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ARTICLE · 10 JUNE 2022

OSFI Releases Draft Climate Risk Management Guidelines

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The Office of the Superintendent of Financial Institutions (OSFI) has released a draft guideline setting out its expectations for how federally regulated financial institutions (FRFIs) should manage and disclose climate-related risks.

CanadaCorporate/Commercial Law
Blair Keefe
Blair Keefe
Brigitte Goulard
Brigitte Goulard
Emily Stewart
Emily Stewart
Eli Monas
Eli Monas
Marissa Daniels
Marissa Daniels
Rima Ramchandani
Rima Ramchandani
Tyson Dyck
Tyson Dyck
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The Office of the Superintendent of Financial Institutions (OSFI) has released a draft guideline setting out its expectations for how federally regulated financial institutions (FRFIs) should manage and disclose climate-related risks. Issued May 26, Guideline B-15: Climate Risk Management (the Guideline) is not intended to be a one-size-fits-all approach; rather, the management of climate-related risks will vary with an institution's size, nature, scope, complexity of operations and risk profile. The Guideline is open for public comment until August 19, 2022.

What you need to know

  • The Guideline applies to all FRFIs, including but not limited to domestic and foreign banks carrying on business in Canada, life insurance companies, trust companies and property and casualty insurance companies.

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