PERSPECTIVE
A modern maturity model for federal oversight of digital assets
5-MINUTE READ
August 12, 2024
In brief
- Federal agencies face significant challenges in regulating, analyzing and facilitating digital asset activity.
- Digital assets organizational maturity empowers agencies to build trust among and better serve people and industry.
- A maturity model can help assess current capabilities, articulate a vision and map a path to success.
Executive Summary
Digital assets are no longer a niche interest limited to technology firms and early adopters. Average people, small businesses and governments are creating, buying and selling digital assets – as are criminals.
This has profound implications for federal missions. As economic value is increasingly digitized and tokenized, federal agencies must rapidly mature their knowledge and capabilities to analyze, forecast, regulate and facilitate digital asset activity.
For agency leaders seeking to define a digital asset strategy, a maturity model can help assess current capabilities, articulate a vision and map the path to achieve that vision.
As economic value is increasingly digitized and tokenized, federal agencies must rapidly mature their knowledge and capabilities to analyze, forecast, regulate and facilitate digital asset activity.
Much like the well-known Capability Maturity Model Integration (CMMI) process, the Accenture Federal Services Digital Assets Maturity Model provides a framework for high-quality, repeatable results. It defines levels against which agency leaders can measure the maturity of a digital assets function, including people and culture, methods and processes and technology.
The model also provides an approach for defining, standardizing and documenting digital assets knowledge, skills and technology – one that ensures constant alignment with the mission, even as it evolves.
By employing the Digital Assets Maturity Model to support the centralization and evolution of data, tools, people and processes, agencies can manage today’s demands – and position themselves to adapt as financial innovations evolve.
Ultimately, digital assets maturity empowers agencies to build trust among and better serve citizens and regulated industry – through thoughtful enforcement actions and policies that safeguard and energize our national economy, protect our privacy and steward our energy resources and environment.
Key insights
Financial regulatory and law enforcement agencies are grappling with the surge in digital asset-related financial examinations, tax investigations and fraud litigations.
The need to understand and analyze digital assets has permeated the entire government. Agencies leading U.S. economic strategy must consider digital asset opportunities and risks in decisions affecting national interest.
Early solutions for tracking and tracing digital assets were fragmented, difficult to integrate, noncompliant with federal standards and lacked consulting support. These limitations hinder agencies' ability to keep pace across the board.
Agencies have begun to develop and organize supporting capabilities, including knowledge, skills and processes, to manage and deliver digital asset insights at scale—but there are still significant opportunities across the federal enterprise.
A Digital Assets Maturity Model provides a framework for assessing current capabilities, articulating a vision and mapping a path to success—including people and culture, methods and processes, and technology.
The path to optimization
Federal agencies are at various stages of digital asset maturity, with most in the early "developing" stage. The path to optimization involves a holistic approach that encompasses data, tools, training and communications. By establishing digital assets hubs that centralize, integrate and coordinate resources, agencies can effectively manage current demands and adapt to evolving financial innovations.
Empowering innovation offices for tomorrow’s emerging technologies
Federal agencies must prioritize the maturation of digital asset capabilities to keep pace with the rapid adoption and innovation in this field. A comprehensive approach that encompasses data, tools, training and communications is essential for agencies to effectively manage current demands and adapt to evolving financial innovations:
1.
Centralize and integrate resources
2.
Invest in data and tools
3.
Enhance knowledge and skills
4.
Foster industry engagement
5.
Promote regulatory harmony
6.
Embrace continuous improvement
Learn more
By following these action points and embracing the Digital Assets Maturity Model, federal agencies can build trust among and better serve people and regulated industry.
Our comprehensive report delves deeper into these findings and presents detailed solutions to empower agencies in their journey toward digital asset maturity.