Last month, we had the honour of launching the new . The event, held at theSmith School of Business’ downtown Toronto facility, was filled with over 100 of our peers and colleagues from academia, government, and the financial industry. We were pleased to have Toronto Finance International (TFI)’s support in communicating the importance of advancing sustainable finance expertise in Canada in the lead up to the event and we look forward to continuing to work with TFI to move the dialogue on sustainable finance forward.
Written by Scott Farrell - Senior Partner at King & Wood Mallesons, Co-chair of the Australian Government's FinTech Advisory Group and Leader of the Australian Government’s review into Open Banking
The law to establish the Consumer Data Right (CDR) has been passed by the Australian Parliament. The way is now clear for Open Banking to start in Australia, as the first implementation of the CDR. After so much work has gone into the development of CDR and Open Banking, Australian customers will soon have the right to ask for their data to be shared with others they choose to trust.
More on the House of Commons report: Cybersecurity in the Financial Sector as a National Security Issue.
In June 2019, the Canadian House of Commons delivered a Report of the Standing Committee on Public Safety and National Security, entitled, Cybersecurity in the Financial Sector as a National Security Issue.
The cybersecurity skills shortfall was addressed in the report, with insights from other jurisdictions (Australia and Israel) and some samples of good work being done in Canada to help alleviate the cyber skills shortage. Toronto Finance International’s (TFI’s) own report, The changing faces of cybersecurity: Closing the cyber risk gap, completed in partnership with Deloitte, was referenced, as a source to quantify the magnitude of the skills shortage. Our research indicates that Canada will need to fill 8,000 cybersecurity roles between 2016 and 2021.
For decades, the appeal of working abroad and career advancement goals have lured some of Canada’s top homegrown financial services talent to global financial centres such as New York, London and Hong Kong. At the same time, Toronto has been attracting talent from around the world who want to contribute to, and benefit from its vibrant, growing financial services and fintech ecosystem, and experience the high quality of life that it offers.
Increasingly, HR leaders are being tasked with building their organization’s future workforce – one with the skills needed to effectively leverage rapid advancements in technology, to propel their business forward in today’s progressively competitive environment.
What is Sustainable Finance?
Sustainable Finance can be defined as capital flows, risk management activities, and financial processes that assimilate environmental and social factors as a means of promoting sustainable economic growth and the long-term stability of the financial system.
Source: TFI Newsletter February 2019 Edition
TFI launched The ASPIRE Challenge in October 2018; a competitive, industry-led innovation challenge designed to attract 2nd year post-secondary students to Financial Services and showcase innovation within the sector. The Challenge was built to incorporate meaningful employer interaction and feedback into every stage, providing all participants with solid work-integrated learning (WIL) experience and increasing the number of WIL opportunities available to students within the GTA.
Source: TFI Newsletter December 2018 Edition
Rotman School of Management, in partnership with TD Bank, are working to develop a Financial Acumen Development Program for Women. This program will complement Rotman’s many programs within its Initiative for Women in Business, which has been committed to strengthening the female talent pipeline since 2008. The purpose of this Financial Acumen Development Program is to help women working in Canada’s Financial industry improve their Analytical Thinking and Financial Acumen Skills.
Source: TFI Newsletter November 2018 Edition
Work-integrated learning (WIL) – an unfamiliar phrase to most of us, is a term meant to modernize and broaden the definition of student work experience beyond traditional examples such as co-ops and internships. Given its potential to positively impact the level of work readiness and employability among our student population across Canada, it’s no wonder that the concept of WIL is growing in popularity among post-secondary educators, employer talent acquisition teams and government officials alike. In fact, governments at all levels are proactively investing in WIL, to support students’ transition to the workplace. One example of this progressive support is the federal government’s $2M+ investment earlier this year in expanding ASPIRE, a sector-wide, student WIL initiative led by Toronto Finance International. ASPIRE’s goal is the creation of 10,000 new WIL opportunities in financial services by the end of 2020.
Source: TFI Newsletter November 2018 Edition
The Canadian government recently released its immigration levels plan for 2019 to 2021, aimed at increasing permanent residents to Canada, with a focus on spurring economic innovation.
Toronto employs almost 400,000 professionals in the Financial Services Industry; making it Canada’s largest financial centre, and the second largest financial center in North America. Financial Services (FS) professionals work in the country’s well-established banking institutions, as well as in securities and investment, insurance, fund management and technology companies. While the FS industry has been actively developing this talent domestically, having world-class talent means attracting many professionals from abroad. The FS industry in Toronto has had to innovate to attract, develop and retain top talent to sustain its competitive advantage, among other global financial hubs.