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OSFI addresses non-financial risks for financial system resiliency
… E-21 on Operational Resilience and Operational Risk Management , which sets out expectations for operational … It modernizes OSFI’s guidance on operational risk management, including new expectations for business continuity management, crisis management, change management, and data …
Actuarial reports – Items warranting review (November 2020)
… valuation – Disclosure of active and passive investment management expense assumptions In accordance with the CIA … is generally acceptable to assume that active investment management will generate additional return only to the extent that management expenses associated with active management exceed …
Audits
… of our programs and services help us to improve risk management, control and governance processes. Audit reports … assurance on the adequacy and functioning of OSFI’s risk management, control and governance frameworks and processes, … Committee will exercise oversight of core areas of OSFI’s management, control, and accountability, including reporting, …
Procurement & Contracting
… This is realized by: Providing advice and guidance to management, internal clients and colleagues on the applicable … there is a continued expectation that the appropriate management systems and practices are in place to award, … and Contracting (Contracting) has an appropriate management control framework in place to administer, monitor …
Supervisory Framework
… reduces risk, it doesn’t eliminate it We recognize that management, boards of directors, and pension plan … more frequent supervisory reviews and discussions with management teams and boards of directors. Analyzing risk … formal letters in addition to our ongoing discussions with management teams. Our letters highlight key themes and …
Audit of Supervisory Processes – Internationally Active Insurance Groups, Canada Mortgage and Housing Corporation
… risk assessments and the assessment of quality risk management programs. Reporting and intervention includes both … letters, and staging or de-staging communications. Issues management is how OSFI monitors and follows up on issues … issued focused on stakeholder communication, information management, strengthening quality reviews, and employing a …
OSFI’s Annual Risk Outlook – Fiscal Year 2022-2023
… to ensure appropriate margins of safety in capital management practices given the increasing risk of credit … losses. Supervisors are also monitoring credit account management practices, as well as robustness of financial … are engaged with financial institutions to ensure prudent management of funding and liquidity needs as well as …
Business Continuity Planning
… BCP Business Continuity Planning BCM Business Continuity Management BCPC Business Continuity Planning Coordinator BIA … Safety and Emergency Preparedness Canada’s Emergency Management Act and Treasury Board Secretariat’s (TBS) Policy … OSFI established its Directive on Business Continuity Management (BCM) in February 2014. At the time of the audit, …
Chapter 2: Our key accomplishments
… and security regime Supervisory renewal Culture Data management and analytics Critical functions Operational … the integrity and security of financial institutions’ risk management. Collaborated with the private sector, Department … of our supervisory work is evaluating the overall risk management practices of financial institutions to verify …
Deputy Superintendent Angie Radiskovic keynote speech at the Canadian Institute’s 31st Flagship Conference on Regulatory Compliance for Financial Institutions
… of change demand a more dynamic approach to risk management—one that is forward-looking, data-informed, and … team having broadened its work from tech and cyber risk management assessments to developing and analysing incident … pay greater attention to the evolution of third-party risk management and continuity of critical operations which could …
Audit of supervision insurance
… especially in areas of non-financial risks; Strengthening management and oversight controls to review risk ratings, … Internal Audit (IA) work, where applicable. Gold Stars to Management Management promptly remediated a recommendation (detailed in …
Save the date for our summer 2025 Quarterly Release
… (CAR) Guideline Final Guideline E-23 Model Risk Management Letter to industry – Revision of OSFI's approach … Liquidity Standards 2:30 p.m. – 3:00 p.m. Credit Risk Management Guideline consultation OSFI is developing a new … consolidating and modernizing its approach to credit risk management, who will be impacted and when OSFI plans to …
Non-Financial Risk and Operational Resilience: The Rise of Machines, Remarks by Assistant Superintendent Ben Gully, prepared for the C.D. Howe Institute, Toronto, Ontario, February 7, 2019
… environment and the expectations for effective risk management. Looking ahead, it is only creativity and … efficiencies and offer new capabilities to business management. But make no mistake; they also have the power to … institutions will depend, in part, on the ability of risk management functions to develop and maintain understanding …
Cyber Risk and Banking Regulation
… B-13 on sound practices of Technology and Cyber Risk Management . As we stated in the guideline, there is no … innovation, while maintaining sound technology risk management. Another initiative that OSFI is working on that … Function and Processes to a Guideline on Third-Party Risk Management . This enlarged scope better reflects a more …
Audit of Supervisory Processes – Systemically Important Banks Group
… & on-site reviews, reporting and intervention, issues management, etc. Annual planning consists of the preparation … provides an in-depth analysis of various risks and risk management of the FRFI. It can also be offsite which shares … Supervisory Letter, Staging/De-Staging Letter). Issues management is how OSFI monitors and follows up on FRFI action …