JP Morgan Chase lost over six (6) billion dollars in high risk derivative trades in 2012. Although the bank's CEO (James Dimon) claimed that JP Morgan Chase did not gamble but does make mistakes, numerous managers and the "whale" involved in these trades either resigned or were fired. What steps could have JP Morgan Chase have taken to prevent these losses from ever occurring (if any)? Be concise in your response and cite at least one example of your recommendations effective use.