Risks

Short text for trust assurance

Trust assurance can be defined as an insurance to an event that will certainly happen and define how to those involved trust in it. Risk analysis is an important way to build trust on SimplyMember. Presenting risks and ways to mitigate them shows that there is genuine will and knowledge from the providers side to deal with these various risks.

In SimplyMember context the trust assurance could be defined as various ways to create trust and belief towards the ecosystem and its providers.

There are various ways that create trust towards an ecosystem. The most important assurances differ depending on the stakeholder that demands a certain level of assurance on different aspects. For example, investors value the assurance on value creation -estimate. How much would an investment of x Euros create in Y amount of time.

To connect our risk analysis work to trust assurance we went through Self-sovereign identity: The future of identity document. For example, according to OIX 2017 trustworthiness is an important factor for enabling trust among stakeholders. They present that trustworthiness can be established by:

“addressing and managing risks, legal rights, responsibilities, and liabilities; eliminating uncertainties; and facilitating the accessibility and understanding of the trust frameworks to all participants”

Although we do not have a full trust framework developed for SimplyMember, we have managed risks and eliminated uncertainties with our risk analysis document. We find that our work has been a vital part of trust assurance for SimplyMember.

For additional information view end report and 2.3.2. Risk identification and management