Canadian and provincial governments put up $20 million to help launch Global Risk Institute in 2011

Canada’s federal and provincial governments are providing a total of $20 million towards the planned 2011 launch of the Global Risk Institute in Financial Services (GRi) in Toronto.
The institute has links with four Canadian universities — Queen’s University, University of Toronto, University of Western Ontario and the University of Waterloo — as well as recognized risk experts around the world.
The institute is intended to provide integrative applied research and education across multiple risk management disciplines.
In addition to the government funding noted above, private sector donors have made initial pledges of approximately $2.5 million annually to the GRi.
Private donors include the Insurance Bureau of Canada, Intact Financial Corporation, AGF Management Limited, Bank of Montreal, Canadian Imperial Bank of Commerce, Canadian Institute of Actuaries, Canada Pension Plan Investment Board, Deloitte, Mackenzie Financial, Manulife Financial, Ontario Municipal Employees Retirement System, Ontario Teachers’ Pension Plan, Royal Bank of Canada, Scotiabank, Sunlife Financial and TD Bank Financial Group.
“The institute will leverage Canada’s strong financial record and reinforce our financial sector brand,” Jim Flaherty, Canada’s minister of finance, said in a press release announcing the government funding. “The Government of Canada is committed to building on the strengths of our financial system.
“We have been a world leader throughout the global financial crisis, and initiatives like the one being launched today will only add to our international reputation.”
The institute is the first initiative resulting from a comprehensive financial services sector strategy designed to attract new jobs and investment.
The strategy, initiated by the Toronto Financial Services Alliance and unveiled in November 2009, is to support the sector’s competitiveness and growth in Toronto.
The Financial Services Leadership Council, a newly created body designed to oversee implementation of the strategy, includes the CEOs of 15 major financial companies in Toronto and representatives from the governments of Canada, Ontario and the City of Toronto.