6.01 Elaborate the Newly Known Risks

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The OMG members recommend the Federal Reserve define a task for exploring and understanding the risks which were Unknown or not elaborated in the White Paper.

The answer to Question: 11. Are there additional ways to manage potential risks associated with CBDC that were not raised in this paper?, asked about these Unknown Risks for the CBDC. The OMG has responded as follows. Many of the responses are basically “Recommendations” for future CBDC efforts. The Unknown Risks identified by OMG members are:

1. Risk of a Software Crisis

2. Risk of Lack of Stakeholder Buy-In

3. Risk Due to Poor Community of Interest (CoI) Governance

4. Risk Due to lack of Broad, Wide-Ranging Security Planning

5. Risk of Data being hacked due to weak Security Infrastructure

6. Risk of Meta-Data being hacked due to weak Security Infrastructure

7. Risk of Business Processes Being Hacked

8. Risk of competing Currency Models for the CBDC