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ARTICLE · 26 MAY 2023

OSFI's New Guideline B-10: Third-Party Risk Management

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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On April 24, 2023, the Office of the Superintendent of Financial Institutions (OSFI), Canada's federal financial institutions regulator, released its much-anticipated...

CanadaFinance and Banking
David Feldman
David Feldman
Robert Percival
Robert Percival
Robert Tremblay
Robert Tremblay
Paul Belanger
Paul Belanger
Vladimir Shatiryan
Vladimir Shatiryan
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On April 24, 2023, the Office of the Superintendent of Financial Institutions (OSFI), Canada's federal financial institutions regulator, released its much-anticipated new Guideline B-10: Third-Party Risk Management (Guideline). The release of the final Guideline follows the publication of a draft on April 27, 2022, and subsequent consultation period. Below, we have included a summary of key changes made to the draft Guideline.

The new Guideline will replace OSFI's current Guideline B-10: Outsourcing of Business Activities, Functions and Processes, which was originally issued in 2001 and was last revised in 2009. The Guideline sets out OSFI's third-party risk management (TPRM) expectations for federally regulated financial institutions in Canada (FRFIs) and contributes to the financial services industry's best practices for contracting with third parties. Relative to the current Guideline B-10, the new Guideline addresses a more comprehensive set of risks to reflect

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