Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) is releasing a
discussion paper on assurance expectations for capital, leverage and liquidity returns. OSFI applies a risk-based and principles-based approach to regulation and supervision, and is looking at ways to further improve the consistency, accuracy and timeliness of risk assessments in federally regulated insurers and deposit-taking institutions.
Given the increasing complexity arising from the evolving regulatory reporting framework due to International Financial Reporting Standards 17
Insurance Contracts and Basel III reforms, this initiative explores ways to enhance OSFI’s assurance over capital, leverage and liquidity returns. The discussion paper describes areas in which OSFI seeks to enhance and align existing assurance expectations, and aims to promote greater transparency and early engagement from stakeholders.
OSFI invites feedback from interested stakeholders to guide the development of enhanced assurance expectations in a subsequent draft guideline. Comments on the discussion paper and responses to discussion questions should be submitted to OSFI by email at
Assurance@osfi-bsif.gc.ca by June 18, 2021.
Ben Gully Assistant Superintendent Regulation Sector