After consistently breaching risk limits, CIO traders at JPMorgan Chase & Co. proposed a total overhaul of the VaR model in use at the time, claiming that the model was too conservative. A new VaR model was eventually developed. Which of the following statements is most likely correct?

A、 The new model was developed and by CIO traders in collaboration with the office of the Comptroller of Currency
B、 The new model resulted in risk numbers that were 50% higher than prior numbers
C、 The new model successfully corrected mathematical flaws present in the first model, which had produced highly overstated risk estimates.
D、 The new model was eventually revoked and the prior one reinstated.