[MUSIC PLAYING] Hi, I'm Gary Krivo, Chief Risk Officer of Asset Management Americas. At JP Morgan, risk management is core to who we are. And not only for our 70-member asset management risk team, but for every portfolio manager and every employee in asset management.

To be truly effective, a risk management function must be both forward looking and wide ranging. For example, in investment risk, we run a series of regular stress tests, both BAU and ad hoc, on each account and set thresholds for each of them. For liquidity risk, we analyze the underlying liquidity against the largest outflows and investor concentrations. For counterparty risk, we set stress thresholds at both the account and counterparty level. For each of these frameworks, a strong governance and escalation structure is also essential to ensure an in-depth risk review of all thresholds with ultimate review and sign off by our CEO of asset management.

In order to manage all this data, we utilize our own internal risk analytics engine called Newton. Newton utilizes the latest big data technology across over 22 million positions to process and facilitate in-depth risk analysis, monitoring, and reporting across all regions and products.

We are also prepared for when markets become volatile, like they did during the coronavirus crisis. We enacted a stress markets protocol, which allows for real-time, deep dive reviews utilizing an accelerated risk oversight process. During the height of volatility, a rapid response report was produced and reviewed daily, with both senior management and the investment teams, highlighting key metrics, including stress, liquidity, flows, and performance across all asset classes.

To sum it up, timely information, the right information, and the right people in place to make key decisions during this and any future market crises. We are proud of our risk management framework at JP Morgan, and I hope this gives you a flavor of the central role of risk management indeed plays at our firm.

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