OSFI ANNOUNCES INTENTION TO RELEASE CLIMATE RISK MANAGEMENT GUIDANCE
On January 14, 2022, the Office of the Superintendent of Financial Institutions (OSFI) announced it intends to release later this year a draft guideline for consultation on climate risk management for federally regulated financial institutions (FRFIs). 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." OSFI has committed to stakeholder engagement. The IIAC will continue to keep our members abreast as further information becomes available.