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
Chair, Global Risk Institute
Mark Hughes is the chair of the Global Risk Institute. He is also a member of the Board of Directors of UBS Group AG as well as the chair of 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. Mr. Hughes is also a Senior Advisor with McKinsey & Co associated with the risk practice and he is a frequent lecturer at Universities of Leeds and Manchester in England
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. Ms. Baxendale 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, Ms. Baxendale leads the premier risk management organization for the financial services industry globally.
In this role, Ms. Baxendale brings together leaders from industry, academia and government to focus on emerging risk management issues. The global pandemic has brought to the forefront a confluence of domestic and global concerns – geopolitical tensions, climate change, systemic racism, social and economic disparities. Under Ms. Baxendale’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 for Canada’s economic recovery.
In addition to her role with GRI, Ms. Baxendale is a Director on the Board of Laurentian Bank, Foresters Financial, RSA Group PLC, 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, Ms. Baxendale was President of CIBC Retail Markets where she led Retail and Wealth Management businesses. Ms. Baxendale 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, Ms. Baxendale held various positions with American Express Canada and Saatchi & Saatchi.
Ms. Baxendale 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.
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 the Corporate and Investment Bank. He was Chief Operating Officer for TD Securities and was also Head of Credit Risk for the Investment Bank and the Managing Director and Country Head, India, for TD.
He holds a Bachelor of Commerce with honours 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).
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.
He 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 to the Credit Benchmark alternative credit risk data solutions business. Prior to joining Goldman Sachs, Mr. Broderick worked at the Chase Manhattan Bank. Mr. Broderick 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.
Francine Champoux
Executive Vice President, Risk Management, Desjardins Group
Francine Champoux is Executive Vice President, Risk Management at Desjardins Group. She was appointed Chief Risk Officer of Desjardins in 2013. As part of her mandate, she is responsible for enterprise-wide risk management including credit, market, and operational risks. She is also responsible for implementing the Basel Accords, operationalizing risk management activities and supporting the caisses and business sectors in this regard.
Francine, who joined Desjardins Group in 1997, has held successive leadership positions in corporate banking, capital markets, and credit risk management.
Prior to joining Desjardins Group, she worked in a variety of business activities and management roles within the banking industry. She holds an MBA in Finance.
Michelle L Collins
President, Cambium LLC (Chicago, Illinois, U.S.A.)
Ms. Collins 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; she 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.
Ms. Collins is a member of the boards of Health Care Service Corporation, Ulta Beauty, Inc., Canadian Imperial Bank of Commerce, CIBC Bancorp US, Inc. and Strategic Marketing, Inc. She previously served on several other public and private company boards.
Ms. Collins 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, Black 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.
Julie Dickson
Director, Canadian Public Accountability Board, Canada’s audit firm regulator, and the Dubai Financial Services Board
Julie Dickson is currently a director of the Canadian Public Accountability Board, Canada’s audit firm regulator, and the Dubai Financial Services Board. From 2014 until 2017 she was a member of the European Central Bank’s Single Supervisory Mechanism, which supervises Europe’s largest banks.
Between 2007-2014, Julie was Superintendent of Financial Institutions, having joined OSFI in 2000. Prior to that Julie held various positions at Finance Canada over 15 years, focusing on financial institution policy.
Julie has represented Canada on the Basel Committee for Banking Supervision and the Financial Stability Board (FSB), and also chaired the FSB’s Supervisory Intensity and Effectiveness Committee. She has also been on the Boards of the Canada Deposit Insurance Corporation and the Toronto Leadership Centre. Julie is a recipient and member of the Order of Canada, having been recognized for her work related to financial supervision and regulation in Canada and globally
Dwight Duncan
Senior Strategic Advisor, McMillan LLP
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.
Graeme Hepworth
Chief Risk Officer, Royal Bank of Canada
As Chief Risk Officer, Graeme 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. He was appointed Chief Risk Officer in 2018.As Chief Risk Officer, Graeme 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. He was appointed Chief Risk Officer in 2018.
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 as 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.
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 as 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.
Naveed Irshad
President & CEO, Manulife Canada
Naveed Irshad is President & CEO, Manulife Canada, where he leads the implementation of the company’s growth strategy across the Canadian market.
He is a member of Manulife’s Executive Leadership Team. Mr. Irshad has almost 30 years of industry experience and has a deep understanding of the global life insurance industry. Most recently, Naveed was Global Head of Inforce Management and Head of our North American Legacy Business, where he led initiatives to release capital and reduce risk across the organization. Prior to that, Naveed rejoined Manulife in 2014, and was appointed as President & CEO, Manulife Singapore where he was responsible for the overall development of Manulife’s business operations in Singapore. This included key business segments – protection, retirement solutions, high net worth and wealth management – across a multi-channel distribution platform. Prior to this role, he spent three years in a key leadership position at a major global reinsurance company with a focus on business and product development globally.
Having initially joined Manulife in 1995, Naveed held a variety of business roles in Toronto and Boston. Just prior to leaving Manulife in 2011, he was the Senior Vice President, Product and Insurance Risk Management, responsible for new product and insurance risk, globally.
Naveed holds a B.Sc. in Actuarial Math from Concordia University. He is a Fellow of the Society of Actuaries (FSA) and of the Canadian Institute of Actuaries (FCIA), and is a Member of the American Academy of Actuaries (MAAA). He served as Deputy President, Life Insurance Association of Singapore; and is a Board Member of Ascend Canada (promoting Pan-Asian leadership).
Lynn Oldfield
President & Chief Executive Officer, AIG Insurance Company of Canada
As President and Chief Executive Officer, Lynn Oldfield leads AIG Insurance Company of Canada in executing the company’s vision to be its customers’ most valued insurer. Lynn joined AIG in 1991as an underwriting manager and since that time she has held a variety of management positions encompassing underwriting, client and broker relationship management as well as sales and marketing before assuming the role of President in 2008.
Lynn holds a Master of Business Administration from McMaster University and an Honours Bachelor of Business Administration degree from the Lazaridis School of Business and Economics at Wilfrid Laurier University. She has earned both her Fellow Chartered Insurance Professional (FCIP) and Canadian Risk Management (CRM) designations. Lynn is the inaugural recipient of Wilfrid Laurier University’s J. Alex Murray Alumni Award, the highest honour given by the Lazaridis School of Business & Economics in recognition of her leadership, initiative, and significant contribution to the business world, the community, and her alma mater.
In 2017, Lynn was awarded the Fellow of Distinction from the Insurance Institute of Canada. In 2015, Lynn was named one of twenty-five Women to Watch by Business Insurance magazine and one of thirty-five Women of Influence by Insurance Business Canada magazine. In 2014, she was the recipient of the Established Leader Award from the Chartered Insurance Professional Society.
Lynn holds board positions with AIG Insurance Company of Canada, the Laurier Campaign Cabinet to Build Canada’s Best Business School, the Insurance Institute of Canada (Chair in 2017/2018), and the Property and Casualty Insurance Compensation Corporation. Lynn also serves as a committee member of the Wilfrid Laurier University Audit and Compliance committee of the Board, and the Governance and Human Resources Committee of Property and Casualty Insurance Compensation Corporation Board. She is past chair of the Academic Council of the Insurance Institute of Canada.
Craig Pinnock
Chief Financial Officer, Northbridge Group and Chief Agent, Tokio Marine & Nichido Fire Insurance Co. Ltd. (Canadian Branch)
Craig Pinnock is the Chief Financial Officer of the Northbridge Group and the 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 and over his career served as the 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) 1998 to 2001.
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. Ms. Raitt’s current focus is on senior client coverage and business development with clients in the energy, infrastructure and industrial sectors, which align closely with her deep expertise.
Prior to her current role, Ms. Raitt 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, Ms. Raitt was the Deputy Leader of the Official
Opposition and the Conservative Party of Canada.
Ms. Raitt 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 Ms. Raitt was named a Woodrow Wilson Center Global Fellow of the Canada Institute.
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.
Michael is married and has three children.
Barbara Zvan
President and Chief Executive Officer, University Pension Plan Ontario (UPP)
Barbara Zvan is the Inaugural President and Chief Executive Officer of the University Pension Plan Ontario (UPP) and former Chief Risk and Strategy Officer for the Ontario Teachers’ Pension Plan. Recognized as a leading voice on sustainable investing and an ambassador for defined benefit pensions, Barbara is known for her efforts to bring institutional strength to complex challenges and forge new collaborative pathways for innovation and growth.
She serves on the boards of various global institutions and associations focused on pension management, risk and responsible investing, including the Global Risk Institute, Responsible Investment Association and the advisory board of the Institute of Sustainable Finance at the Smith School of Business. She was appointed to the Government of Canada’s Expert Panel on Sustainable Finance, is a member of the Advisory Committee for the new ‘Investing to Address Climate Change’ Charter and played a significant role in creating the G7 Investor Leadership Network.
Barbara is a Fellow of the Society of Actuaries and the Canadian Institute of Actuaries, a holder of the Institute of Corporate Directors designation (ICD.D) and has a Master of Mathematics degree from the University of Waterloo. She is an honouree of Canada’s 2020 Clean50 and Canada’s 2008 Top 40 Under 40.
She serves on the boards of various global institutions and associations focused on pension management, risk and responsible investing, including the Global Risk Institute, Responsible Investment Association and the advisory board of the Institute of Sustainable Finance at the Smith School of Business. She was appointed to the Government of Canada’s Expert Panel on Sustainable Finance, is a member of the Advisory Committee for the new ‘Investing to Address Climate Change’ Charter and played a significant role in creating the G7 Investor Leadership Network.
Barbara is a Fellow of the Society of Actuaries and the Canadian Institute of Actuaries, a holder of the Institute of Corporate Directors designation (ICD.D) and has a Master of Mathematics degree from the University of Waterloo. She is an honouree of Canada’s 2020 Clean50 and Canada’s 2008 Top 40 Under 40.