The British Columbia Investment Management Corp. is appointing Michel Drolet as senior vice-president of corporate risk and chief audit executive.
In the role, he’ll lead the investment organization’s new corporate risk and audit department, which is mandated to improve risk awareness, responsiveness and decision-making. To preserve the independence of the internal audit function, Drolet will have a direct reporting relationship to both the chair of the BCI’s audit committee and to the chief operating officer Shauna Lukaitis.
According to a press release, Lukaitis said the new department is being developed to help align risk strategies throughout the organization. Drolet also indicated he’d be reconfiguring the organization’s approach. “By integrating risk, audit and control advisory functions, we can develop a more holistic view of organizational risk and deliver relevant and timely information for internal and external stakeholders.”
Most recently, Drolet was vice-president and group head of internal audit at Canaccord Genuity Group Inc. He joined the organization as an accountant in 2006.
In other news, the Canada Pension Plan Investment Board is changing its executive structure.
Following the departure of Neil Beaumont, who was senior managing director and chief financial and risk officer from 2016 to 2022, the position will be discontinued. Its functions will be dissolved into a chief risk officer position and a chief financial officer position.
In a press release, John Graham, chief executive officer, said the decision to divide the role was made to improve the institutional investor’s leadership, expertise and governance capabilities. “The time is right in the evolution of [the CPPIB] to have separate senior executives, dedicated to risk and to finance.”