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ARTICLE · 13 APRIL 2023

Watch That Spring Break Behaviour – OSFI Issues Guideline On Culture And Behaviour Risk

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Building off of the Office of the Superintendent of Financial Institution's (OSFI's) Culture Risk Management Letter published on March 15, 2022 and the ensuing feedback

CanadaCorporate/Commercial Law
AUM Law
AUM Law
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Building off of the Office of the Superintendent of Financial Institution's (OSFI's) Culture Risk Management Letter published on March 15, 2022 and the ensuing feedback, OSFI has published a draft Culture and Behaviour Risk Guideline (Proposed Guideline) for consultation on February 28, 2023. The Proposed Guideline is intended to complement OSFI's existing guidance for Corporate Governance, Operational Risk Management, and Regulatory Compliance Management. The Proposed Guideline would apply to all federally regulated financial institutions (FRFIs).

OSFI recognizes that organizational culture poses risks that can have a material impact on the health of a financial institution, and on the broader financial system. OSFI defines culture risk as the widespread behaviours and mindsets that can threaten sound decision making, prudent risk-taking, and effective risk management, which can lead to a weakening of an institution's financial and operational resilience. With this

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