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Economic and cyber risk top the list while climate change jumps to third place and pandemic risk joins the list for the first time in fourth spot
TORONTO, Feb. 8, 2021 /CNW/ - Economic risk and cyber risk topped the list of challenges for the Canadian financial system in 2021, closely followed by climate change, the pandemic and credit risk, according to the GRI Risk Outlook, an annual survey of leading financial institutions that are members of the Global Risk Institute (GRI). Some of the top risks from prior years have been impacted and, in some cases, overshadowed by events brought about by the global pandemic, said Sonia Baxendale, President and Chief Executive Office of GRI. With that in mind, we added some new questions related to COVID-19 to gain insight into the impact of the pandemic on financial institutions and the Canadian financial system.