Developing financial sector resilience in a digital world

Document Properties

  • Type of Publication: Letter
  • Date: September 15, 2020
  • To: Federally Regulated Financial Institutions (FRFIs)

OSFI is releasing a discussion paper on selected themes in technology and related risks. The strategic objective of OSFI's work in this area is to ensure that federally regulated financial institutions and pension plans are better prepared to identify and develop resilience to non-financial risks before they negatively affect their financial condition.

The discussion paper presents some of OSFI's recent work on a wide range of risks in technology. Cyber security, advanced analytics, and the technology third party ecosystem are the key focus areas. Operational risk and resilience and data risk are also addressed in relation to these focus areas. Ensuring the safety and soundness of institutions directs OSFI's work on the technology and related non-financial risks highlighted in the paper.

This paper also shares OSFI's preliminary direction on these key focus areas, and seeks stakeholder views to inform future prudential policy development. Feedback received from this consultation will influence future proposals in more detail. This approach to consultation aims to promote greater transparency and early engagement with stakeholders.

Stakeholders can comment on any aspect of the paper and respond to some or all of the discussion questions seeking specific input.

Comments on the discussion paper should be submitted to OSFI by email at Tech.Paper@osfi-bsif.gc.ca by December 15, 2020.

Yours truly,

Ben Gully
Assistant Superintendent
Regulation Sector