Shadow banking entities in Australia "deserve particular attention", an assessment by Canada's Global Risk Institute has concluded.Lumped in alongside a widely-defined list of similar entitles from the US and China, Canada and UK, the Institute's study cited "growth and innovation in the sector, together with expanding risk appetite in certain areas, [as] heightening risks for the financial system."It's a leap in analysis by the GRI, at least in contrast with the benign views of the Reserve Bank of Australia. In its recent Financial Stability Review the RBA wrote that "at this stage, the shadow banking sector poses only limited risk to financial stability due to its small share of the financial system and minimal linkages with the regulated sector."The definition of shadow banks in the GRI report is broad, and includes non-bank entities "involved in credit intermediation [that] can operate like banks by borrowing, leveraging their balance sheets and providing credit." Marketplace lenders and fintechs make the grade, in GRI's view. For this set, it said, "growth trajectories have been significant."There is no explicit reference to Australian data but wider comments may be relevant, given the wave of investment in the platforms of SocietyOne and some other P2P lenders by deposit-taking entities.Providing funding for these lenders "exposes [investors] to higher risk levels without adequate understanding of the risks and downsidepossibilities," Sheila Judd, Executive at the GRI wrote.