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ARTICLE · 10 MARCH 2023

OSFI Consultation On Culture And Behaviour Risk

Fasken
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On February 28, 2023, the Office of the Superintendent of Financial Institutions (OSFI) released its draft Culture and Behaviour Risk Guideline ("Draft Guideline") for a three-month consultation period.

CanadaFinance and Banking
Koker Christensen
Koker Christensen
Kathleen Butterfield
Kathleen Butterfield
Craig Bellefontaine
Craig Bellefontaine
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On February 28, 2023, the Office of the Superintendent of Financial Institutions (OSFI) released its draft Culture and Behaviour Risk Guideline ("Draft Guideline") for a three-month consultation period. The Draft Guideline was informed by feedback to OSFI's Culture Risk Management Letter dated March 15, 2022, which signalled OSFI's plans to release a guideline on culture risk management, consistent with information papers and culture risk supervisory activities by international regulators (see Fasken bulletin: OSFI Seeks Input on Culture Risk Management). OSFI's view is that culture can either support or weaken the resilience of a Federally Regulated Financial Institutions (FRFI), which in turn could affect confidence in the broader financial system. Accordingly, the stated intent of the guideline is to set expectations that FRFIs have governance, processes and practices that define, assess, and manage culture and behaviour risks in a manner that is proportional to

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