The Global Risk Institute (GRI) announced that president and CEO Sonia Baxendale (pictured) intends to step down after almost eight years in the role. She will remain in post until a successor is appointed, with the board launching an external search and stating that GRI’s strategy, programs, and stakeholder engagement will continue uninterrupted.
The change at the Toronto-based think tank and member organization comes as its work is increasingly relevant to insurers grappling with systemic and emerging risks. Baxendale said GRI is “a strong and stable organization, with a clear mission, a committed membership, and excellent momentum,” and described this as “the right time for a thoughtful leadership transition.”
Founded in 2011 as a public‑private partnership between the federal and Ontario governments and leading Canadian financial institutions, GRI has evolved into a cross‑sector hub for risk research and dialogue. Its membership now spans major banks, P&C and life insurers, pension funds, asset managers, and public bodies, and it works closely with the Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI) through research, education, and events.
Under Baxendale’s leadership, GRI has shifted from a primarily post‑financial‑crisis focus to a broader agenda covering climate and catastrophe risk, cyber and technology risk, AI and model risk, geopolitical shocks, and financial stability. Its 2026 Canadian Financial Services Risk Outlook Survey, based on input from chief risk officers across banking, insurance, and pensions, found geopolitical instability, macroeconomic volatility, and technology risk (including AI and cyber) ranked as the top near‑ and medium‑term threats to the sector.
GRI has also been closely involved in OSFI’s Financial Industry Forum on Artificial Intelligence (FIFAI), co‑sponsoring workshops that fed into the regulator’s recent paper on AI risks and opportunities. That work helped develop an “AGILE” framework for Canadian financial institutions, emphasizing governance, accountability, and explainability in AI deployment – all issues that are increasingly live for insurers as they scale AI in underwriting, claims, and distribution.
The leadership transition comes as insurers face a cluster of interconnected risks that GRI has been actively examining.
Global surveys continue to place cyber, AI, and climate‑related risks near the top of corporate risk agendas. Recent studies have ranked cyber as the top global business risk for 2026, ahead of AI, business interruption, and natural catastrophes, while emerging risk surveys highlight financial volatility, geo‑economic shifts, AI, and climate change as key concerns for financial institutions.
In Canada, consulting firm outlooks noted that while many carriers have piloted AI tools, only a minority report AI being scaled across their operations, and regulators are signaling closer scrutiny of explainability, data governance, and model risk. The challenge for Canadian insurers is shifting from experimentation to scaling AI in ways that maintain transparency and trust.
GRI’s research and convening work – on AI governance with OSFI, climate and flood risk, quantum cyber, and operational resilience – sits squarely in these areas. Its 2025 summit, for example, brought together CROs from Canadian P&C and life insurers, banks, and pension plans to discuss climate, cyber, and systemic risk, including sessions on property flood exposure, secondary perils, and the transmission of climate losses across banking and insurance balance sheets.
“Sonia has led GRI with clarity of purpose, integrity, and a deep commitment to advancing risk understanding within Canada’s financial system,” said William Bonnell, chair of GRI’s board. “Under her leadership, GRI strengthened its reputation as a trusted, independent forum for senior financial leaders, policymakers, and regulators. The Board is grateful for her contributions and is confident in the organization’s strong position moving forward.”
