Digital Asset Wallet Setup and Security SOP

This detailed SOP provides IT professionals, security specialists, and support teams with a structured framework for managing Digital Asset Wallet Setup and Security within an organisation. It includes:
– Step-by-Step Process Flow: Outlines essential subprocesses such as Wallet Setup, Security Measures Implementation, Ongoing Support, and Feedback and Improvement, with clear actions, decision points, and feedback mechanisms to ensure the secure and effective setup and management of digital asset wallets for clients.
– Risk Management: Identifies key risks such as weak password practices, insufficient security measures, and inadequate multi-factor authentication (MFA), with mitigation strategies including thorough risk assessments, the use of password managers, and client education on the importance of MFA to prevent security breaches.
– Compliance and Regulatory Requirements: Ensures adherence to key regulations such as GDPR and FCA guidelines, with compliance checks integrated throughout the wallet setup and security processes, ensuring legal adherence during wallet creation and ongoing management.
– Key Performance Indicators (KPIs) and Controls: Defines KPIs such as wallet creation success rates, security compliance rates, and client satisfaction with the security measures, with controls like regular security reviews, compliance audits, and scheduled client check-ins to ensure the effectiveness of security protocols.
– RACI Framework: Clearly defines roles and responsibilities for each task in the wallet setup and security process, ensuring that client advisors, security specialists, and support technicians are accountable and engaged at every stage, promoting a transparent and collaborative approach to digital asset security.
– Systems Requirements: Details the necessary systems, including a Wallet Creation Tool, Security Assessment System, Documentation Management System, and Feedback Collection Tool, to support the digital wallet setup and security processes, ensuring efficient and secure management.
– Appendices: Provides practical resources such as wallet setup checklists, security measures assessment criteria, feedback collection templates, and real-life case studies to guide users through each stage of the digital asset wallet setup and security process effectively.