Due diligence and cyber security solutions provider Thomas Murray has launched its Digital Asset Custodian Monitoring (DACM) service. According to a press release, the new offering aims to build on the firm’s post-trade risk expertise to provide financial institutions with comprehensive risk oversight for their digital custody operations.
Thomas Murray currently monitors more than 40 digital custodians from fintechs to bank entities. DACM is designed to observe custodians across five “critical domains”: cyber security, asset safety, asset servicing, operational risk, and financial stability. It enables users to conduct risk-based custodian selections and evaluations, as well as continuous oversight. Proactive real-time alerts provide comparative benchmarking and encourages regulatory readiness.
Hugo Jack, digital lead at Thomas Murray says, “Digital assets are designed to be borderless. This borderless nature brings with it risks that regulatory frameworks are seeking to address. However, since these frameworks are still in their infancy in many cases, the risks can lead to compromise, loss, and occasionally, systemic failures.”
