EVP and Chief Risk Officer, La Caisse de Depot et Placement du Quebec
Claude Bergeron was appointed Executive Vice-President and Chief Risk Officer on November 1, 2010. In this capacity, Mr. Bergeron oversees the teams responsible for monitoring, measuring and analyzing risk at the Caisse. Mr. Bergeron has more than 20 years of experience with the Caisse where he has played a lead role in a number of major domestic and international files and investments. Over the course of his career, he has acquired a solid knowledge of both the public and the private sectors.
He joined the Caisse in 1988 as Senior Legal Adviser. He was subsequently assigned various functions and mandates for the Caisse’s investment sectors, subsidiaries and general services. He was promoted to Vice-President in 1993, Senior Vice-President, Legal Affairs, and Assistant Secretary in 2005, and Executive Vice-President, Legal Affairs and Secretariat, in June 2009. Between 2007 and 2009, Mr. Bergeron was instrumental in developing the plan to restructure third-party asset-backed commercial paper (ABCP). He became Acting Chief Risk Officer in August 2009. Under his leadership, the Caisse completed the implementation of an accelerated program to strengthen its risk management practices.
Mr. Bergeron is a member of the Québec Bar and the Canadian Bar Association. He holds a law degree from the Université de Montréal and a degree in business administration from HEC Montréal. He also studied accounting at the Université du Québec à Montréal. In 2009, he completed an international MBA program, specializing in financial services and insurance, co-administered by the Vlerick Leuven Gent Management School, in Belgium, and the University of St. Gallen, in Switzerland. In the spring of 2009, Mr. Bergeron was presented the Canadian General Counsel of the Year Award. In 2007, he received the Commerce-ZSA Québec Lifetime Achievement Award. He is a former member of several corporate Boards of Directors, such as those of Noverco and Quebecor Media.
Head of Research and Development, NATIXIS in France
Dr. Michel Crouhy is Head of Research and Development at NATIXIS Corporate and Investment Bank, a subsidiary of Groupe BPCE. He has the bankwide oversight on all quantitative research and the development of new products and applications supporting the trading and structuring businesses. He is also the founder and president of the NATIXIS Foundation for Quantitative Research, which promotes and supports academic research and world-class events in the area of mathematical finance.
Formerly, Dr. Crouhy was senior vice president, business analytic solutions, in the Risk Management Division, at the Canadian Imperial Bank of Commerce. He was responsible for the development of risk measurement methodologies and models for market, credit (corporate and retail), operational risk and economic capital attribution, as well as customer behavior analytics. His responsibilities also included the approval of all pricing, balance-sheet, risk and capital-related models. He was also in charge of the RAROC (economic capital attribution) and operational risk groups.
Prior to his career in the industry, Dr. Crouhy was a professor of finance at the HEC School of Management in Paris, where he was also the founder and director of the M.S. HEC in international finance, the first MS program in financial engineering. He has been a visiting professor at the Wharton School of the University of Pennsylvania and at the University of California, Los Angeles. Dr. Crouhy is a founding member of PRMIA (the Professional Risk Managers’ International Association) and a member of the PRMIA Blue Ribbon Panel, and a member of the Credit Risk Committee of the International Association of Financial Engineers (IAFE). He is the author and co-author of several books, the most recent ones being Risk Management (McGraw-Hill - 2001), The Essentials of Risk Management (second edition, McGraw-Hill - 2014); and he has published extensively in academic journals in the areas of banking, options, risk management and financial markets. He is also associate editor of several academic journals. Dr. Crouhy holds a PhD from the Wharton School of the University of Pennsylvania and has a Doctoris Honoris Causa from the University of Montreal.
Economist and Professor of Finance, Stanford University
Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford University's Graduate School of Business, and Professor (by courtesy) in the Department of Economics, Stanford University. He is a Fellow and member of the Council of the Econometric Society, a Research Fellow of the National Bureau of Economic Research, a Fellow of the American Academy of Arts and Sciences, and a member of the board of directors of Moody’s Corporation.
Dr. Duffie was the 2009 president of the American Finance Association, and in 2014 chaired the Financial Stability Board’s Market Participants Group on Reference Rate Reform. His recent books include How Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets (Princeton University Press, 2012).
Senior Vice President, Investment Risk, Strategy & Research, British Columbia Investment Management Corporation (bcIMC)
Stefan is head of Investment Strategy and Risk at bcIMC, which has $130bn in assets under management for various pension and insurance clients. He is also the a member of the investment committee at the Wellcome Trust, a medical research charity based in London with assets in excess of $30bn.
Previously, he was Chief Investment Officer at Coal Pension Investments and has worked at Deutsche Asset Management, Equitas Insurance, the Reserve Bank of New Zealand and HSBC. He studied economics and law at the University of Auckland and completed his masters in economics at the London School of Economics. He is also the Chair of the 300 Club, a group of investment professionals who publish discussion papers to improve investment governance and strategy.
Head, Intact Centre on Climate Adaptation, University of Waterloo
He is generally interviewed by TV/radio/newspapers 100-150 times per year, primarily on the subject of how to address climate change. He speaks regularly to governments (nationally / internationally) and industry sectors on the need and means to adjust to a changing climate. He is Chair, Federal Government of Canada Expert Panel on Climate Adaptation and Resilience Results. He is also Chair, Electricity Transmission and Distribution Adaptation Standard, Canadian Standards Association; he serves on other flood mitigation Standards committees for CSA. He is former Chair of Pollution Probe, and he was Chair/Founder of the Sustainable Electricity Program, Canadian Electricity Association. Blair was an NSERC Post-Doctoral Fellow (University of Waterloo); he holds a Ph.D, Theoretical and Applied Ecology (University of Toronto); M.Sc., Zoology (U of T); M.A., Sustainable Development (Wilfrid Laurier University); Hon. B.Sc., Geography.
Professor and Research Director, Columbia University
Paul Glasserman is the Jack R. Anderson Professor of Business at Columbia Business School, where he also heads the Risk Management Initiative within the Program for Financial Studies. In 2011-2012, he was on leave from Columbia, working full-time at the Office of Financial Research in the U.S. Treasury Department, where he currently serves as a part-time consultant. His work with the OFR has included research on stress testing, financial networks, systemic importance indicators, contingent capital, and counterparty risk. He has previously held visiting positions at the Federal Reserve Bank of New York, Princeton University, and NYU.
Prof. Glasserman is the author of the book Monte Carlo Methods in Financial Engineering, which received the INFORMS Lanchester Prize and the I-Sim Outstanding Publication Award. His other research recognitions include the Erlang Prize in applied probability, an IMS Medallion from the Institute of Mathematical Statistics, and Risk magazine’s Quant of the Year Award. Prof. Glasserman serves on the editorial boards of several academic journals and on the council of the Bachelier Finance Society.
He previously served as an independent director of two mutual fund complexes, and currently serves as a member of the risk committee of a swaps clearinghouse and on the board of a rating agency. He served as senior vice dean of Columbia Business School in 2004-2008 and was interim director of its Sanford C. Bernstein Center for Leadership and Ethics in 2005-2007. He earned an A.B. in mathematics from Princeton University and a Ph.D. in applied mathematics from Harvard University.
Mark Hughes is Corporate Director, and also a former executive at RBC. As Group Chief Risk Officer, Mr. Hughes oversaw the strategic management of risk on an enterprise-wide basis. He was a member of Group Executive, which sets the overall strategic direction of RBC, and was also a member of the RBC Group Operating Committee. He joined RBC in 1981 and was appointed Chief Risk Officer in 2014.
Since 1981, Mr. Hughes held progressively senior roles at the bank primarily in Corporate Banking and Global Credit and held a number of positions in RBC’s international offices including New York and London. Appointed as an executive officer of RBC in 1995, Mr. Hughes had responsibility for the bank’s public sector activities in Canada and was a member of the leadership team involved in the integration of the bank’s global corporate banking business into RBC Capital Markets.
Prior to being CRO, he was Executive Vice-President and Chief Operating Officer for RBC Capital Markets. Mr. Hughes serves on the boards of a number of industry associations and not-for-profit organizations including Global Risk Institute (GRI), International Financial Risk Institute (IFRI), and ParticipACTION. He also serves as a director of a number of RBC subsidiaries. Mr. Hughes received his MBA (Finance) from Manchester Business School and his LL.B from Leeds University in England. Mr. Hughes and his wife Anne have two children.
Professor of Derivatives and Risk Management, Rotman School of Management
John Hull is the Maple Financial Professor of Derivatives and Risk Management at the Joseph L. Rotman School of Management, University of Toronto. He is an internationally recognized authority on derivatives and risk management and has many publications in this area.
Dr. Hull is a respected researcher in the academic field of quantitative finance. He was, with Alan White, one of the winners of the Nikko-LOR research competition for his work on the Hull-White interest rate model, which is widely used by practitioners. In 1999 he was voted Financial Engineer of the Year by the International Association of Financial Engineers. He has acted as consultant to many North American, Japanese, and European financial institutions.
He has won many teaching awards, including University of Toronto's prestigious Northrop Frye award, He has written three books: “Risk Management and Financial Institutions” (now in its 4th edition), "Options, Futures, and Other Derivatives" (now in its 9th edition) and "Fundamentals of Futures and Options Markets" (now in its 9th edition). The books have been translated into many languages and are widely used in trading rooms throughout the world, as well as in the classroom. Dr. Hull is co-director of Rotman’s Master of Finance program and Rotman’s new Master of Financial Risk Management program. In addition to the University of Toronto, Dr. Hull has taught at York University, University of British Columbia, New York University, Cranfield University, and London Business School.
SVP, Risk Management, Swiss Re
Kathryn Hyland joined Swiss Reassurance Company Ltd in 2008 as Senior Vice President, Risk Management. In this capacity, she acts as risk leader for Life & Health Risk Management for the Americas region, working to closely align with the business organization in order to fully appreciate the risk landscape, and to co-ordinate closely with her risk management associates responsible for other lines of business and regions. She serves as Chief Risk Officer for Swiss Re Life & Health America, Swiss Re's U.S. Life & Health reinsurer.
She is also CRO for Swiss Re's Canadian operations, including both the Life & Health and Property & Casualty business written in Canada and the Caribbean through the Canadian branch of Swiss Re and also the direct Property & Casualty business written through the Canadian branch of Westport Insurance Corporation. Prior to joining Swiss Re, Kathryn Hyland was engaged in direct insurance and reinsurance management in Canada, Bermuda and the U.S., and she has provided insurance and investment consulting services to a variety of corporate clients. Kathryn Hyland holds a Bachelor of Mathematics in Actuarial Science and a Master of Mathematics in Applied Statistic, both from the University of Waterloo.
She is a Fellow of the Society of Actuaries and Canadian Institute of Actuaries, and a Member of the American Academy of Actuaries and a Certified Enterprise Risk Analyst. She has also earned the right to use the Chartered Financial Analyst designation.
Carol Ann Northcott
Chief Risk Officer, Bank of Canada
Carol Ann Northcott was appointed Chief Risk Officer (CRO), effective 2 January 2017. In this capacity, she works closely with management to identify and assess changes in the environment that could affect the level of risk faced by the Bank and to identify emerging risks. She brings to this role a deep understanding of the Bank’s oversight responsibilities, expertise in risk management related to payments systems and international standards, and a wealth of experience in financial economics and enterprise risk management and mitigation.
Ms. Northcott returned to the Bank at the time of her appointment following three years as Vice President and Chief Risk Officer of Payments Canada. During that time, she was responsible for the organization’s research unit and risk management program and led its security and business continuity plans.
Ms. Northcott first joined the Bank in 1999 and in 2005 became an Assistant Chief in the Financial Stability Department. She was a Director in that department from 2009 to 2013 and represented the Bank on international working groups responsible for developing risk standards for banks. Ms. Northcott holds a master’s degree in financial economics from the University of Toronto.
Chief Economist and Senior Vice President, Scotiabank
Jean-François Perrault joined Scotiabank on December 31, 2015 as Senior Vice-President and Chief Economist. He manages a team of Economists to support Scotiabank’s domestic and international business lines, providing Scotiabank's senior executives, partners and customers from retail to capital markets with economic perspectives, insights and forecasts.
Prior to joining Scotiabank, Jean-François held prominent roles with the federal government, the Bank of Canada, the International Monetary Fund and the World Bank. His educational background includes Master's and Bachelor's Degrees in Economics from the University of Ottawa.
Professor of Mathematical Finance, The Fields Institute, University of Toronto
Dan Rosen is currently a Visiting Researcher and the first Director of the Centre for Financial Industries at the Fields Institute for Research in Mathematical Sciences, as well as an Adjunct Professor of Mathematical Finance at the University of Toronto. Dr. Rosen was the co-founder and Chief Executive Officer of R2 Financial Technologies. A successful Risk and Portfolio Management Technology firm serving multi-asset hedge funds, asset managers, banks and regulators across the world, R2 was originally incubated at the Fields Institute, and then acquired by S&P Capital IQ in 2012, where Dr. Rosen served as the Managing Director for Risk and Analytics until 2015.
In addition to working with numerous financial institutions around the world, he lectures extensively on financial engineering, portfolio management, enterprise risk and capital management, credit risk and market risk, valuation of derivatives and structured finance. He has authored numerous risk management and financial engineering publications, including two books, and several patents, and serves in the editorial board of several industrial and academic journals, including Quantitative Finance, Journal of Risk Management in Financial Institutions, Journal of Credit Risk, and Esotocastica. Dr. Rosen was inducted in 2010 a Fellow of the Fields Institute for his “outstanding contributions to the Fields Institute, its programs, and to the Canadian mathematical community”.
He currently serves in the Board of Directors of the Fields Institute, as well as in the Advisory Boards of Canada’s Institute Innovation Platform (IIP), the International Association of Quantitative Finance (IAQF), and the Center for Advanced Financial Studies at the University of Waterloo. He is one of the founders of the Professional Risk Management International Association (PRMIA), where he served as regional director in Toronto, and of RiskLab, an international network of research centers in Financial Engineering and Risk Management, initiated at the University of Toronto. He was also a member of the Fitch Academic Advisory Board and the Oliver Wyman Institute. Prior to starting R2 in 2006, Dr. Rosen had a successful career over a decade at Algorithmics Inc., where he started in 1995 as a Financial Engineer, and lead the company’s financial engineering and research, strategy, products and marketing. As part of the senior management team, he was responsible for developing the strategic direction, as well as new products, business initiatives and alliances. He also led the research, design, positioning and application to industrial settings of analytical tools including: credit, market and operational risk; counterparty risk, economic and regulatory capital management; new insurance and asset management solutions; advanced simulation and portfolio optimization.
He holds an M.A.Sc. and PhD. in Chemical Engineering from the University of Toronto, and was a Post-Doctoral fellow and Research Associate at the Centre for Management of Technology and Entrepreneurship (CMTE). His B.A.Sc. is in Chemical Engineering from the Universidad Autonoma Metropolitana, in Mexico City, where he was also later awarded in 2015 the recognition of Distinguished Alumni.
Chief Risk and Strategy Officer, Ontario Teachers' Pension Plan
Barbara Zvan and her team provide liability and risk expertise focused on long‐term Total Fund investment strategy, risk management and the governance framework. Ms. Zvan and her team are also charged with ensuring the Plan is sustainable, and that the funding risk is aligned to the Board's Risk Appetite Statement.
Ms. Zvan joined Ontario Teachers' in 1995 as an assistant portfolio manager and has risen to positions of increasing authority. As Chief Risk & Strategy Officer, she leads the Strategy & Risk team in supporting the Plan Sponsors in plan design decisions and the Board in determining the appropriate benchmarks and risk appetite. Ms. Zvan and her team provide input and risk insights to the Investing teams and create an effective risk management framework to underpin it. In addition, Ms. Zvan drives the responsible investing and climate change risk management and strategy for the Fund and directs the Enterprise and Operational Risk Management approach for the organization.
Ms. Zvan is a Fellow of the Society of Actuaries and the Canadian Institute of Actuaries, and holds an M.Math from the University of Waterloo. Ms. Zvan serves as Chair of the International Centre of Pension Management (ICPM). She also serves on the boards of Cadillac Fairview, Global Risk Institute and the Canadian Coalition for Good Governance. She was honoured as one of Canada's 2008 Top 40 Under 40.