Global Risk Institute in Financial Services (GRI) launches world-first program dedicated to board directors' risk oversight

-  New program is the first developed specifically for financial institutions

TORONTO, April 1, 2014 /CNW/ - The Global Risk Institute (GRI) today announced the launch of the world's first risk oversight and insight program for board directors following a successful pilot with board representatives from its member financial institutions.

Developed in conjunction with the Rotman Business School at the University of Toronto, the program is the first in the world to cover the key risk issues faced by financial institution board members. Run over two days, the program explores four themes, including the nature of effective risk oversight in practice; qualitative dimensions in risk management; integrating risk and strategic decisions, and how management behaviours and culture affect risk and return.

Dr. Michel Maila, President and CEO at GRI added, "This program is another example of the innovative thinking and responsible oversight we want to foster in the financial sector. Over two days, participants are challenged by world-class risk practitioners and educators to examine their assumptions about risk, and to look at management practices differently – all of which is a major part of GRI's raison d'etre," concluded Dr. Maila.

Carol Hansell, Founder of Hansell LLP and a GRI Board Member, said: "As a board member and advisor to boards for many years, I welcome the creation of this world-first program. The program will give company directors from a wide variety of diverse backgrounds a solid foundation in the oversight of financial risks, and is a long-overdue addition to the corporate governance landscape."

"Board directors have a crucial role in strategic oversight at financial institutions", said David Finnie, Managing Director, Education at GRI. "Part of our mission at GRI is to enhance the financial sector's understanding of risk, and this program starts at the very top of the organization, with board directors – those charged by shareholders with overseeing management's activities."

Initially available exclusively to GRI member financial institutions, the program will be offered on a bi-annual basis. Over time, GRI plans to extend the program to board directors at other institutions and in other locations around the world.

About the Global Risk Institute in Financial Services: Founded by representatives from Canada's private and public sectors, the Global Risk Institute in Financial Services enables financial institutions, policy-makers and regulators to better manage the balance between risk and opportunity. Its mandate is the provision of applied research and education programs that build risk capacity and stimulate evidence-based debate for all those engaged in risk management in the financial services sector around the world. Over the past year, GRI has concluded research agreements with the Universities of Toronto, Waterloo and Calgary; McMaster University, the International Centre for Pensions Management at the Rotman School of Management, Toronto and La Fondation du Risque/Institut Louis Bachelier in Paris, France. Researchers currently working on GRI projects are drawn from around Canada, the United States, the UK and Europe. In Risk Education, GRI works with leading educators and experienced professionals from across Canada and further afield to enhance skills and build risk management capacity.  www.globalriskinstitute.org

SOURCE: Global Risk Institute

James Wood, Managing Director, Communications, [email protected], Tel: [phone]