Q1 | Torys Quarterly • Winter 2023
Canadian business outlook 2023

While many areas of Canada’s economy continue to demonstrate impressive growth and evolution, global instability is set to add complexity to business strategy in 2023. We look at what leaders can expect in the year ahead.


Market outlook

Despite broad economic challenges impacting valuations, financings, and overall activity, opportunities wait for companies armed with agility and the ability to adapt to the current market.

Despite the backdrop of volatility, the Canadian market appears set to remain comparatively steady, with attractive assets and a stable business environment … likely to have appeal for a wide range of investment risk profiles.
— Canadian M&A outlook 2023

Financial services

Regulators and the industry in Canada remain in hot pursuit of technology advances and policy frameworks are evolving to support them.

Stakeholders and consumers alike are excited to see Canadian developments in open banking. 2023 should yield pivotal developments in the implementation of open banking in Canada. This will provide clarity to industry members as to how open banking will impact their businesses and services.
— Open banking Canada: can we expect a launch this year?

Governance and risk

As ESG dominates many boardroom discussions, perennial governance concerns, such as executive compensation, and litigation risk, bring new developments and considerations to the table.

The state of the law in both [Canada and the U.S.] provides some assurance to organizations who seek to both assist law enforcement in fighting cyber criminals and protect their privileged information from broad disclosure.
— Legal privilege and law enforcement cooperation in cybersecurity incidents

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