This year JP Morgan Chase posted record gains, but 2011’s highest paid CEO and one of Time magazine’s Top 100 influential people, Jamie Dimon, saw his bonus recently cut in half. Why? Because of the rogue trader Bruno Iksil so named by reporters “The London Whale.”

Though Dimon was not directly overseeing Iskil’s trading activities, he was still held liable by the board since it happened under his watch. This begs the question, what other risk factors are Dimon and other executives unaware of?

Recently we have seen executives willingly take on more risk than would be considered prudent. Regulatory reforms such as Dodd-Frank, Sox 404, Basel II and Basel III are being implemented in order to help put an end to an era of excessive risk taking. But even for executives who play by the books, there is still a world of hidden risk out there that might not be apparent at first glance.

With this in mind, one of the key first steps in lowering the overall risk taken on by executives is for them to be able to properly identify all the risk factors that are in effect. Here are two strategies that executives can implement in order to achieve a level of transparency in their control processes that not even a fish (much less a whale) could hide from.