Get to know Catharine Dutt

What led/enticed you to the financial services industry? 

My career started in the financial services industry with University of Waterloo co-op terms in the life insurance and mutual fund sectors. Having the opportunity through university to learn from industry leaders was invaluable and my career took me to a Big Four accounting firm where I specialized in financial services – particularly banking, insurance and investment dealers for over a decade. My experience and specialization equipped me well to move on to work with the largest bank in Canada for another decade.

What inspired you to focus on internal audit and risk management services?

I worked with very large financial services clients in an external audit capacity during a time when risk and internal controls were becoming part of the conversation – the dialogue was moving from “what happened” to “what could happen” and “how it could be prevented.” Guiding the bank’s global internal audit team through strategic innovations while meeting regulatory expectations put the focus squarely on “how” – continuing to move forward while building on what we learn from the past. Whether we are talking about a smaller entity and team or the largest enterprise with multiple lines of defence, risk management and a risk and controls mindset have an important role in helping organizations build, sustain and grow.

What interested you in joining MNP?

For many in the chartered accountancy field, entire careers are made in a professional services firm or maybe a move to industry changes your path. For me, I had the opportunity to work for several years in each, and the chance to take the best of both worlds back into risk consulting with MNP is exciting. It allows me to empathize with clients in a different way – having owned the issues as an executive in industry enables me to uniquely connect with clients now facing similar issues. Working with MNP allows me to add my perspective to a diverse team of professionals who work across the country but operate like they are right beside you.

What are the key challenges financial institutions are facing today?

Financial institutions – not unlike other industries – are subject to high stakeholder accountability, be it to governance bodies, shareholders, regulators, or employees. What can be unique for financial institutions is navigating through complex, perhaps conflicting expectations, while entrusted with hard-earned customer assets. A challenge for financial institutions, no matter the size, is balancing operational success, risk management, social responsibility, employee satisfaction, and regulatory confidence without overbuilding, underserving or becoming inwardly focused.

What do you like to do when you’re not in the office? 

In this current hybrid work environment, I’m often still ‘out’ of the office. That is just the way for now … but in my real spare time, I enjoy golfing in the summer, watching football in the winter and Formula 1 any time of the year!