Collaborative Risk Assessment Services in the Financial Services Supply Chain
The Collaborative Risk Assessment Engine facilitates stakeholders’ collaboration in the financial services supply chain. It is motivated by the fact that financial services infrastructures are nowadays digitally interconnected and hence any attacks on one party affects interconnected parties. This gives rise to stakeholders’ collaboration in security processes like risk assessment.
The solution is empowered by an information sharing infrastructure that is based on distributed ledger technologies (i.e. blockchain technologies) and by a risk scoring engine. The engine is capable of performing a higher level risk assessment based on pre-analysed data and accordingly to run aggregation risk assessments on top of these. Moreover, it consumes Risk Assessment reports from other interconnected organizations that share security information through the blockchain infrastructure.
The Collaborative Risk Assessment Engine exhibits the following novel features:
• It leverages decentralized information sharing based on blockchain technology, which provides distributed trust and obviates the need for a trusted third party.
• It automatically triggers the aggregate risk scoring functionalities upon the reception of risk-related security events from other participants of the collaborative security infrastructure.