About Risk Management
Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
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FTX: 'Crypto King' admits people got hurt as he speaks out in trial
... The biggest mistake, he said, was not having a dedicated Risk Management team...
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Sam Bankman-Fried: FTX crypto empire 'built on lies' - prosecutors
... Because of the frantic pace of his company s growth, some crucial details like Risk Management were " overlooked" he said, calling claims made by prosecutors about FTX and Alameda s downfall " out of context"...
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... In the incident, the PSNI s data Risk Management unit was first informed of the theft on 27 July...
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... The Tigray interim government s commissioner for disaster Risk Management, Gebrehiwet Gebrezgabher, told the BBC that food aid had been halted, 1,411 people had starved to death in three zones alone - the east, north-west and south-east, he said...
FTX: 'Crypto King' admits people got hurt as he speaks out in trial
By Natalie Sherman & Tom EspinerBusiness reporters
Former crypto boss Sam Bankman-Fried acknowledged " a lot of people got hurt" when the FTX exchange he founded collapsed, in his testimony to The Jury at his fraud trial.
The former entrepreneur said he had made many mistakes when running the cryptocurrency exchange.
The 31-year-old is accused of lying to investors and lenders and stealing money from customers.
He has denied those charges, instead arguing that he acted in Good Faith .
" We thought we might be able to build The Best product on The Market , " he told his attorneys in his opening questioning. " It turned out basically The Opposite of that".
" A lot of people got hurt, customers, employees, and The Company ended up in bankruptcy. "
Mr Bankman-Fried told the Manhattan Federal Court he made " A Number of small mistakes and A Number of larger mistakes" while running the now-bankrupt exchange.
The biggest mistake, He Said , was not having a dedicated Risk Management team.
He Said he did not defraud anyone or take customer funds.
Mr Bankman-Fried started testifying on Thursday in an unusual hearing after The Jury had been sent home.
US District Judge Lewis Kaplan asked him to preview his testimony about the involvement of lawyers in key decisions at The Heart of the Case so he could decide whether it was admissible as evidence.
Mr Bankman-Fried has argued that he acted on legal advice.
But prosecutors have accused him of using FTX customer funds to prop up his crypto-focused hedge fund, Alameda Research, make speculative venture investments, and donate More Than $10m to US political campaigns. He also faces charges of trying to cheat Alameda's lenders and FTX investors.
Judge Kaplan ruled that Mr Bankman-Fried would not be allowed to present testimony about The Work lawyers did on various loans made to Mr Bankman-Fried from Alameda and other policies.
The Judge said The Evidence " would be confusing and highly prejudicial in implying that the lawyers with full knowledge of the facts blessed what the defendant has done".
On Friday, Mr Bankman-Fried's attorneys asked him to recount his time at MIT, when he lived in a group house with Gary Wang and Adam Yedidia - both of whom have testified against him in this Case .
Mr Bankman-Fried said it was " nerdy". " Lots of board games, not drinking. "
The defence tried to paint a portrait of a boss who was more hands off than earlier testimony had suggested.
For example, He Said he discussed the " goals" of the FTX site but didn't read or write The Code . " I wasn't much of a programmer. "
His appearance In Court follows 12 Days of prosecution testimony in which close former colleagues gave evidence.
If he is found guilty he could face a Life Sentence in prison.
Defendants in the US are not obliged to testify during Trials - and are often advised against doing so, since it opens them up to questioning by prosecutors.
Despite the risks, many analysts following The Trial predicted Mr Bankman-Fried would take The Stand to offer his own version of events and try to undermine The Prosecution Case .
Source of news: bbc.com
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