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Glossary

A


Actuarial Commercial & Industrial

Analysis and evaluation of property damage, theft, and business interruption or employee injuries.

Actuarial Life & Health

Analyze factors and evaluate risks associated with various incidents such as disability/dismemberment, sickness, injury, death.

Actuarial Property & Casualty

Analyze and evaluate potential risks by examining information from reports such as crime reports and statistics, weather reports and trends, geological and engineering surveys and reports in order to create risk models and determine premiums for property and casualty insurance policies.

Actuarial Science

The field of study that applies mathematics and statistics to the study of risk.

Actuaries

Predict the likelihood of these events occurring (or failing to occur) and the potential impact they would have on people or organizations.

Adjudicator

The reviewers and arbiters of their company’s decisions about whether to lend money to an individual or an organization.

Analysis

Conducting research and analyzing risk factors and potential implications.

B


Brokers

Agents who sell these products to individuals and organizations.

C


Commercial & Industrial Insurance

Covers a number of areas specific to organizations, such as property damage, theft and business interruption or employee injuries.

Compliance Officers

Benchmark and review an organization’s operations against corporate and industry regulations and policies to determine if the organization’s processes and/or transactions are in compliance with the applicable rules.

Credit Risk

The potential that a borrower will fail to meet his or her obligations.

Credit Risk2

The risk associated with lending money and the potential failure of clients to meet the terms and obligations surrounding those transactions.

E


Enactment

The execution and enforcement of risk policy and may include the monitoring, assessment and mitigation of risks, as well as development of risk models to evaluate different event scenarios.

Enterprise Risk Management

The overarching framework and approach an organization applies to optimize the process with which risks are taken and managed.

F


Financial Advisory, Planning

Roles are responsible for understanding the financial goals of their clients and coming up with the right investment strategy or financial management plan to help meet these needs.

Forensic and Fraud Specialist

Monitors and investigates financial transactions, business operations and documentation in order to identify, document, prevent and resolve fraudulent or criminal activities such as money laundering, credit card fraud, or terrorist financing.

Forensic and Fraud Specialist 2

Investigates financial transactions and document information and records in order to present evidence and testimony useable in a court of law. They can have a direct impact on the success of the business by deterring fraudulent activities through proper fraud controls or identifying and reporting of ongoing fraudulent activities.

I


Infrastructure

The underlying technology assets that an organization needs to make its technology applications function. This includes servers, desktop computers, mobile devices and telecommunication networks.

Infrastructure Engineer

Responsible for designing, developing and troubleshooting solutions for and maintaining the backbone of an organization’s technology platform.

Insurance Carrier

Company that issues the policy.

Insurance Risk

The risk of actual claims exceeding expected claims.

Insurance Underwriters

Work for companies that provide insurance services and provide insurance products to clients directly.

Insurance Underwriting

The fundamental process of reviewing insurance applications and deciding who and what to insure, for how much and under what conditions.

Internal Audit

Is the group of professionals that provide assurance to the Board of Directors that an organization is being well-managed and that their decisions are being followed. Essentially, they coordinate the audit coverage of the firm’s management of regulatory requirements, monitoring the adequacy and effectiveness of internal controls across both financial and non-financial risks.

Internal Auditor

Evaluates and reports on effectiveness of risk management, control and governance processes.

Investment Advisors

Work for clients who need help making direct investments in individual companies (also called “direct equity investment”).

L


Legal Risk

The risk of undesirable outcomes due to non-compliance to laws, regulations, standards or other legal requirements.

Life Insurance

A financial benefit assigned to a person’s family or other beneficiary in the event of the person’s death, and is typically designed to cover the costs of burial, funerals or other related costs.

Liquidity Risk

The risk of not being able to satisfy the demand for cash or funding obligations as they come due.

M


Market Risk

The risk of exposure to financial uncertainty/losses of trading or investment portfolios resulting from market fluctuations and volatility.

Market Risk 2

The risk of exposure to uncertainty in the economy and market.

O


Offshore Specialized Investment Advisors

Work for clients with an interest in holding some of their wealth outside Canada, often in geographies with advantageous tax policies (e.g., Cayman Islands).

Operational Risk

The risk of loss from inadequate compliance with internal processes, systems and people, or from external events.

Operational Risk 2

The risk that is inherent in an organization, due to the fact that processes, systems, business operations and people are imperfect.

P


Policy setting

Involves establishing risk policies that assess the risks that the organization is willing to accept to achieve its objectives and the strategies to deal with mitigating potential risks.

Portfolio Management

Develop the right mix of investments, primarily direct equities (e.g., stocks) or bonds to maximize investors’ gains. This requires a deep understanding of the level of risk involved with various investments and the short- and long-term investment goals of the portfolio.

Portfolio Management 2

Is the exciting field of structuring and managing a collection of investments with the purpose of maximizing the returns while minimizing the risks of loss.

Property Insurance

Is coverage against risks associated with any type of properties including fire, theft and damage.

R


Reputational Risk

The risk that a change in laws and regulations will materially impact a security, business, sector or market. A change in laws or regulations made by the government or a regulatory body can increase the costs of operating a business (e.g. Regulatory Capital - increases the capital a financial institution is required by regulators to keep), reduce the attractiveness of investment, and/or change the competitive landscape.

Risk Adjudication

The matching of the risk or potential for loss when lending money (i.e., issuing credit) with the organization’s need to be profitable.

Risk Analysis

The assessment of the impacts of risks through the analysis of historical data.

Risk Modelling

The development of mathematical models and scenario tests using sophisticated computer programs to analyze and predict risk impacts and implications of risk factors affecting the organization.

Risks

Events or situations which, if they occur (or fail to occur), would result in negative repercussions for a person or organization.

S


Specialized Investment Advisor

Refers to a broad range of roles that many financial institutions have in place for investors with specialized needs.

Specialized Investment Advisory 2

Complementary to financial advisory services, the focus is on providing clients specialized advice related to specific financial planning and investment needs such as will and estate planning, trusts establishment and management, direct equity investing (e.g., stock purchases), offshore banking, and other unique products and services.

Stress Test

Involves scenario analysis to see when conditions or metrics change, what effect this has on the outcome of the model.

System Developer

People who design and write software, and are responsible for integrating new systems into the existing set of systems.

Systems Developers

People who design and write business applications software. In general terms, a Systems Developer helps translate business needs into technology.

T


Trust and Estate Specialists

Work with clients to manage transferring wealth across generations.