GovernanceGRI Board of Directors

The Global Risk Institute in Financial Services is a public/private partnership. Our Board includes representatives from the financial sector and the Federal Government of Canada. We seek to embed rigorous oversight and governance practices in our culture to earn and retain the trust of all our members and other partners.

Mark Hughes headshot

Mark Hughes

Chair, Global Risk Institute

Mark Hughes is Chair of GRI and a member of the Board of Directors of UBS Group AG, where he also chairs the Risk Committee. Previously, he was the Group Chief Risk Officer of Royal Bank of Canada and retired in 2018 after 37 years with RBC. He serves on the boards of a number of industry associations and not-for-profit organizations. Mark is also a Senior Advisor with McKinsey & Co associated with the risk practice and he is a frequent lecturer at the universities of Leeds and Manchester in England.

Jamey Hubbs

Vice Chair, Global Risk Institute

Between 2012 and 2022 Jamey held senior roles at the Office of the Superintendent of Financial Institutions (OSFI). His last role was as Vice Superintendent. In this role, Jamey supervised two new sectors. The first was the Policy Innovation and Stakeholder Affairs sector, which leads OSFI’s macro and micro-policy responses to the risk environment. It also manages approvals, compliance, and legislative interpretations, and leads OSFI communications, including a coordinated, strategic approach to stakeholder engagement. The second is the Strategy, Risk, and Governance sector.

Previously, Jamey was the Assistant Superintendent of the Deposit-Taking Supervision sector, where he was responsible for the supervision of some 150 federally regulated deposit-taking institutions.

Prior to joining OSFI Jamey had a banking career of over twenty-five years.  He held senior leadership roles, primarily focused on capital markets and investment banking, in both Toronto and London, England.  

Sonia Baxendale
President and Chief Executive Officer

Sonia Baxendale

President and Chief Executive Officer

Sonia Baxendale is a highly respected executive who has more than 20 years’ experience in senior leadership roles in the financial services industry. She serves on the Board of Directors for a number of Canadian and international corporate and not-for-profit organizations. As the President and CEO of GRI, Sonia leads the premier risk management organization for the financial services industry globally.

In this role, Sonia brings together leaders from industry, academia and government to focus on emerging risk management issues. The global economic, political and geopolitical environment is frought with uncertainty – geopolitical tensions, climate change, the proliferation of AI, systemic racism, social and economic disparities. Under Sonia’s leadership, GRI has stepped up to develop strategic research and education. She has brought together experts from across the country and the globe to focus on long-term, sustainable solutions to help ensure the future stability of the Canadian financial system.In addition to her role with GRI, Sonia is a Director on the board of Laurentian Bank, Foresters Financial, and The Bank of N.T. Butterfield & Son Limited. She is Chair of the Board of SickKids Foundation and a member of the Board of Trustees for the Hospital for Sick Children. 

Prior to joining GRI, Sonia was President of CIBC Retail Markets where she led Retail and Wealth Management businesses. She played a key role in developing strategy and direction for CIBC and held various leadership roles including Senior Executive Vice-President, CIBC Wealth Management, Executive Vice-President, Asset Management, Card Products and Collections, and Executive Vice-President of Global Private Banking and Investment Management Services. Prior to CIBC, Sonia held various positions with American Express Canada and Saatchi & Saatchi.

Sonia is a graduate of the University of Toronto, where she was named University of Toronto, Victoria College Alumni of Distinction in 2017. She was named one of the “Top 100 Most Powerful Women in Canada” for three years in a row and then joined the ranks of the Top 100 Hall of Fame in 2010. In 2000, she was recognized as one of Canada’s Top 40 Under 40.

Anton Avril

Antoine Avril

Executive Vice-President and Chief Risk Officer, Desjardins Group

Antoine Avril was appointed Executive Vice-President and Chief Risk Officer and a member of the Executive Management Committee for Desjardins Group in March 2023. As Chief Risk Officer for the Group, Antoine is responsible for group-wide integrated risk management, including strategic, operational and financial risks (credit, market, insurance).

Antoine joined Desjardins in 2010 and held leadership positions in both business lines and risk management.  Notably, he was Head of Loan Structuring and Syndications, Co-Head of Corporate Banking, Head of National Accounts and Real Estate Financing, and Chief Credit Officer. 

Prior to joining Desjardins, Antoine worked in Canada and Europe in a variety of capital markets and risk management roles within the banking industry.

Antoine holds a M.Sc. in Management and Regulation of Risk from the London School of Economics and Political Science and an MSG in Finance from Université Paris IX Dauphine

Ajai Bambawale headshot

Ajai Bambawale

Group Head and Chief Risk Officer, TD Bank Group

Ajai Bambawale is Group Head and Chief Risk Officer, TD Bank Group. In his role, he is accountable for oversight of risk management for TD’s global operations.

Previously, he served as Chief Risk Officer for TD Bank, America’s Most Convenient Bank. Prior to his U.S. appointment, Ajai was Vice Chair and Head of the Europe and Asia-Pacific Division, where he was responsible for overseeing the capital markets and banking activities of TD Securities in the region. 

Ajai’s career with TD spans more than 28 years and has included roles in the Commercial Bank, Risk and  Corporate and Investment Bank. He was Chief Operating Officer for TD Securities and was also Head of Credit Risk for the Investment Bank and Managing Director and Country Head, India, for TD.

He holds a Bachelor of Commerce with honors from Delhi University and a Master of Business Administration from Duke University. He has also attended the Advanced Risk Management Program at the Wharton School (2011).

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Claude Bergeron

Chair, MCAP Financial Corp. and Otéra Capital Inc

Claude Bergeron is Chair of MCAP Financial Corp. and Otéra Capital Inc. He is the former Chief Risk Officer (CRO) and Head of Depositor Relations for Caisse de dépôt et placement du Québec (CDPQ). He retired in 2023 from CDPQ after more than 35 years in various leadership roles, including 14 years as CRO and 20 years as Chief Legal Officer. Over this time the risk function was completely transformed and restructured. 

Claude was Chair and/or member of various executive management committees including the Investment Risk Committee. He played an important role in the Canadian ABCP market restructuring in the 2007–2008 financial crisis as a member of the Crawford Committee. He also serves on a number of advisory and risk committees for investment funds in the Province of Québec.

CDPQ has grown from $30 billion to over $400 billion since Claude took on a management role, and is today recognized as a global investment group in multiple diversified asset classes, in stewardship investing and targeting optimal long-term performance for the pension and insurance fund it is managing.

Claude was also a past member of CDPQ Infra, Noverco, Québecor and CHUM (University of Montréal hospital centre). He holds an International MBA, Financial Services and Insurance, from the Vlerick Leuven Gent Management School (Belgium) and the University of St. Gallen (Switzerland), and a Diploma  in Administrative Sciences (DSA) from HEC Montréal. He is a Licentiate in Law (LLL) from Université de Montréal and member of the Québec Bar. He was awarded Canada’s General Legal Counsel of the Year in 2009 by the National Post and ZSA, and received the 2007 Commerce-ZSA Québec Lifetime Achievement Award for excellence in his legal career.


William Bonnell

Executive Vice-President, Risk Management, National Bank

William Bonnell was appointed Executive Vice-President – Risk Management and a member of the Senior Leadership Team at National Bank in June 2012. As the Bank’s Chief Risk Officer, he leads the Risk Management and Compliance functions and oversees the management of financial and non-financial risks across the bank.

Since joining National Bank in 2001, William has held successive leadership positions in credit risk management, proprietary trading, and market risk management. Prior to joining the bank, he worked in Toronto, London, and Dublin in a variety of risk management, capital markets, and management roles within the banking industry.

Throughout his career, William has been actively engaged, sitting on various industry, academic, and non-profit boards. He is a member and past Chair of the Board of the International Financial Risk Institute (Geneva). He has also previously served as Chair of the Board of the Risk Management Association (Philadelphia), member of the Advisory Board of Rotman’s Master of Financial Risk Management program, and member of the Board of the Montreal Children’s Hospital Foundation.

William holds an MBA from the Schulich School of Business, a bachelor’s degree from Bishop’s University, and completed studies at EM Lyon Business School. He is a Chartered Financial Analyst (CFA) and holds the Financial Risk Manager (FRM) designation from the Global Association of Risk Professionals.

Craig Broderick headshot

Craig Broderick

Corporate Director

Craig Broderick presently serves on the Board of Directors of Bank of Montreal, which he joined in 2018. He retired from Goldman Sachs in January 2018 after 32 years, having served most recently as the firm’s Chief Risk Officer from 2008-2018, responsible for the firm’s credit, market, operational, model and independent liquidity risk, as well as insurance.

Craig was a member of GS’s Management Committee and Chair or Co-Chair of its most senior risk committees.  He remains affiliated with GS as a Senior Director. He also serves as a Director of RMG Group, and as a senior advisor to the Stone Point private equity firm, and the Credit Benchmark alternative credit risk data solutions business.  Prior to joining Goldman Sachs, Craig worked at the Chase Manhattan Bank.  He holds a BA (Econ) from The College of William and Mary in Virginia, and has been active with his alma mater including serving for eight years until 2017 as a Trustee, and as Chair of its Investment Committee. He is active in a variety of non-profit organizations.

Michelle Collins headshot

Michelle L Collins

President, Cambium LLC (Chicago, Illinois, U.S.A.)

Michelle Collins is a member of the boards of Ulta Beauty, Inc., Canadian Imperial Bank of Commerce, CIBC Bancorp US, Inc. and RSGHoldings, Inc.,and has served on several other public and private company boards. She is a member of the boards and executive committees of the Commercial Club of Chicago and the Economic Club of Chicago.

Professional affiliations include The Chicago Network, National Association of Corporate Directors and Global Risk Institute. She also serves on several non-profit boards, including Chicago Public Library Foundation, National Louis University and the Museum of Science and Industry.

Michelle is President of Cambium LLC, a business and financial advisory firm, since 2007. In 1997, she co-founded Svoboda, Collins LLC, a private equity firm, where she served as Managing Director from 1998 to 2006, and is now a member of the firm’s Advisory Board. From 1992 to 1997, she was a principal in the Corporate Finance Department at William Blair & Company, LLC, where she focused on specialty retail, direct-to-consumer and distribution businesses. 

Dwight Duncan headshot

Dwight Duncan

Senior Advisor Investor Relations Canada, Bernstein, Litowitz, Berger and Grossman

Dwight Duncan serves as a Senior Strategic Advisor at McMillan LLP, one of Canada’s largest and most respected full service law firms.  At McMillan, Mr. Duncan is, or has been engaged, by some of Canada’s largest and most influential pension funds, private equity firms, insurers and gaming companies.

Mr. Duncan currently serves on the Board of Travelers Insurance Canada, The Dominion General Insurance Company, Crown Crest Trust, The Global Risk Institute, the MS Society of Canada Scientific Research Foundation, the Management Advisory Board of the Odette School of Business at the University of Windsor, and is Chair of the Board of the Windsor Detroit Bridge Authority.

Prior to joining McMillan, Mr. Duncan had a distinguished career in public service that spanned close to 25 years. During his time as a Member of the Ontario Legislature he served as Deputy Premier, Minister of Finance, Chair of the Management Board of Cabinet, Chair of Cabinet, Government House Leader, Minister of Energy, Minister of Revenue, Minister of Government Services and Opposition House Leader. Mr. Duncan delivered six budgets and authored historic reforms to Ontario’s tax, pension, insurance, and energy regimes. He played a leadership role in formulating the Province’s response to the economic recession of 2008.

Jay-Ann Gilfoy

President & CEO, Meridian Credit Union,

Jay-Ann Gilfoy is the President & CEO of Meridian Credit Union, the largest credit union in Ontario, and second largest in Canada. She joined the company in January 2022, with a mandate to leverage Meridian’s unique value proposition to transform its business, achieve its winning aspirations, and secure its future as an inclusive, transparent and people-focused financial partner. 

In collaboration with the Board and senior management, Jay-Ann is responsible for articulating Meridian’s strategy, delivering on its purpose of helping members and customers achieve a better life, creating opportunities within the communities it serves, and generating sustainable business growth.

Jay-Ann’s leadership expertise in business transformation, environmental and social impact has been cultivated over more than 20 years as a senior executive in a broad range of roles and experiences in the private and public sector, and co-operative financial services.

Graeme Hepworth headshot

Graeme Hepworth

Chief Risk Officer, Royal Bank of Canada

Graeme Hepworth was appointed Chief Risk Officer of RBC in 2018. As Chief Risk Officer, he oversees the strategic management of risk on an enterprise-wide basis. He is a member of Group Executive, which sets the overall strategic direction of RBC.

Graeme joined RBC in 1997 as an analyst in Group Risk Management, focusing on foreign exchange products. In 2001, he took on the role of Vice President for GRM’s Portfolio Management team focused on loan portfolio risk analysis, economic capital and policy. Graeme moved to New York in 2004 to become Head of Market Risk for the Capital Markets trading businesses in the U.S. In 2011, Graeme moved to London to take on the role of Chief Risk Officer for Europe & Asia.

Most recently, Graeme was EVP, Retail & Commercial Credit Risk, where he led a number of teams that provide the primary risk management support to RBC’s Insurance, Wealth Management and Personal and Commercial Banking (P&CB) businesses.

Graeme is a qualified Chartered Financial Analyst and has a Masters in Mathematics from the University of Waterloo.

Lynn Oldfield headshot

Lynn Oldfield

Non-Executive Director, AIG Canada

Lynn Oldfield serves as Advisor and Non-Executive Director of AIG Insurance Company of Canada (AIG Canada). Lynn’s board participation includes GRI, where she chairs the HR Membership and Compensation Committee and the Arthritis Society of Canada.  Her previous board commitments include PACICC, GCIA, Insurance Institute of Canada and the Risk and Audit Committee of Wilfrid Laurier University.  

Prior to her retirement, Lynn held the position of President and Chief Executive Officer of AIG Canada from 2008 -2023. She joined AIG Canada in 1991 as a professional liability underwriting manager and held various leadership roles within financial lines, distribution, M&A practice, and risk finance.  

Craig Pinnock headshot

Craig Pinnock

Chief Financial Officer, Northbridge Group and Chief Agent, Tokio Marine & Nichido Fire Insurance Co. Ltd. (Canadian Branch)

Craig Pinnock is Chief Financial Officer of the Northbridge Group and Chief Agent for Tokio Marine & Nichido Fire Insurance Co. Ltd. (Canadian Branch). He was appointed to his CFO role in March of 2008 and to the Chief Agent role in October 2013.

Before joining Northbridge, Craig served in progressively senior finance roles within the Liberty Mutual Group over a 10-year period. During his time at Liberty, he served as Senior Vice President and Chief Financial Officer of Liberty Mutual Group’s Canadian Branches and as Global Head of Reinsurance Accounting and Administration for Liberty International Underwriters (Liberty’s specialty lines business unit). Prior to these positions, Craig served as Senior Vice President and Chief Financial Officer of Liberty International’s U.S. operations in New York. Earlier in his career, Craig spent 11 years with Ernst & Young in senior Audit, Tax, Systems Assurance and People & Culture related roles.

Craig is a Chartered Professional Accountant and holds a Commerce and Economics degree from The University of Toronto. Over his career he has served as Chair of the Insurance Bureau of Canada’s (“IBC”) Finance Standing Committed, served on many IBC committees and initiatives since 2013, participated as a speaker on many industry conferences, and served as Chairman of the Finance Committee & Treasurer, then President, of the Canadian Mental Health Association (Metro) from 1998 to 2001. 

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Hon. Lisa Raitt

Vice-Chair, Global Investment Banking, CIBC Capital Markets

The Honourable Lisa Raitt joined CIBC Capital Markets in January 2020, having previously worked in both the public and private sectors. Her current focus is on senior client coverage and business development with clients in the energy, infrastructure and industrial sectors, which aligns closely with her deep expertise.

Prior to her current role, Lisa was the President and CEO of the Toronto Port Authority. She was elected into the House of Commons in 2008, where she went on to hold three senior portfolios, serving as Minister of Natural Resources, Minister of Labour, and Minister of Transport. Most recently, she was Deputy Leader of the Official Opposition and the Conservative Party of Canada.

Lisa holds a Bachelor of Science degree from St. Francis Xavier University and a Master’s degree in Chemistry from the University of Guelph. She possesses an LL.B from Osgoode Hall Law School and was called to the Ontario bar in 1998. In 2020 she was named a Woodrow Wilson Center Global Fellow of the Canada Institute.

Halina von dem Hagen

Halina von dem Hagen

Chief Risk Officer, Manulife

Halina von dem Hagen is Chief Risk Officer at Manulife. In this role, she is responsible for the company’s global Risk Management organization, including the oversight of risks across the enterprise. She is also a member of the company’s Executive Leadership Team and Global Leadership Team. 

In her previous role as Manulife’s Global Treasurer and Head of Capital Management, Halina oversaw the capital position of the company’s global operations, ensuring prudent management at a group level and each jurisdiction where Manulife operates. She developed and executed global funding programs and managed relationships with rating agencies, banks, and fixed income investors. 

Halina joined Manulife in 2007 from Royal Bank of Canada where she spent 12 years in senior roles in the areas of treasury and risk management.

For her achievements, Halina received WXN Canada’s Top 100 Most Powerful Women award in 2017 in the Corporate Executives category. Her global expertise on capital matters was recognized through her selection in 2019 to the Insurance Policy Advisory Committee of the U.S. Federal Reserve Board.  

She holds a Ph.D. from the University of Toronto in International and Monetary Economics and is an alumna of Massey College.

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Michael Zerbs

Group Head, Technology & Operations, Scotiabank

As Group Head, Technology & Operations at Scotiabank, Michael has responsibility for the advancement of Scotiabank’s overall technology and global operations strategy while planning jointly the digital strategy. His mandate includes overall responsibility for Information Technology & Solutions (IT&S) and Global Operations.

Before joining Scotiabank in 2014 as Senior Vice President & Head, Risk Management Information Technology, Michael held senior positions in IT, including President and Chief Operating Officer at Algorithmics and Vice President, Risk Analytics at IBM. Most recently, he was Chief Technology Officer and prior to that appointment, Executive Vice President and Co-Head of Information Technology, Enterprise Technology. He was also instrumental in building Scotiabank’s initial digital blueprint and launching the Digital Factory.

Michael holds a Master of Science in Social and Economic Sciences in Commerce, a Master of Business Administration in Finance and a Doctorate of Philosophy in Economics. He currently serves on the Board of Directors of the Fields Institute for Research in Mathematical Sciences and on the Advisory Board of the Creative Destruction Lab through the University of Toronto’s Rotman School of Management.