Canada’s Federal Budget Renews Funding for Global Risk Institute
20 March 2019
$12.5 million commitment over 10 years supports research into risk management for the financial services sector
Toronto, March 20, 2019 – As part of its 2019 budget released yesterday, Canada’s federal government announced that it plans to renew its commitment to the Global Risk Institute (GRI) and increase its funding for the organization’s world-renowned work in developing applied research and education programs in risk management for the financial services sector, and in developing solutions to challenges that face the pension industry.
In keeping with its evidence-based approach to policy development, Budget 2019 proposes to provide $12.5 million over ten years to GRI to continue its work in developing new approaches to financial risk management. Budget 2019 also proposes to provide $150,000 over three years to the National Pension Hub, which was founded by GRI, to support pension research focused on improving retirement savings outcomes for Canadians and developing solutions to pension challenges.
“We are very grateful for the continued support of the Canadian government, which was one of the original founders and core architects of the Global Risk Institute when it was created in 2011,” said Tiff Macklem, Chair of the GRI Board of Directors.
In an increasingly complex, interconnected, and multi-polar world, sound risk management is more critical than ever. The support proposed in the federal budget, combined with the funding we receive from 33 other corporate and government members, will allow us to continue developing research-based risk management solutions for the financial services sector, and to enhance risk education for people working in the industry.
“I would like to thank the Canadian government for their vote of confidence in and ongoing support for the important work being done by our talented team at the Global Risk Institute,” said Sonia Baxendale, President and CEO of GRI.
With this support we can continue with our mission of being the premier organization that defines thought leadership in risk management for the financial services industry, in building risk capacity as a competitive advantage for Canada, and in bringing Canadian risk thinking to the world.
The Global Risk Institute is the leading forum for ideas, engagement and building capacity for the management of risks in financial services. We are a non-profit, public and private partnership with 34 government and corporate members from asset management, banking, insurance and pension management. In addition, the institute’s National Pension Hub, which serves as a Canadian centre for pension knowledge and research, has 19 members including major pension plans, accounting firms, consultancies and public corporations. GRI’s goal is to develop fresh perspectives on emerging risks, to engage members, and to enhance risk-management skills. Our activities support academics, corporations, policy makers and regulators. We take a global view of the risks facing the financial services industry from our base in Toronto, Canada.
David Moorcroft, Public Affairs Advisor,
Global Risk Institute in Financial Services