OSFI issues final Guideline B-15 and responds to consultation feedback

Information
Publication type
Letter
Date
Sector
Banks,
Life Insurance and Fraternal Companies,
Property and Casualty Companies,
Trust and Loan Companies
Table of contents

Today, the Office of the Superintendent of Financial Institutions (OSFI) publishes final Guideline B-15 – Climate Risk Management, and its responses to draft Guideline B-15 consultation feedback.

Guideline B-15 sets out expectations for the sound management of climate-related risks for federally regulated financial institutions (FRFIs). The Guideline should be read, and implemented, from a risk-based perspective that allows the FRFI to compete effectively while managing its climate-related risks prudently.

Guideline B-15 will be effective fiscal year-end 2024 for Domestic Systemically Important Banks and Internationally Active Insurance Groups headquartered in Canada, and fiscal year-end 2025 for all other in-scope FRFIs. This transition period provides FRFIs sufficient time to self-assess and ensure their compliance with this new guideline. In the coming months, OSFI will issue a questionnaire to FRFIs to report on their climate risk management readiness.