OSFI releases fall update to Annual Risk Outlook for 2023-2024

News release - Ottawa -

Today, OSFI released its fall update to the April publication of its 2023-2024 Annual Risk Outlook. This semi-annual update prioritizes the most significant risks facing Canada’s financial system. It also provides an overview of its near-term guidance priorities for federally regulated financial institutions and federally regulated pension plans.

While the nine financial system risks previously identified remain, this update notes a continuing shift in the risk environment. In particular, it highlights the impact of elevated inflation and signs of weakening credit quality, particularly in the commercial real estate market.

As the risk environment for Canadian financial system changes, OSFI will be transparent about the actions it takes in response.

“With the fall update to our Annual Risk Outlook, we provide federally-regulated financial institutions both OSFI’s updated assessment of the risk environment and our intended responses. Our aim is to identify financial system risks and take action to mitigate them in order to contribute to Canadians’ confidence in our financial system.”

- Peter Routledge, Superintendent of Financial Institutions

Quick facts

  • The Annual Risk Outlook is published once a year in April.
  • If risks in the financial system substantially evolve, an update may be published in the fall.
  • These dates are published on our website at the start of every year.

Contacts

OSFI – Media Relations

Media-Medias@osfi-bsif.gc.ca

343-550-9373