GRI Summit 2025 Risk as Strategy: How CROs Drive Value in Uncertain Times

closeup of 4 presenters sitting on chairs with one speaking

Geopolitics, Housing, AI and Cybersecurity Top the CRO Agenda

This year’s CRO panel featured Shannon McGinnis, EVP & Deputy CRO at Scotiabank; Romy Bowers, CRO at the International Monetary Fund; Kelly Hepher, EVP & CRO at IGM Financial; and David Latour, EVP & CRO at La Caisse. Together, they tackled a wide spectrum of challenges facing risk leaders today, from geopolitics and housing vulnerabilities to AI, climate, and cybersecurity.

The CRO role is evolving, and panelists emphasized the need for broader skillsets, creativity in stress testing, and risk culture that empowers employees to speak up. Hepher described risk leaders as strategic partners, not naysayers, while Bowers highlighted the importance of taking the right risks. Although climate risk has lost emphasis globally, Hepher and Latour underscored its enduring importance as a driver of long-term performance. McGinnis was cautiously optimistic about risk management’s ability to successfully adapt to the changing risk environment.

Romy Bowers

Chief Risk Officer, International Monetary Fund

Ms. Romy Bowers was appointed Director, Office of Risk Management, International Monetary Fund in January 2024.  As the Chief Risk Officer of the Fund, she leads the IMF’s centralized risk management function, constituting the second line of defense in the Fund’s risk management, governance, and control architecture.

Ms. Bowers, a Canadian national, brings to the Fund more than 20 years of experience in both the public and private sectors. Prior to accepting her IMF role, she was the President and Chief Executive Officer of Canada Mortgage and Housing Corporation (CMHC)—a public agency managing over US$250 billion in assets—where her talent and skills in risk management were essential in safeguarding the agency’s balance sheet and in delivering Canada’s National Housing Strategy. Ms. Bowers has held a number of other key positions at CMHC over a span of nine years, beginning in 2015 as the agency’s Chief Risk Officer tasked with leading transformational change. She helped modernize CMHC’s risk management function, improve its risk management practices, and strengthen its risk culture.

Prior to the CMHC, Ms. Bowers had an impressive private sector career. She served as Managing Director and Head of US Operational Risk Management at the Bank of Montreal (BMO) Financial Group, the eighth largest financial institution in North America. She held other senior positions in finance and risk management during her 15 years at BMO. Among her many managerial successes, she was instrumental in developing and implementing strategic initiatives that enhanced BMO’s enterprise risk management, stress testing, organizational resilience, and operational risk management capabilities.

Ms. Bowers has an MBA in Finance from the University of Toronto, and a Master’s in Arts from McGill University in Canada. She has completed the Advanced Management Program at the Harvard Business School in Boston, Massachusetts.

Kelly Hepher

Executive Vice President and Chief Risk Officer, IGM Financial

Kelly Hepher was appointed Executive Vice President and Chief Risk Officer for IGM Financial Inc. on April 1, 2022. In this role, Kelly is responsible for overseeing the Risk, Corporate Sustainability and Internal Audit functions of IGM Financial Inc. and its subsidiaries: IG Wealth Management and Mackenzie Investments.

Kelly has extensive risk management experience in the Financial Services sector. Prior to joining IGM, Kelly held progressively senior positions, including Global Head of Operational Risk Management and Chief Risk Officer (Canada) at Great-West Lifeco.

Kelly holds a Bachelor of Arts degree in Human Sciences from Oxford University in England.

David Latour

Executive Vice President and Chief Risk Officer, La Caisse

As Executive Vice-President and Chief Risk Officer at La Caisse, David is responsible for ensuring sound management of risks related to investment strategy and operations. His duties include: developing investment policies and risk management frameworks; risk measurement; quantitative analysis and modelling; portfolio and transaction analysis, cross-functional risk assessment including technological and geopolitical risks; and implementing a strong risk management culture. He sits on the Executive Committee, co-chairs the Investment-Risk Committee and chairs the Operational Risk Committee. 

David has 20 years of experience in risk management and investing across various asset classes in both public and private markets. Prior to his current position, he was Managing Director, Strategy and Investment, Capital Solutions, where he helped develop a portfolio of private financing products, enabling La Caisse to enter new niche markets around the world.

Since joining La Caisse in 2009, David has held various credit, liquidity and counterparty risk management positions. From 2016 to 2020, he oversaw risk management for the Rates and Credit portfolios, which included portfolio construction and transaction analysis activities, as well as representing Risk Management on investment committees. In this role, David also chaired LaCaisse’s Credit Rating Committee.

Before joining La Caisse, David worked at RBC and GE Capital Canada. He obtained a Master’s in Finance from HEC Montréal, holds the FRM certification and is a CFA charterholder. 

Shannon McGinnis

Executive Vice President and Deputy Chief Risk Officer, Scotiabank

Shannon McGinnis was appointed Executive Vice President and Deputy Chief Risk Officer in May 2024. In this role, she leads the Retail, Commercial and Small Business credit risk teams globally, with oversight of credit practices and procedures for these portfolios.

Prior to joining Scotiabank, Shannon held progressively senior roles at another Canadian financial institution working in Commercial Banking, Commercial Credit Risk, Internal Audit, Marketing, Retail Risk Management and Non-Financial Risk Management. With over 25 years of experience, she is well-regarded for her success in leading critical enterprise initiatives, streamlining processes in collaboration with business partners, and enhancing capabilities in growing and emerging risk areas.

As a champion for diversity, equity and inclusion, Shannon is an advocate for women in leadership and people with disabilities, chairing various employee resource groups and committees in her career.

Shannon holds an Honours Bachelor of Business Administration from Wilfrid Laurier University’s School of Business and Economics, a Masters of Business Administration from York University’s Schulich School of Business and has completed the RMA/Wharton Advanced Risk Management Program at The Wharton School of the University of Pennsylvania. 

She is member of the Board for KidSport Ontario and previously served as a member of the Board of Directors for the Children’s Aid Foundation and the Global Risk Institute’s Sustainable Finance Advisory Committee.