News & Events

On December 10, 2012, Chrystia Freeland, Global Editor at Thomson Reuters Digital, participated as the rapporteur at the Global Risk Institute's conference on systemic risk. Chrystia’s December 13 blog posting, made several references to the conference.
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Risk management in the financial sector is something Canadians are good at. It's also an area where most of the world needs some help. Listed Magazine spoke to Paul Cantor, Chair of the Board of the Directors of the Global Risk Institute, a new Canadian-based research centre for the financial services sector that intends to lead the way in disseminating that expertise.
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The Office of the Superintendent of Financial Institutions (OSFI) recently made draft revisions to its Corporate Governance Guideline, which applies to all federally regulated financial institutions. Canadian Insurance Top Broker spoke to Michel Maila, president and CEO of the Global Risk Institute, about what these changes mean and why they were necessary.
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Conceived in the aftermath of the financial crisis, the Global Risk Institute in Financial Services was seen as a way for Canada to take advantage of its reputation as home of the world’s strongest banking system. If it’s taken somewhat longer than expected to get the Toronto-based operation up and running, officials say that’s because it takes time to do things properly, especially in the area of risk management. The Global Risk Institute on Monday took another step forward, announcing a successful conclusion to its search for a chief executive.
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An economist who spent more than two decades in various roles at Bank of Montreal has been chosen to head up the Toronto-based Global Risk Institute in Financial Services.
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Canadian financial institions face another year of adapting their business models to keep pace with new rules by the Ontario Securities Commission for OTC derivatives and possible new methods by the commission to enhance enforcement and self reporting.
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New market regulations have confused and stymied pension funds and other investors, said Jim Leech, chief executive officer of the Ontario Teachers’ Pension Plan.
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The rules around what what qualifies as too-big-to-fail are still not finalized and there is “some concern” that pension plans and even some sovereign wealth funds that could end up with the designation, said the head of the Ontario Teachers’ Pension Plan.
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It is now almost three years since the financial crisis went viral in the autumn of 2008 and threatened a complete meltdown of the global financial system. Thanks to the bold and concerted actions of G-20 nations, the financial system was stabilized and an economic depression avoided. But the fallout was nonetheless severe-the worst global recession since the Great Depression, with almost 28 million jobs lost worldwide. And we continue to struggle with the aftershocks of the crisis.
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Risk is now the word on everyone’s lips. This did not happen all at once, of course, and its path to the foreground was much like that of a business that becomes an overnight success after many years of hard work. But risk is at the heart of every decision and understanding it suddenly became absolutely essential when credit disappeared from the economies of the developed world in August 2007.
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With its reputation for prudent banking now unshakeable, Canada is moving to maintain its edge in the financial sector with the creation of a global risk management institute.
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