Global Risk Institute selects new President and CEO

Risk expert Michel Maila assumes new role

TORONTO, June 11, 2012 /CNW/ - A financial economist with over 30 years of Canadian and international experience has been chosen to lead the Toronto-based Global Risk Institute in Financial Services (GRI).  Dr. Michel G. Maila, a veteran of financial institutions in both the private and public sectors, is an ideal choice as President and Chief Executive Officer, said Paul Cantor, Chairman of the Board of Directors of the GRI, as he announced the decision today.  The appointment was effective June 1.

"Dr. Maila is highly regarded in the international circles where financial services sector risk issues are being discussed" said Mr. Cantor.  "He is well suited to building GRI's standing as a source of important research, to enhancing our understanding of risk issues and providing valuable insights to practitioners and policy-makers."

GRI has been established with the support of the Governments of Canada and Ontario and 17 leading firms and professional associations in Canada's financial services sector.  The Institute will pursue applied research and offer education across multiple risk management disciplines. It will help foster a deeper understanding of risk, and serve as a forum for dialogue between financial sector practitioners, policy-makers and regulators, and the academic community.

"The Institute will leverage Canada's strong record in the financial services sector, our reputation as effective risk managers and Toronto's highly skilled and diverse workforce," said Janet Ecker, President, Toronto Financial Services Alliance (TFSA), whose organization recommended the creation of GRI and facilitated its founding.  GRI and the TFSA will work closely together.

Dr. Maila served as Vice-President, Risk Management, at the International Finance Corporation (the Washington-based private sector arm of the World Bank Group) during the crucial period from 2007 to 2010.  Previously, he worked with BMO Financial Group for 22 years, rising to the position of Executive Vice-President and Head of Corporate Risk Management.  Before coming to Canada, Dr. Maila worked with Citibank and American Express, where he gained corporate and investment banking experience while based in Beirut, Athens, Dubai, Amman and London.

In December 2011, Dr. Maila was appointed to the International Advisory Board of the Stuttgart-based European Virtual Institute for Integrated Risk Management. He has also been a board member of the Geneva-based International Risk Governance Council and the Washington-based Institute of International Finance.  Dr. Maila has served as a Board Director for the following private sector companies: Argentina Private Development Trust Company (Buenos Aires); Grupo Financiero Bancomer (Mexico City); Canadian Advisory Board of Factory Mutual Global Insurance (Providence, RI); and Corporation Groupe Mercator Transport (Montreal, Quebec), the last as Chair of the Audit and Risk Committee.

Dr. Maila earned his Ph.D. in International Finance from the University of Chicago.

Brian Smith
[phone]
[email protected]