Bank risk manager of the year: Deutsche Bank

As markets became increasingly jittery in October, Deutsche Bank chose to rein in its exposure - slashing value-at-risk by more than $30 million in three days and demonstrating the benefits of an increasingly liquid portfolio

Stuart Lewis, Deutsche Bank

One of the challenges facing all big banks is how to devolve risk-taking authority to hundreds of trading desks dotted around the world, while still being able to cut exposure quickly. The oil tanker metaphor is often used – it takes a while for these big, complex organisations to change course.

For much of last year, there was little need to put those capabilities to the test. That changed in the middle of October, when mounting losses on a series of bad bets forced hedge funds to mechanically