Save the date for our summer 2025 Quarterly Release

Welcome and logistics

Arwen Vesely,
Manager,
Stakeholder Affairs

Climate Risk Forum: Insights from OSFI’s Standardized Climate Scenario Exercise (SCSE)

Financial institutions and the regulators that oversee them need insights driven by data to be able to better manage climate risk.

In 2024, OSFI published a Standardized Climate Scenario Exercise (SCSE) with the Autorité des marchés financiers.

This session will discuss insights from the exercise, including how climate-related risks might impact financial institutions and how the exercise strengthened their capacity to assess and manage these risks.

Stéphane Tardif,
Managing Director,
Catastrophic Risk Division

Brett Lindsay,
Senior Manager,
Catastrophic Risk Division

Mahmood Alaghmandan,
Specialist,
Catastrophic Risk Division

Break

Opening remarks and logistics

Arwen Vesely,
Manager,
Stakeholder Affairs

Policy update

OSFI continues to modernize policies and guidance, providing regulatory efficiency for institutions, focusing on key risks at the right time. We shifted our approach for a more agile and resilient framework that supports innovation and economic growth. We’ll discuss our work to date, including our 2-year plan, and the benefits of this approach.

Theresa Hinz,
Executive Director,
Policy and Risk Response

Final Capital Adequacy Requirements (CAR) Guideline

In this session, we will discuss the final changes made to our Capital Adequacy Requirements (CAR) Guideline and answer your questions. The CAR Guideline is aimed at supporting the financial resilience and stability of deposit-taking institutions. We also updated the corresponding Small and Medium-Sized Deposit-Taking Institutions (SMSB) Capital and Liquidity Requirements Guideline and the Basel Capital Adequacy Reporting.

Mark Joshua,
Director,
Capital and Liquidity Standards

Credit Risk Management Guideline consultation

OSFI is developing a new guideline that will consolidate our existing guidance and expectations related to credit risk, including Guideline B-20 and several regulatory notices, advisories, and industry letters. It will clarify our expectations and reduce regulatory burden through a more modern, streamlined approach. It will also reflect the latest international standards and best practices across major classes of credit exposures. 

In this session, you will find out why OSFI is consolidating and modernizing its approach to credit risk management, who will be impacted and when OSFI plans to consult with stakeholders. This session is ideal for those in residential mortgage lending, commercial real estate, and corporate lending.

Graham Smith,
Director,
Lending and Mortgage Policy

Break

OSFI’s revised approach regarding administrative monetary penalties (AMP)

OSFI is revising its approach regarding Administrative Monetary Penalties to align it with its risk appetite. The change in how we will assess penalty criteria for institutions, guided by the OSFI Act, helps us intervene early, addressing risks that could jeopardize the public’s confidence in the soundness of the Canadian financial system. We’ll discuss the details about the approach change, the importance, and implementation specifics.

Isabelle Lepage,
Managing Director,
Legislative Affairs Division

Jennifer Newbury,
Manager,
Legislative Affairs Division

Final Guideline E-23 Model Risk Management (2026)

Models play a critical role in how financial institutions assess risk, make decisions, and meet regulatory expectations. OSFI’s final Guideline E-23 outlines a clear, principles-based framework for managing model risk across a wide range of applications—from traditional actuarial models to newer, more complex tools.

This session will provide an overview of OSFI’s finalized Guideline E-23 on model risk management. It will cover expectations related to governance, validation, and oversight of models, as well as how the guideline is designed to be scalable and proportionate to the size and complexity of different institutions. The session will also touch on sector-specific considerations, the implementation timeline, and the support OSFI will offer during the transition period leading up to the May 2027 effective date.

Chris Hutny,
Senior Specialist,
Banking Risk and Capital

Other updates

Guideline E-15 – Appointed Actuary: Legal Requirements, Qualifications and Peer Review

In this presentation, you will hear about actions we are taking to modernize Guideline E-15: Appointed Actuary: Legal Requirements, Qualifications and Peer Review by eliminating duplication and the requirement for an external peer review of an appointed actuary’s work.

Jacqueline Friedland,
Executive Director,
Risk Assessment and Intervention Hub

Cyber Security Self-Assessment

Cyber threats and evolving technologies increase risks to the resilience and the stability of financial institutions. This session will discuss updates OSFI is making to the cyber security self-assessment tool to align it with Guideline B-13: Technology and Cyber Risk Management.

Chris Suknundun,
Managing Director,
Technology Risk Division

Closing remarks

Arwen Vesely,
Manager,
Stakeholder Affairs