OSFI releases Annual Risk Outlook for 2024-2025

News release - Ottawa -

Today, the Office of the Superintendent of Financial Institutions (OSFI) released its Annual Risk Outlook (ARO) for 2024-2025. This publication outlines what OSFI sees as the most significant risks facing Canada's financial system in the upcoming year. The Annual Risk Outlook also informs Canadians how OSFI will manage and respond to these risks.

OSFI's Annual Risk Outlook for 2024-25 identifies the following key risks:

  • Real estate secured lending and mortgage risks
  • Wholesale credit risks
  • Funding and liquidity risks
  • Integrity, security, and foreign interference

This list is not exhaustive but identifies the risks that OSFI considers most critical. OSFI will continue to be transparent about the supervisory and regulatory actions it takes in response to these and other risks. We encourage institutions and pension plans to review it thoroughly as it sets out our priorities for the 2024-2025 fiscal year.


Our third Annual Risk Outlook highlights the significant risks facing Canada's financial system and informs Canadians about our regulatory and supervisory responses to these risks. This year, we are taking a more focused approach, highlighting four significant risks.

Peter Routledge, Superintendent of Financial Institutions

Quick facts

  • The Annual Risk Outlook is published once a year in the spring. If risks in the financial system evolve significantly, an update to it may be published in the fall.


OSFI – Media Relations