Introduction
We start 2022 in a very different position than 2021. Although not out of the woods from the pandemic yet, a path out is beginning to emerge. New threats like the Omicron variant, rising inflation, unprecedented government debt, and businesses competing for finite talent resources needed for their post pandemic strategic transformation are now taking precedence as we start the new year.
The Global Risk Institute (GRI) conducts an annual Risk Outlook Survey (the survey) that measures GRI member institutions’ perceptions of risk in the coming year. It provides important insights into how they view the outlook of the Canadian financial sector system and the global economies in which they operate. GRI’s members comprise the top financial institutions in Canada. The survey participants include banks, insurance companies, Crown corporations, government agencies, pension funds, and other asset managers. Respondents completed this year’s survey during December 2021 and January 2022.
This paper presents the results of the latest survey. Key findings on priority risk issues facing the Canadian financial system and its financial institutions are first discussed. It is followed by perceptions of our members on the global economic outlook. The report concludes with risk insights drawn from this year’s survey with which we aim to inspire our audience when thinking and planning forward.