GRI’s Nez Aquino moderated a panel featuring key financial regulators including Jacqueline Friedland of OSFI, Blair Morrison of BCFSA, and Jordan Solway of FSRAO. They discussed system health, emphasizing the evolving risk landscape and regulatory responsibilities. The session addressed the significance of cultivating a strong risk culture amid growing complexities such as cybersecurity, third-party risk management, and climate-related challenges.

Friedland highlighted OSFI’s role in driving risk awareness and resilience, stressing agility over perfection in decision-making. Morrison emphasized that risk management must permeate all levels of an organization, from boardrooms to branch offices. Solway discussed the concept of a “risk-informed culture,” advocating for a proactive approach to anticipating and addressing emerging risks, such as AI and financial crises.

The panelists also touched on the balance between principle-based and prescriptive regulation, emphasizing proportionality and the importance of outcomes over strict rule adherence. They agreed that the pace of change requires adaptability and collaborative dialogue between regulators and institutions. Looking ahead, the panel identified key concerns, including the impact of climate change, macroeconomic uncertainties, and technological developments on the sector’s stability and public confidence. The session concluded with a call for ongoing collaboration and vigilance in the face of a rapidly evolving financial landscape.