OSFI releases Annual Risk Outlook for 2023-2024

News release - Ottawa -

Today, the Office of the Superintendent of Financial Institutions (OSFI) released its Annual Risk Outlook (ARO) for 2023-24, a publication that outlines what OSFI sees as the most significant risks facing Canada’s financial system in the upcoming year. The ARO also informs Canadians about the actions OSFI will take in response to these risks.

OSFI’s Annual Risk Outlook for 2023-24 identifies the following key risks:

  • Housing Market Downturn Risk
  • Liquidity and Funding Risk
  • Commercial Real Estate (CRE) Risk
  • Transmission Risk from the Non-bank Financial Intermediaries (NBFI) sector
  • Corporate and Commercial Credit Risk
  • Digital Innovation Risk
  • Climate Risk
  • Cyber Risk
  • Third Party Risk

As the risk environment that Canadian financial institutions operate in changes, OSFI will be reliably open and transparent about the supervisory and regulatory actions it takes in response.

OSFI’s second Annual Risk Outlook highlights the significant risks facing Canada’s financial system and informs Canadians about our regulatory and supervisory responses to these risks. As Canada’s federal financial institutions regulator, we promote sound risk management in the financial sector in a deliberate and proactive way to reinforce Canadians’ confidence in our financial system.

- Peter Routledge, Superintendent

Quick facts

  • The Annual Risk Outlook is published once a year in April. If risks in the financial system evolve, an update to it may be published in the fall.  These dates are published on our web site at the start of every year.
  • As proposed in Budget 2023, the Government of Canada intends to introduce legislative amendments to modernize the federal framework to address emerging risks to Canada’s financial sector and to ensure the integrity and security of FRFIs, including against foreign interference. OSFI will work closely with the Department of Finance and other financial safety net partners to implement any such changes.


OSFI – Media Relations