In a recent keynote speech at the C.D. Howe Institute, Ben Gully, Deputy Superintendent at the Office of the Superintendent of Financial Institutions (OSFI), highlighted the critical importance of effective risk governance in the face of a rapidly evolving and uncertain risk landscape.
Gully discussed the increased complexity and velocity of risks, driven by climate change, digitalization, and geopolitical tensions, which necessitate a shift from traditional risk management to more adaptive approaches. "As the risk environment we face continues to change and becomes more uncertain, boards truly are the institution's last line of defense," he said.
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