The Global Risk Institute was created by the collaborative efforts of public and private entities, including the Canadian and Ontario governments; Canada’s leading financial companies; major universities; and several professional service firms and organizations with members working in or for the financial services sector.
The Toronto Financial Services Alliance commissioned a study in 2009 to identify strategies that would enhance Toronto’s position as a world-class centre in financial services. The ‘Partnership and Action’ study recommended a plan with nine building blocks, the first four constituting the creation of “global hubs” that would take advantage of the region’s strengths in financial services; investment and trading in commodity categories; retirement financing and asset management; and the growth of skilled activity clusters. There was compelling evidence to create a global hub in financial services. The proposal was endorsed by the Financial Services Leadership Council and a Working Group transformed the recommendation into an action plan to develop the Global Risk Institute in Financial Services. The most senior executives and officials were personally involved, motivated by their collective understanding that the success of Canada’s financial system could not be taken for granted. Government and business joined in committing to long-term financial support for the initiative.
When the new organization applied for letters patent as a federal, non-share corporation it stated its mission:
“The purpose of the Global Risk Institute is the continuous improvement of the financial services sector through applied research into the integrative management of risks, the advancement of risk education, professional development for practitioners, executives and boards, and the ongoing examination of the mutual interests of the financial services sector and public policy makers.”
The Global Risk Institute was incorporated on January 1st 2011 and operates from offices in the financial district of Toronto.