Risk awards 2012

Survival lessons


As the US debt ceiling talks laboured towards their eleventh-hour agreement last year, market participants quietly began to prepare for what would have been a catastrophic event: the country's default. At JP Morgan, the bank's risk managers and senior business leaders found themselves planning for events that seemed unthinkable just a few months earlier. The bank discussed how it would handle benefits cards through which banks offer credit that is repaid by the US government, for example, and