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ARTICLE · 28 JUNE 2023

A Closer Look At OSFI Guideline B-15: Climate Risk Management

Aird & Berlis LLP
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In our April 2023 article, ESG Initiatives Take Hold in Banking Sector, we noted that OSFI had published Guideline B-15: Climate Risk Management ("Guideline B-15"), setting out its expectations...

CanadaEnvironment
Melanie Cole
Melanie Cole
Gary Volman
Gary Volman
Kanika Sharma
Kanika Sharma
Angela Oh
Angela Oh
Nadia Narain
Nadia Narain
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Implications for Federally Regulated Institutions in Canada's Financial Sector

Key Highlights

  • More than 350 federally regulated financial institutions in Canada (each, an "Institution") are required to comply with the new Guideline B-15 developed by the Office of the Superintendent of Financial Institutions ("OSFI").
  • Guideline B-15 sets out OSFI's expectations regarding the governance mechanisms that must be implemented by Institutions to identify and manage any climate-related risks.
  • Guideline B-15 introduces a reporting requirement for Institutions in respect of their climate-related risks, and the mechanisms that Institutions have implemented to address such risks. Such reports will need to be published as early as 2025 for some Institutions.

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