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Chapter 1: About us
… delay monitor and evaluate risks and promote sound risk management by financial institutions and pension plans … a governance framework that is aligned with our risk management approach and three lines model. The internal … oversight for financial institutions and pension plans. Management Oversight Committee: Our central governance body …
Audit of Procurement and Contracting
… of procurement guidelines. Since the 2018-19 audit, management has undertaken multiple activities to review … review of procurement files. Based on these activities, management has undertaken several initiatives to improve … policies; and Implementation of audit recommendations and management action plans from the 2018-19 Audit of Procurement …
2021-22 Departmental Plan
… creditors. FRFIs have effective capital and liquidity risk management practices. FRFIs and pension plans have effective governance and risk management practices that keep pace with existing and … of non-financial risks to support their effective management by FRFIs and pension plans. Key objectives related …
Artificial Intelligence in Finance requires specific safeguards: OSFI and GRI report - Explainability among key principles for gaining confidence in AI
… services industry highlighted how current AI risk management frameworks must adapt to remain relevant, … also improves fraud detection, enhances risk analysis and management, boosts operational efficiency, and improves … organization that defines thought leadership in risk management for the financial services sector. We bring …
2023-24 Departmental Plan
… engagement Policy innovation Supervision renewal Data management and analytics Our plans and activities in each of … and coordinated approach to strategic stakeholder management; use partner and stakeholder engagement plans as … a collective responsibility for risk assessments and management, and utilizes data and analytics to meet our …
OSFI continues building climate resilience
… (OSFI) released updates to Guideline B-15: Climate Risk Management . The updates ensure that the expectations for … made significant progress in promoting robust climate risk management by financial institutions. Today, we are taking … evolve. Related links Guideline B-15: Climate Risk Management Business Specifications for the Climate-Related …
Guide to Foreign Bank Branching
… of how these arrangements would be managed. 1.2 Management The Applicant is generally expected to provide: … requirements set out in section 585 of the BA. 1.3 Risk Management: Policies, Procedures and Risk Management Controls The Applicant is expected to provide: …
2022-2025 Strategic Plan
… financial system Risk Appetite – expand and fortify risk management capabilities and risk appetite to support strategic and operational management Culture – embed our corporate values so that … unnecessary burdens. Read initiative 5 6 Data Management and Analytics OSFI’s data platform enables the …
Assistant Superintendent Tolga Yalkin participates in a panel discussion at Michael D. Penner Institute Conference
… tell us about OSFI’s concrete actions in climate risk management—I am referring in particular to the expectations … The more we look at the details of climate risk management, the more I am convinced that climate change has a … gas (GHG) emissions exposure. Guideline B-15: Climate Risk Management Issued in March 2023, Guideline B-15 is our first …
Theresa Hinz, Executive Director of Policy and Risk Response, delivers remarks for OSFI’s Quarterly Release Day
… we are announcing: a six-month consultation on credit risk management ; a nine-month consultation on senior leader … limits on uninsured mortgage portfolios . Credit Risk Management consultation Today, our expectations on credit … risk expectations into one principles-based Credit Risk Management Guideline . Today's consultative document launches …
Seeing the Forest through the Trees: Implementation Challenges in Climate Risk Supervision
… Environmental Risk Moderator: OSFI published climate risk management guidelines in 2023 and just two months ago OSFI … looking at five elements: Governance (the board and senior management’s oversight and governance over the transition … as OSFI has recently issued guidelines on climate risk management, that includes a chapter on disclosure, I wonder …
2A Schedule for Asset Reporting by Counterparty
… Institutions (excluding credit unions)" Manulife Asset Management and subsidiaries are to be reported separately … categories as per the I-I guidelines (e.g. Investment Management Companies, Mortgage Investment … categories as per the I-I guidelines (e.g. Investment Management Companies, Mortgage Investment …
OSFI seeks feedback on its draft standardized climate scenario exercise
… system more broadly. The SCSE furthers robust climate risk management, which helps OSFI promote the adoption by … December 22, 2023. “The adoption of sound climate risk management practices at financial institutions will give OSFI … Exercise (SCSE) Methodology Guideline B-15, Climate Risk Management Climate Risk Forum …
Preserving confidence in Canada’s financial system
… back in March, we published Guideline B-15 on Climate Risk Management. And over the summer, OSFI launched its first … and prudential supervision as it pertains to climate risk management. There are also two projects we will be … And we will approach it based on exactly the same risk management principles. In other words, OSFI’s mandate today …
Peter Routledge at House of Commons Standing Committee on Environment and Sustainable Development, Opening Remarks
… at risk of falling short of these principles, we oblige management and boards of directors to take prompt corrective … to compete and take reasonable risks. To support sound management of the financial risks posed by climate change … can become early beneficiaries of sound climate risk management. In closing, OSFI has an explicit mandate to …