Risk Framework
免責事項: このホワイトペーパーは英語版が正式な文書となります。他言語の翻訳は参照用です。
Overview
Section titled “Overview”PIPO maintains a comprehensive risk management framework covering market risk, operational risk, smart contract risk, and regulatory risk. This framework ensures platform stability while enabling innovation.
Risk Categories
Section titled “Risk Categories”┌─────────────────────────────────────────────────────────────────┐│ PIPO RISK TAXONOMY │├─────────────────────────────────────────────────────────────────┤│ ││ ┌─────────────┐ ┌─────────────┐ ┌─────────────┐ ││ │ MARKET │ │ OPERATIONAL │ │ SMART │ ││ │ RISK │ │ RISK │ │ CONTRACT │ ││ └──────┬──────┘ └──────┬──────┘ └──────┬──────┘ ││ │ │ │ ││ ┌────┴────┐ ┌────┴────┐ ┌────┴────┐ ││ │• Oracle │ │• Custody│ │• Code │ ││ │• Liquid │ │• Key Mgmt│ │ bugs │ ││ │• Basis │ │• Process │ │• Oracle │ ││ │• Conc. │ │• Team │ │ manip. │ ││ └─────────┘ └─────────┘ └─────────┘ ││ ││ ┌─────────────┐ ┌─────────────┐ ┌─────────────┐ ││ │ REGULATORY │ │COUNTERPARTY │ │ SYSTEMIC │ ││ │ RISK │ │ RISK │ │ RISK │ ││ └──────┬──────┘ └──────┬──────┘ └──────┬──────┘ ││ │ │ │ ││ ┌────┴────┐ ┌────┴────┐ ┌────┴────┐ ││ │• License│ │• SPV │ │• Market │ ││ │• Enforce│ │• Custod.│ │ crash │ ││ │• Tax │ │• Writers│ │• Chain │ ││ │• Sanct. │ │• Company│ │ issues │ ││ └─────────┘ └─────────┘ └─────────┘ ││ │└─────────────────────────────────────────────────────────────────┘Risk Matrix
Section titled “Risk Matrix”| Risk | Likelihood | Impact | Mitigation | Residual |
|---|---|---|---|---|
| Oracle manipulation | Low | High | Multi-source, committee | Medium |
| AMM liquidity crisis | Medium | Medium | LP incentives, reserves | Low |
| Smart contract exploit | Low | Critical | Audits, bug bounty | Medium |
| SPV share fraud | Very Low | Critical | Due diligence, custody | Low |
| Regulatory action | Medium | High | Offshore structure, compliance | Medium |
| Underlying company failure | Medium | Medium | Diversification, puts | Low |
| USDC de-peg | Low | Medium | Monitor, pause mechanism | Low |
| Key person loss | Low | Medium | Succession planning | Low |
Market Risk
Section titled “Market Risk”Oracle Risk
Section titled “Oracle Risk”Oracle Risk Mitigation:
Risk: Oracle reports incorrect price (manipulation or error)Impact: Incorrect settlement, unfair exercise outcomes
Mitigations:├── Multi-source aggregation (3+ sources)├── Deviation checks vs. historical├── Committee oversight (2/3 required)├── Time-delayed updates (cooldown)├── User dispute mechanism└── Insurance coverage
Monitoring:├── Real-time deviation alerts├── Source reliability scoring└── Anomaly detectionLiquidity Risk
Section titled “Liquidity Risk”Liquidity Risk Mitigation:
Risk: Insufficient AMM liquidity for large tradesImpact: High slippage, poor user experience
Mitigations:├── Platform LP seeding (initial)├── LP incentive program (points, rewards)├── Dynamic fee adjustment├── Position limits (large orders)└── OTC desk for VIP trades
Monitoring:├── TVL tracking per pool├── Slippage simulation└── Utilization metricsBasis Risk
Section titled “Basis Risk”Basis Risk Mitigation:
Risk: AMM price diverges significantly from oracle/fair valueImpact: Arbitrage opportunities, settlement disputes
Mitigations:├── Oracle anchor (deviation limits)├── Arbitrageur participation├── Circuit breakers (>30% deviation)└── Dynamic fees during volatility
Monitoring:├── Continuous basis tracking├── Arbitrage opportunity alerts└── Fee adjustment triggersOperational Risk
Section titled “Operational Risk”Custody Risk
Section titled “Custody Risk”Custody Risk Mitigation:
Risk: Loss or theft of SPV-held sharesImpact: Inability to back call warrants, settlement failure
Mitigations:├── Qualified custodian (regulated)├── Insurance (E&O, fidelity)├── Multi-sig for transfers├── Regular audits└── Segregated accounts
Monitoring:├── Quarterly confirmations├── Surprise audits└── Insurance coverage reviewKey Management
Section titled “Key Management”Key Management Risk:
Risk: Loss or compromise of critical private keysImpact: Fund loss, contract manipulation
Mitigations:├── Multi-sig wallets (3/5)├── Hardware wallets (Ledger/Trezor)├── Geographic distribution├── Recovery procedures documented├── Regular key ceremony drills└── Insurance coverage
Key Types:├── Treasury keys: 4/7 multi-sig├── Contract admin: 3/5 multi-sig├── Oracle committee: 2/3 multi-sig└── Hot wallet (operations): Limited fundsSmart Contract Risk
Section titled “Smart Contract Risk”Code Vulnerabilities
Section titled “Code Vulnerabilities”Smart Contract Security:
Pre-deployment:├── Internal audit (multiple reviewers)├── External audit (2+ firms)├── Formal verification (critical functions)├── Test coverage >95%└── Invariant testing
Post-deployment:├── Bug bounty program ($100K+ pool)├── Monitoring (anomaly detection)├── Upgrade capability (timelock)├── Emergency pause function└── Incident response plan
Insurance:├── Nexus Mutual coverage├── Custom underwriting└── Reserve fund (5% of TVL)Oracle Manipulation
Section titled “Oracle Manipulation”Oracle Manipulation Defense:
Attack vectors:├── Flash loan attacks├── Market manipulation├── Compromised data sources├── Committee collusion
Defenses:├── Multi-source aggregation├── Time-weighted averaging├── Outlier rejection├── Committee signatures (2/3)├── Withdrawal cooldowns└── Position limits during eventsRegulatory Risk
Section titled “Regulatory Risk”Jurisdictional Strategy
Section titled “Jurisdictional Strategy”Regulatory Risk Mitigation:
Structure:├── Operating entity: Singapore/BVI├── SPV holding: Cayman Islands├── No US operations (initially)├── Offshore user base└── Legal opinions obtained
Compliance:├── KYC for large users├── KYB for put writers├── AML monitoring├── Sanctions screening└── Tax reporting preparation
Monitoring:├── Regulatory news tracking├── Legal counsel updates├── Peer platform actions└── Proactive engagementRisk Governance
Section titled “Risk Governance”Three Lines of Defense
Section titled “Three Lines of Defense”┌─────────────────────────────────────────────────────────────────┐│ THREE LINES OF DEFENSE │├─────────────────────────────────────────────────────────────────┤│ ││ 1ST LINE: Operations ││ ├── Engineering team ││ ├── Operations team ││ ├── BD team ││ └── Responsibility: Day-to-day risk management ││ ││ 2ND LINE: Risk & Compliance ││ ├── Risk officer ││ ├── Compliance officer ││ ├── Legal counsel ││ └── Responsibility: Oversight, policy, monitoring ││ ││ 3RD LINE: Independent Assurance ││ ├── External auditors ││ ├── Smart contract auditors ││ ├── Board audit committee ││ └── Responsibility: Independent verification ││ │└─────────────────────────────────────────────────────────────────┘Risk Committee
Section titled “Risk Committee”Risk Committee Charter:
Composition:├── CEO (Chair)├── CTO├── CFO├── Risk Officer├── External advisor (optional)
Meetings:├── Weekly: Operational risk review├── Monthly: Comprehensive risk assessment├── Quarterly: Strategy and policy review└── Ad-hoc: Incident response
Responsibilities:├── Risk appetite definition├── Policy approval├── Limit setting├── Incident review└── Regulatory coordinationRisk Metrics Dashboard
Section titled “Risk Metrics Dashboard”┌─────────────────────────────────────────────────────────────────┐│ RISK DASHBOARD │├─────────────────────────────────────────────────────────────────┤│ ││ Overall Risk Status: 🟢 LOW ││ ││ Market Risk: ││ ├── Oracle deviation: 2.3% (limit: 10%) 🟢 ││ ├── AMM basis: 1.8% (limit: 15%) 🟢 ││ ├── Liquidity score: 85/100 🟢 ││ └── Concentration: 45% SpaceX (limit: 60%) 🟡 ││ ││ Operational Risk: ││ ├── System uptime: 99.98% 🟢 ││ ├── Settlement success: 100% 🟢 ││ ├── Key compromise: None detected 🟢 ││ └── Staff incidents: 0 🟢 ││ ││ Smart Contract Risk: ││ ├── Last audit: 45 days ago 🟢 ││ ├── Open vulnerabilities: 0 critical 🟢 ││ ├── Bug bounty submissions: 3 (none critical) 🟢 ││ └── TVL at risk: $0 🟢 ││ ││ Regulatory Risk: ││ ├── Enforcement actions: None 🟢 ││ ├── Regulatory inquiries: None 🟢 ││ └── Compliance exceptions: 0 🟢 ││ ││ Alerts Today: 0 Critical | 2 Warning | 5 Info ││ ││ [View Full Report] [Configure Alerts] [Historical Trends] ││ │└─────────────────────────────────────────────────────────────────┘Incident Response
Section titled “Incident Response”Severity Levels
Section titled “Severity Levels”| Level | Definition | Response Time | Example |
|---|---|---|---|
| P0 | Critical - funds at risk | 15 min | Smart contract exploit |
| P1 | High - service impaired | 1 hour | Oracle failure |
| P2 | Medium - degraded | 4 hours | High slippage |
| P3 | Low - minor issue | 24 hours | UI bug |
Response Protocol
Section titled “Response Protocol”Incident Response Flow:
Detection → Triage → Contain → Investigate → Resolve → Review
P0 Incidents:├── Immediate: Pause contracts if needed├── 15 min: War room assembled├── 1 hour: Initial assessment public├── 4 hours: Resolution or workaround├── 24 hours: Full post-mortem└── 7 days: Remediation complete