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ARTICLE · 22 SEPTEMBER 2020

OSFI's Consultation On Technology: Understanding The Risks Inherent In The Technologies That Power The Financial Industry

McCarthy Tétrault
McCarthy Tétrault
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McCarthy Tétrault

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On September 15, 2020, the Office of the Superintendent of Financial Institutions (OSFI) released a discussion paper regarding technology risks in the financial sector.

CanadaTechnology
SnIP/ITs Blog
SnIP/ITs Blog
Christine Ing
Christine Ing
Michael Scherman
Michael Scherman
Barry Sookman
Barry Sookman
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INTRODUCTION

On September 15, 2020, the Office of the Superintendent of Financial Institutions (OSFI) released a discussion paper regarding technology risks in the financial sector. The paper, Developing financial sector resilience in a digital world: Selected themes in technology and related risks, focuses on digital risks arising from cybersecurity, data analytics, third party ecosystems and data. Today, technology and data are central to the operations of federally regulated entities (FREs). In the paper, OSFI focuses on some of them including quantum computing, artificial intelligence, cloud computing, and data. OSFI poses questions in areas that it wishes to investigate further, potentially signaling OSFI's interest in collaborating with stakeholders to develop guidance that balances the "safety and soundness" of the Canadian financial sector against the needs of the sector to innovate.

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