This year’s CRO panel comprised Kathryn Fric from OTPP, Jean-Sébastien Grisé from National Bank and Halina von dem Hagen from Manulife. Together with moderator Nez Aquino, they engaged in a dynamic discussion on topics ranging from financial risk to interest rates to financial crime to climate change. The panelists, representing different segments of the industry, agreed on much, but also each brought a slightly different lens to the conversation, elevating the discussion and offering strategic insights for participants.

Asked what risk she dreads most, Kathryn asserted that while her job requires her to be concerned about everything, financial risks remain her primary focus. Jean-Sébastien noted that financial crime is also emerging as a big area of concern, and that he is seeing a shift away from frictionless customer experiences toward one that prioritizes customer protection through education. Halina acknowledged that while financial risk is still top-of-mind, there are well-established models for managing these. What concerns her most, however, are the risks that have yet to be considered.

Jean-Sébastien noted that the current high-interest environment has contributed to higher delinquency rates, particularly among younger Canadians who do not own homes. On the topic of climate, Kathryn and Halina both stressed that the green transition aligns with their organizations’ long-term investment strategies. Kathryn said that sustainable investments will outperform others over time, while Halina pointed out that regulatory and reputational risks are her biggest worry on the climate file.

Talking about risk culture and looking ahead to the key risks of the future, Jean-Sébastien refrained from speculating, but stressed the importance of building a learning organization capable of adapting to new and emerging risks. Kathryn expects AI to continue gaining prominence over the next few years, and hopes for greater clarity on AI regulation in that time. Both Halina and Kathryn emphasized the need to build organizations that encourage questions, and discourage groupthink.

Halina also highlighted the critical role of operational resilience going forward. Reflecting on her role as CRO, she shared an anecdote from her boss, who told her, “I want to run fast. Your job is to make sure I don’t break my leg.” An insightful way to describe the role of risk management.