Deputy Superintendent Angie Radiskovic opening remarks at the Northwind Financial Services Forum

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Thank you, and it’s a pleasure to be here.

This panel, Navigating Disruption: Building the Next Era of Financial Services, is very timely. We are operating in an environment where risks are evolving quickly, alongside new technologies, new business models, and shifting expectations.

I’ll build on the Superintendent’s remarks from earlier this week, particularly around how OSFI is adapting its approach to this more complex and dynamic environment.

Over the past year, we took a step back and looked at our full policy and supervisory agenda.

We eliminated 52 documents and over 600 pages of redundant, obsolete or trivial information from our guidance library.

We made a deliberate decision to focus and narrow our non-financial near-term priorities to two core areas: credit risk management and senior leader accountability. We are also advancing key capital and liquidity guideline updates which I will cover in a minute.

This decision reflects what we are seeing in the risk environment, including the priorities identified in our Annual Risk Outlook:

• Real estate secured lending 
• Non‑bank financial institutions (NBFI) 
• Funding and liquidity 

Credit risk remains central, particularly in a context of evolving macro conditions and pockets of vulnerability.

At the same time, governance and accountability are foundational. Strong frameworks ultimately depend on how decisions are made and how risk is owned and challenged.

We also heard clearly from industry that the pace and volume of change needed to be manageable.

So, this was not just about prioritization, it was about sequencing and responsiveness.

We made a conscious decision to defer or narrow other initiatives to focus on what matters most.

This prioritization enables institutions to manage risk more effectively, adapt to emerging threats, and respond agilely to global uncertainty.

In parallel, we are calibrating capital requirements where the evidence supports it to ensure Canada’s financial system can adapt to our new reality.

That includes targeted adjustments to improve risk sensitivity and capital efficiency. For example, the proposed revisions to the Capital Adequacy Requirements (CAR) guideline to lower capital requirements for Corporate SME and other selected commercial exposures.

Consistent with this approach, OSFI recently lowered capital requirements for certain domestic infrastructure investments by property and casualty insurers, where we see lower risk.

The objective is not to weaken standards, but to ensure capital is aligned with risk and supports productive lending and long-term growth.

At the same time, we are seeing rapid advances in areas like artificial intelligence and the broader digitalization of financial services.

These developments bring clear opportunities, but also new risks, particularly around governance, model use, and oversight.

We are taking a measured approach: building our understanding, engaging with industry, and ensuring that adoption is supported by strong risk management and clear accountability. More broadly, we are also placing greater emphasis on integrity and security risks, recognizing that threats such as fraud, cyber risk, and foreign interference can directly affect trust in institutions and the system as a whole.

Across all of this, the common thread is a more focused, risk-based, and adaptive approach. One that maintains strong guardrails, while remaining responsive to how the financial system is evolving.

I look forward to the discussion.