Canadian Institute of Chartered Accountants praises creation of Global Risk
Institute

TORONTO, Sept. 13 /CNW/ - The Canadian Institute of Chartered Accountants (CICA) welcomes today's announcement of a Global Risk Institute in Financial Services (GRi) as a positive step toward further strengthening Canada's financial system.

"We applaud a concentrated focus on risk," says Kevin Dancey, FCA, president and CEO, CICA. "The global business world is becoming more complex with increasing government legislation and regulation, fast-changing markets, products and competition. These changes create both risks and opportunities. The CICA develops guidance and thought leadership on the management and oversight of risk for its members and other stakeholders. We welcome the cross-professional collaborative approach that is being embraced by the GRi."

The initiative was announced by the Governments of Canada and Ontario along with financial sector leaders. The Institute, to be located in Toronto, will be a world-class centre for research and training across multiple financial risk management and regulatory disciplines.

One aim of the GRi is to better position Toronto as one of the top financial centres in the world. It will build on the strong reputation of Canada's financial institutions and regulatory systems.

"Canada's banking and financial system is a beacon that others can follow to enhance positive change globally," says Dancey. "The establishment of a Global Risk Institute will only strengthen Canada's standing on the international stage."

The target launch date for the Institute is January 2011.

The Canadian Institute of Chartered Accountants (CICA), together with the provincial, territorial and Bermuda Institutes/Ordre of Chartered Accountants, represents a membership of approximately 77,000 CAs and 12,000 students in Canada and Bermuda. The CICA conducts research into current business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. It issues guidance on control and governance, publishes professional literature, develops continuing education programs and represents the CA profession nationally and internationally. CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).

For further information: or to arrange an interview, contact: Tobin Lambie, Manager, Media, CICA, [phone], [email protected], www.cica.ca