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ARTICLE · 18 AUGUST 2016

Canadian Bank Regulator Issues Final Guidance On Operational Risk Management

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The final version of the Guideline incorporates revisions resulting from comments received during the public consultation process, which began August 2015.

CanadaFinance and Banking
Stephen Redican
Stephen Redican
Jeffrey Graham
Jeffrey Graham
Rachel Belanger
Rachel Belanger
Olivier Tardif
Olivier Tardif
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The Canadian Office of the Superintendent of Financial Institutions ("OSFI") has issued a final version of Guideline E-21 on Operational Risk Management (the "Guideline"). The Guideline applies to all Canadian federally regulated financial institutions ("FRFIs") and provides consolidated guidance on OSFI's expectations regarding the management of operational risk ("ORM"). The final version of the Guideline incorporates revisions resulting from comments received during the public consultation process, which began August 2015.

For the purpose of the Guideline, operational risk is defined as the risk of loss resulting from people, inadequate/failed internal processes or from external events. OSFI considers effective ORM essential to the safety and soundness of an institution and expects all FRFIs to have a framework for operational risk management. The Guideline promotes industry best practices and reflects international standards in operational risk management. It

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