The Globe and Mail reports in its Tuesday edition Tiff Macklem, the former senior deputy governor of the Bank of Canada, has been appointed to Bank of Nova Scotia's board. The Globe's David Berman writes Mr. Macklem helped steer financial policy during the financial crisis until his departure in 2014, soon after he was passed over to succeed governor Mark Carney. He was appointed dean of the Rotman School of Management nearly a year ago. Last month, he was appointed chairman of the Global Risk Institute, where veteran banker Richard Nesbitt hangs his hat. While Mr. Macklem knows a lot about economics and the inner workings of central banking and government policy (he also worked at the Department of Finance), his thoughts on risk management may be where his hiring truly adds value at Scotiabank. Here's what he said in a 2013 Bank of Canada speech: "Risk is complex. Completing the reforms and then ensuring ongoing healthy vigilance requires investments in risk management by both the private sector and the public sector. Risk management is hard work. It can't be replaced by simplistic rules. There are no shortcuts. And risk does not take holidays -- it only hides."