The world of blockchain and crypto is undergoing a significant acceleration. The regulatory environment globally is converging, and it is converging on an operating model that permits a wider range of products and services. Companies that were sitting on the sidelines are jumping in and those already in are working through how to bring a range of new products to market.

In most technology markets, the early winners are determined long before mass-market adoption. As we’re now entering the mass adoption era for blockchain (my opinion), the options facing some companies now are either act quickly or spend the next few decades playing catch-up. If your CEO says, “there’s no hurry, it’s early days yet,” your company has already given up the fight.

For those staying in the fight, speed kills. It’s true on the road and it’s true in business. People are always forgetting that “move fast” came with “break things.” That’s why for those rushing ahead in this market, risk management has never been a more critical skill. Done correctly, there are several ways for companies that want to sprint ahead in this market to minimize the risk of catastrophic failure. There are three I have in mind.

The first step is to put in place controls and operations that close the door on past problems that other firms have experienced. This may strike you as bolting the barn door after the horse has already left, but it is necessary because if you don’t, you risk repeating history and that’s way more humiliating than committing entirely novel mistakes. Nor are the basics particularly difficult: external auditors, business controls, and standard best practices. We are also fortunate to live in an era where, for the first time, we have a good supply of experienced blockchain and crypto people who can apply real-life lessons learned.

Secondly, I think it is critical for companies to think strategically and explicitly about the kind and number of risks they want to take. There is technology risk (very relevant with smart contracts and DeFi). There is market risk. And there is counter-party risk.

You can learn critical lessons from all three, but it often makes sense to have controlled learning environments. One of my frustrations has been watching people jump to wildly incorrect conclusions when things go wrong, sometimes because they took too many risks at the same time and cannot separate out what the causes were.

Lastly, it makes a lot of sense to be strategic about what you do internally and what gets done externally. In technology companies, especially when the engineers are in charge, the temptation is always to build. I know. I have an engineering team. It’s more fun than managing a vendor. “I built it” is a million times more satisfying than telling someone “I bought it.” I never thought I’d be quoting Mr. Beast in business, but as he said, “Consultants are a cheat code.” It’s that simple: someone else has done it before. Take advantage of that to reduce your risk and complexity.

There is no path to growth without risk and that risk increases with the speed of growth. Therefore, for firms seeking accelerated growth, particularly in ecosystems powered by emerging technologies, good risk management policies are a must. Please buckle up for your own safety and keep your eyes on the road.

Disclaimer: These are the personal views of the author and do not represent the views of EY.