Sonia Baxendale, President & CEO, Global Risk Institute

In this new age of economic localization there will be a major secular shift in markets, politics, and business models. In order to navigate risks presented to us in this new era, it is critical that businesses understand the major trends that are driving our economy, geopolitics and society, and their related impact. Global Business and Economic Analyst, Rana Foroohar will address recent political developments in the U.S. and reflect on the implications for North America’s economy and Canada’s financial sector.

In this conversation with our primary regulators we will discuss the key risks facing the financial sector.  We will hear from Peter Routledge, Superintendent, OSFI, Grant Vingoe, Chief Executive Officer, OSC and Mark White, Chief Executive Officer, FSRA. They will share with us how they are contributing to public confidence in the Canadian financial system – individually and collectively.  We will also discuss key topics including climate, data, AI and the current macroeconomic environment.

Post-Cold War international politics has reached a new level of disruption and uncertainty. Russia’s invasion of Ukraine, persistent conflict and instability in the Middle East, and strategic competition between the U.S. and China. In the U.S. economic protectionism, political discord, and threats of civil violence, are growing more severe. Geopolitical risks are on the rise. With the rising uncertainty in global politics, we will discuss how to assess and adapt risk management strategies in response to geopolitical conflict and identify where risk and opportunity lie. We look forward to an informative session with Janice Stein, Professor, Munk School of Global Affairs and Public Policy, University of Toronto.Post-Cold War international politics has reached a new level of disruption and uncertainty. Russia’s invasion of Ukraine, persistent conflict and instability in the Middle East, and strategic competition between the U.S. and China. In the U.S. economic protectionism, political discord, and threats of civil violence, are growing more severe. Geopolitical risks are on the rise. With the rising uncertainty in global politics, we will discuss how to assess and adapt risk management strategies in response to geopolitical conflict and identify where risk and opportunity lie. We look forward to an informative session with Janice Stein, Professor, Munk School of Global Affairs and Public Policy, University of Toronto.

Accelerating financial innovation in how we store value and transact with one another will transform global economies. Key among these is the impact of the further digitalization of money and the transaction ecosystem. Our panel will look at some of history’s major financial innovations and explore important lessons to be learned as we head into this new wave of transformation. Joining us: Mike Cook, Global Payments Leader, IBM, Jonas Gross, Chair Digital Euro Association, and Timothy Lane, Deputy Governor of the Bank of Canada (retired). We look forward to hearing their shared wisdom.

Session 1 – The Changing Landscape of Model Risk This session, moderated by Michael Stramaglia, Executive in Residence, Global Risk Institute, will explore the key forms, sources and mitigation strategies related to model risk in a financial institution context. We will hear from Geoffrey Hancock, SVP, Actuarial Pricing & Strategic Research, RGA, Romana Mizdrak, Managing Director of Risk Quantification, Office of the Superintendent of Financial Institutions and Dr. Alexander Shipilov, CEO, iModX – International Model Exchange. Risk management and AI-based applications will be key areas of focus.

Session 2 – Quantum Adoption: Cyber Risk Considerations Are you quantum ready? The encryption technologies that are securing Canada’s financial systems today, will one day become obsolete. The timeline to this happening is accelerating. Getting ready for Quantum Computing is key to protecting data which is essential to the stability of the Canadian financial sector. We will be joined by Dr. Atty Mashatan, Canada Research Chair and Associate Professor of Information Technology Management at Toronto Metropolitan University and Claudette McGowan, former Global Executive Officer for Cybersecurity, TD Canada. Moderated by Vanda Vicars, Chief Operating Officer, Global Risk Institute, this discussion will focus on how our financial institutions can prepare for implementing quantum-safe systems.

Session 3 – Digital Assets and the Future of Capital Markets Digital assets present opportunities and challenges for retail and institutional investors. Financial services have the potential to generate market efficiencies, such as reducing capital requirements for cross-border transactions. However, this new asset class presents uncertainty as to how these assets should be regulated and accounted for in our existing frameworks. Facilitated by Lois Tullo, Executive in Residence, Global Risk Institute, we will be joined by Andrew Kriegler, President and Chief Executive Officer, Investment Industry Regulatory Organization of Canada; Ryan Leopold, National Banking and Capital Markets Leader, PricewaterhouseCoopers; and Andreas Park, Professor of Business, University of Toronto.

Canadian financial institutions face increasing risks from around the world that impact their international and domestic businesses. Macroeconomic risk, rising inflation and interest rates, high commodity prices, and persistent supply chain disruptions pose new economic challenges. New trade-offs between energy security and net-zero commitments are being tested. A discussion among Chief Risk Officers – Suzanne Akers (AIMCo), Graeme Hepworth (RBC) and Rahim Hirji (Manulife). They will offer their perspectives on doing business during times of global uncertainty and share their strategies on organizational risk in these uncertain times and how it is impacting strategy. Discover how organizations can build operational resilience, no matter what the cause of disruption.Canadian financial institutions face increasing risks from around the world that impact their international and domestic businesses. Macroeconomic risk, rising inflation and interest rates, high commodity prices, and persistent supply chain disruptions pose new economic challenges. New trade-offs between energy security and net-zero commitments are being tested. A discussion among Chief Risk Officers – Suzanne Akers (AIMCo), Graeme Hepworth (RBC) and Rahim Hirji (Manulife). They will offer their perspectives on doing business during times of global uncertainty and share their strategies on organizational risk in these uncertain times and how it is impacting strategy. Discover how organizations can build operational resilience, no matter what the cause of disruption.

GRI is looking forward to hosting Tariq Fancy for a thought-provoking discussion on sustainable investing. In a fire-side chat with our President and CEO, Sonia Baxendale, we will explore challenges facing the financial sector. The former CIO of Sustainable Investing at BlackRock, Tariq questions the ability of the free market to meet current climate commitments and argues that ESG- labelled investments don’t deliver on their promises. Tariq will discuss the purpose and role of sustainable finance and how to navigate the path forward.

Mark Hughes, Chair, Global Risk Institute