OPERATIONAL RISK MATRIX — 40 ENTRIES

Risk Heatmap

Board-level operational risk register. Probability × Impact scoring across Legal, Custody, Treasury, Smart Contract, Governance, Exchange, Reputation, and Operations domains.

4Critical
24High
10Medium
0Low

Probability × Impact Matrix

I=1
I=2
I=3
I=4
I=5
P=5
5
10
15
20
25
P=4
4
8
122 risks
161 risk
20
P=3
3
6
96 risks
1213 risks
153 risks
P=2
2
4
6
84 risks
109 risks
P=1
1
2
3
4
5

Risk Register (38 of 38)

L-01(Legal)
Token marketed as investment/returns creating securities postureCompliance & Legal
P3 × I5 =15
L-02(Legal)
Unlicensed money transmission exposure (fiat handling)Compliance & Legal
P3 × I5 =15
L-03(Legal)
Sanctions breach via onboarding or redemptionCompliance & Legal
P2 × I5 =10
L-04(Legal)
Misleading redemption promises (speed/availability)Treasury & Risk
P3 × I4 =12
L-05(Legal)
Data privacy breach (KYC metadata leaks)Engineering + Compliance
P2 × I5 =10
C-01(Custody)
Fraudulent custody receipt or forged attestationCustody Ops + Treasury
P2 × I5 =10
C-02(Custody)
Vault partner insolvency / frozen operationsCustody Ops + Legal
P2 × I5 =10
C-03(Custody)
Gold is not allocated as claimed (pooling/rehypothecation)Treasury + Custody
P2 × I5 =10
C-04(Custody)
Insurance coverage insufficient or exclusions triggeredTreasury + Legal
P3 × I4 =12
T-01(Treasury)
Stablecoin depeg (USDC/USDT) disrupts conversionTreasury
P3 × I4 =12
T-02(Treasury)
Redemption wave (bank run dynamics)Treasury + Ops Lead
P3 × I5 =15
T-03(Treasury)
DEX liquidity drained (LP exploit or MEV attack)Exchange & Liquidity
P3 × I4 =12
T-04(Treasury)
Gold spot price gap vs token price (peg stress)Treasury
P4 × I3 =12
T-05(Treasury)
Treasury mis-execution (wrong pricing window)Treasury
P2 × I4 =8
S-01(Smart Contract)
Smart contract mint bug (over-mint)Engineering
P2 × I5 =10
S-02(Smart Contract)
Signature replay / attestation replayEngineering
P3 × I4 =12
S-03(Smart Contract)
Merkle root corruption (bad snapshot)Engineering
P3 × I4 =12
S-04(Smart Contract)
Oracle manipulation (if used)Treasury + Eng
P3 × I4 =12
S-05(Smart Contract)
Chain halt / severe congestion (XRPL/Stellar/EVM)Engineering + Ops
P3 × I3 =9
G-01(Governance)
Multisig/MPC key compromiseOps Lead + Eng
P2 × I5 =10
G-02(Governance)
Insider misuse of pause/freeze/clawbackOps Lead + Legal
P2 × I5 =10
G-03(Governance)
Governance capture (protocol token)Ops Lead
P2 × I4 =8
X-01(Exchange)
CEX listing rejected due to compliance gapsExchange Lead
P3 × I3 =9
X-02(Exchange)
Delisting / trading halt on CEXExchange Lead
P2 × I4 =8
X-03(Exchange)
Market manipulation / short attackTreasury + Exchange
P3 × I4 =12
X-04(Exchange)
Regulatory pressure requiring freeze capabilityLegal + Ops
P3 × I4 =12
R-01(Reputation)
Media claims 'scam' despite proofsOps Lead
P3 × I4 =12
R-02(Reputation)
Social panic causes redemption spikeOps Lead + Treasury
P4 × I4 =16
O-01(Operations)
Understaffed support operationsOps Lead
P4 × I3 =12
O-02(Operations)
Vendor failure (KYC provider, database outage)Engineering
P3 × I3 =9
O-03(Operations)
Accounting / reconciliation errorsTreasury
P3 × I4 =12
O-04(Operations)
Cross-chain anchor mismatch (XRPL vs Stellar)Engineering
P3 × I3 =9
O-05(Operations)
Legal docs drift from actual operationsLegal + Ops
P3 × I4 =12
O-06(Operations)
Redemption logistics failure (shipping/customs)Custody Ops
P3 × I3 =9
O-07(Operations)
Price feed mismatch causes mispricingTreasury
P3 × I3 =9
O-08(Operations)
Dependency vulnerability exploitedEngineering
P3 × I4 =12
O-09(Operations)
Insider fraud (treasury)Ops Lead + Treasury
P2 × I5 =10
O-10(Operations)
Audit failure (third party cannot verify)Engineering + Treasury
P2 × I4 =8

Mandatory Board Gates

No public liquidity until redemption path is live and policy-backed.
No exchange applications until audit + legal opinion + PoR cadence exists.
No discretionary rewards mechanisms; incentives must be deterministic or provably fair.
Admin actions require immutable audit logs + role separation + time delay where possible.

HELIOS OPERATIONAL RISK FRAMEWORK

System IntegrityCapital Lifecycle