Joseph Sabatini (managing director and head of corporate operational risk, JP Morgan): I will say that I think JP Morgan Chase, and I say this with some pride, has been one of the pioneers in trying to move forward on the data and the technology in question.
Have we been 100% successful?Absolutely not.
: I get frustrated when people tell me they do their self-assessments once a year, or monthly, and they get kind of stale.
: I would just say that reporting is perhaps one of our biggest challenges.
- you talked about how you would put things in place if you could start afresh.We have that opportunity.If you have any advice that would really be helpful.Joseph Sabatini: Let me just start because as chairman of the audit committee at Case Western Reserve University in Cleveland, I have a vested interest in understanding the risk culture that the academic world brings to the basic blocking and tackling of running a university, which is in itself a big business.
For example, one of the guys who ran a money market said "I'm really worried about Joe
and Steve going on vacation at the same time because they're the only two that know how to do a certain job for us."
What should have been the indicator of that?