{"id":34762,"date":"2020-04-01T08:42:39","date_gmt":"2020-04-01T08:42:39","guid":{"rendered":"https:\/\/jums.academy\/m-boelstller\/"},"modified":"2022-10-17T14:48:01","modified_gmt":"2022-10-17T14:48:01","slug":"m-boelstller","status":"publish","type":"page","link":"https:\/\/jums.academy\/en\/m-boelstller\/","title":{"rendered":"M. B\u00f6lstller"},"content":{"rendered":"

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Junior Management Science, Volume 4, Issue 2, June 2019, 195-227<\/p>\n

The Influence of Cryptocurrencies on Enterprise Risk Management \u2013 an Empirical Evidence by the Example of Bitcoin<\/strong><\/h4>\n

Maximilian B\u00f6lstler, Universit\u00e4t St. Gallen (Bachelorarbeit)<\/strong><\/p>\n<\/div>

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Abstract
\n<\/strong>This thesis analyzes the influence of cryptocurrencies in the context of risk management by considering the emerging risk
\nfactors of Bitcoin as a payment method. By means of an empirical analysis through an online survey, the current operational
\ndealing of incoming Bitcoin funds, the risk awareness of the potential threats, and the corresponding control activities
\nimplemented by companies accepting Bitcoin payments have been examined. The results reveal that the risks of this new
\ntechnology-based payment method have not been extensively evaluated and that there exists a partially significant lack of
\nknow-how. Therefore, the risks are either not at all or improperly addressed by a majority of the organizations. However,
\nthe exchange rate risk and the cyber risk, which is a strongly linked to the administration of cryptocurrencies, represent the
\nmost significant related risk factors associated with cryptocurrencies in recent times. To ensure an appropriate operational
\ndealing with cryptocurrencies, the author presents a risk control matrix based on the results of the analysis and discusses control
\nactivities to mitigate these emerging threats. Finally, a holistic Cryptocurrency IC Framework (following the COSO 2013
\nIC Framework) is presented, with the objective of effectively and efficiently developing and maintaining systems of internal
\ncontrol with regard to cryptocurrencies.<\/p>\n<\/div>

Keywords: Blockchain; digital assets; Bitcoin; cryptocurrency; IC framework; enterprise risk management.<\/i><\/p>\n<\/div>

DOI: https:\/\/doi.org\/10.5282\/jums\/v4i2pp195-227<\/a><\/em><\/p>\n<\/div>

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