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ARTICLE · 16 APRIL 2025

OSFI Releases Updated Guideline On Climate Risk Management

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The Office of the Superintendent of Financial Institutions ("OSFI"), Canada's principal bank and insurance solvency and prudential regulator, published an updated version of Guideline B-15...

CanadaFinance and Banking
Hartley Lefton
Hartley Lefton
Christopher Yam
Christopher Yam
Mitchell Spragg
Mitchell Spragg
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The Office of the Superintendent of Financial Institutions ("OSFI"), Canada's principal bank and insurance solvency and prudential regulator, published an updated version of Guideline B-15: Climate Risk Management (the "Guideline") on March 7, 2025. The Guideline has aligned OSFI guidance with corresponding requirements of the Canadian Sustainability Standards Board ("CSSB") standards released last December to ensure interoperability between the Guideline and the CSSB standards. This article provides a high-level overview of the Guideline.

The Guideline was issued shortly after an OSFI letter to industry February 20, 2025, which announced that some climate-related reporting requirements would be delayed, in order to align the Guideline with certain CSSB standards. Accordingly, there will be a:

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