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. It isn’t something that is contained in your own system.” Paul Sobel, the chairman of COSO, remarked regarding the announcement.
The guideline further supports businesses in establishing proper controls for internal operations, and manages possible risks can happen to their systems.
Per Sobel, COSO hopes that its project will give executives and board members the motivation needed to initiate a conversation, outlining what their oversight responsibilities are.