These are systematic measures and policies implemented by financial institutions to identify, assess, monitor, and mitigate potential risks to their operations and financial stability. They involve establishing robust internal governance, setting risk limits, and employing advanced analytical tools. Such controls are essential for safeguarding assets and ensuring compliance.
Context
The application of prudent risk controls is a paramount concern for financial institutions engaging with digital assets. The unique characteristics of cryptocurrencies, such as volatility and cybersecurity concerns, necessitate specialized risk management frameworks to ensure the safety and soundness of institutional participation.
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