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ARTICLE · 22 FEBRUARY 2022

OSFI Announces Intention To Release Climate Risk Management Guidance

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OSFI notes that its main objective with this initiative "is to support FRFIs in their efforts to build awareness and capability in managing climate-related financial risks."

CanadaFinance and Banking
Jonathan Wypych
Jonathan Wypych
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On January 14, 2022, the Office of the Superintendent of Financial Institutions (OSFI) announced via press release that it intends to release later this year for consultation a draft guideline on climate risk management for federally regulated financial institutions (FRFIs). The news of this guidance was announced on the same day that OSFI, in partnership with the Bank of Canada, released its findings on the joint pilot project on climate change transition risk scenarios.

OSFI notes that its main objective with this initiative "is to support FRFIs in their efforts to build awareness and capability in managing climate-related financial risks."

The draft guideline will outline OSFI's risk management expectations for FRFIs on climate-related financial risks to achieve the following five outcomes:

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