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ARTICLE · 30 SEPTEMBER 2020

Financial Sector Risk In A Digital World: OSFI Discussion Paper Outlines Key Issues And Seeks Public Input

Stikeman Elliott LLP
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On September 15, 2020, the Office of the Superintendent of Financial Institutions ("OSFI") released the discussion paper "Developing Financial Sector Resilience in a Digital World".

CanadaFinance and Banking
Andrew Cunningham
Andrew Cunningham
Stuart Carruthers
Stuart Carruthers
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On September 15, 2020, the Office of the Superintendent of Financial Institutions ("OSFI") released the discussion paper "Developing Financial Sector Resilience in a Digital World". This document is one product of OSFI's 2019-22 strategic initiative to develop more modern and effective approaches to non-financial risks, such as those posed by cyber crime, artificial intelligence and cloud computing, among others. As OSFI notes, while the COVID-19 pandemic did not prompt the strategic initiative, it has "highlighted the need for resilient technology infrastructures" and will "provide important lessons" for the future.

The paper is aimed at generating discussion and thus does not announce any firm proposals. It includes 18 consultation questions, responses to which will be accepted until December 15, 2020.

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