Climate Risk Forum: Help shape our approach to climate-related risks
The Climate Risk Forum is the primary vehicle for OSFI to manage, convene, and coordinate its domestic climate engagement activities. The forum aims to build financial sector awareness and capacity to respond to climate-related risks. It brings together OSFI, our domestic partners, and stakeholders.
Subscribers can participate in the Climate Risk Forum in three different ways:
- Information sessions
- Advisory groups
- Engagement activities
Information sessions
The forum convenes two times a year, in the spring and in the fall. The bi-annual information sessions will:
- update subscribers on the progress of our climate initiatives and direction as a regulator
- inform subscribers about how we intend to directly engage partners and stakeholders via other forum-based activities
Advisory groups
In addition to the bi-annual information sessions, partners and stakeholders can share their expertise by participating in external advisory groups tied to forum-based engagement activities. External advisory groups will be set up using calls for expressions of interest so that selected representatives can inform climate risk roundtables, technical workstreams, and practitioner sessions described below.
We anticipate issuing our first call for expressions of interest in the months ahead.
Engagement activities
Subscribers to the forum can indicate their interest to participate in forum-based engagement activities, such as:
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Climate risk roundtables
- Help us understand the broader potential outcomes of our climate risk management expectations with a wide cross-section of partners and stakeholders
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Technical workstreams
- Aim to advance our specific climate initiatives by engaging regulated entities to understand their concerns and the potential impacts
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Practitioner sessions
- Highlight best practices with regulated entities
- Communicate OSFI expectations regarding climate risk management and disclosures
- Share information about trends and developments related to climate risk management and disclosures
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Provincial-territorial regulator roundtables
Note: Provincial-territorial regulator roundtables will not be convened using the public expression of interest process. Footnote- Share information and perspectives on:
- emerging climate-related regulatory issues
- financial system trends and market developments
- Share information and perspectives on:
Become a subscriber
As a forum subscriber, you can attend and contribute to the virtual forum information sessions twice a year. You may choose to also indicate your interest to take part in other forum-based engagement activities including external advisory groups.
Forum subscription is open to interested Canadians, such as:
- Financial institutions
- Industry associations
- Government departments and agencies
- Domestic and international regulators and standard setters
- Rating agencies
- Think-tanks
- Academia
- Non-governmental organizations
- First Nations, Métis, and Inuit community governance bodies and partner organizations
- Non-finance economy representatives (oil and gas, transportation, manufacturers, builders, etc.)
We invite all interested Canadians to subscribe. This includes people who identify as Indigenous, Black, and racialized as well as people of diverse ethnicities, geographic origins, gender identities and expressions, sexual orientation, ages, socioeconomic backgrounds, financial means, religions, work experiences, lived experiences, physical and intellectual abilities, and all other characteristics, recognizing that these categories intersect in multiple ways.
Contact us to subscribe: ClimateRisks-RisquesClimatiques@osfi-bsif.gc.ca
Events and activities in 2024
- Guideline B-15
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In January, OSFI published a What We Heard Report based on the responses received from the Guideline B-15 self-assessment questionnaire (SAQ) issued to federally regulated financial institutions in May 2023. The SAQ was issued to gauge the readiness of FRFIs to meet the expectations outlined in Guideline B-15 by the implementation timelines.
OSFI released updates to Guideline B-15: Climate Risk Management in March. The updates align the disclosure expectations in Annex 2-2 with the International Sustainability Standards Board’s final IFRS S2 Climate-related Disclosures standard.
- Climate Risk Returns
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In March, OSFI released new Climate Risk Returns that will collect standardized climate-related data on emissions and exposures from FRFIs. These forms are being released after an extensive consultation. OSFI also published a What We Heard Report with the feedback it received.
- Standardized Climate Scenario Exercise
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In April, OSFI launched the second phase of the SCSE consultation process, which ran until June 7, 2024. It included a virtual information session attended by over 900 participants. From July to September, OSFI and the Autorité des marchés financiers jointly hosted three technical sessions for individuals responsible for executing the flood risk, wildfire, market, and credit risk exposure assessments at financial institutions.
In September, OSFI released the final versions of the Standardized Climate Scenario Exercise (SCSE), questionnaire, workbook and instructions, as well as the What We Heard Report for phase 2 of the consultation process.
Contact us
If you have any questions about the Climate Risk Forum, or if you have ideas that you would like to share with us, please contact ClimateRisks-RisquesClimatiques@osfi-bsif.gc.ca.