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ARTICLE · 17 MARCH 2023

OSFI Releases Draft Culture And Behaviour Risk Guideline

Stikeman Elliott LLP
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On February 28, 2023, the Office of the Superintendent of Financial Institutions ("OSFI") announced the release of a draft Culture and Behaviour Risk Guideline ("Draft Guideline").

CanadaFinance and Banking
Stuart Carruthers
Stuart Carruthers
Andrew Cunningham
Andrew Cunningham
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On February 28, 2023, the Office of the Superintendent of Financial Institutions ("OSFI") announced the release of a draft Culture and Behaviour Risk Guideline ("Draft Guideline"). In response to feedback received in response to OSFI's 2022 Culture Risk Management Letter, the Draft Guideline includes more precise definitions of key concepts. OSFI is also planning to provide a self-assessment tool to assist with compliance efforts. The consultation period will run until May 31, 2023.

Structure of the Draft Guideline

OSFI has taken a principles-based and outcomes-focused approach and is not intending to impose uniform "culture and behaviour" practices across all Federally Regulated Financial Institutions ("FRFIs"). OSFI acknowledges that each FRFI has a unique culture. The Draft Guideline should be read in conjunction with other OSFI guidance, in particular:

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