The Global Risk Institute in Financial Services (GRI) today announced the appointment of Mr. Richard Nesbitt as its new president and CEO, effective May 1, 2015.

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This appointment follows Dr. Michel Maila’s decision to retire as president and CEO of GRI after three years’ service in the role.

Nesbitt is an adjunct professor of the Rotman School of Management, University of Toronto. In addition he is chair of the advisory board of the Mind Brain Behaviour Hive, University of Toronto.

He was chief operating officer, CIBC until he retired from that position in September 2014. In this role, he was responsible for the global operations of Wholesale Banking, Technology and Operations, Strategy and Corporate Development, CIBC’s International Operations, including CIBC FirstCaribbean International Bank, and Treasury.  Mr. Nesbitt joined CIBC in 2008 following his more than 20 years of experience in the securities industry.  

New chairman appointed

The company has also announced the appointment of its new chairman Tiff Macklem.

Prior to his GRI appointment, Tiff Macklem served as senior deputy governor of the Bank of Canada, alongside Mark Carney, sharing responsibility with the governor and four deputy governors for monetary policy and the Bank’s role in promoting financial stability. In that role, he was also the Bank’s chief operating officer and a member of its board of directors, overseeing strategic planning and coordinating the Bank’s operations.

Macklem has also played a leading role in efforts to ensure stable financial systems worldwide through the G20 and the Financial Stability Board.

Founded in the wake of the 2009 recession, GRI was formed to ensure that the mistakes of the financial crisis could be avoided in future. Former Governor of the Bank of Canada, Mark Carney, was one of the key players involved in paving the way for its formation.

It supports global research on financial issues to better educate multinationals and global banks on best practice with regards to financial risk. It has recently provided backing to Imperial College London and the University of Sussex to conduct in-depth research into correlation and liquidity risk as well as optimality.