OSFI CULTURE RISK MANAGEMENT
The Office of the Superintendent of Financial Institutions (OSFI) examines the culture practices of federally regulated financial institutions (FRFIs) and how the risks created, perpetuated, or magnified by a FRFI’s culture can affect their safety and soundness.
OSFI plans to issue a principles-based, outcomes-focused culture risk management guideline for consultation in late 2022. This letter seeks comments on proposed outcomes of effective culture risk management that will form the basis of OSFI’s future guidance and supervisory expectations.
OSFI is also seeking comments on how culture risks can affect federally regulated pension plans to inform its prudential approach.
For more information click here.