OSFI releases draft guideline, launches consultation on culture and behaviour risks

OTTAWA, ON, Feb. 28, 2023 /CNW/ - Office of the Superintendent of Financial Institutions Canada

Today the Office of the Superintendent of Financial Institutions (OSFI) released a draft Culture and Behaviour Risk Guideline for consultation.

The consultation period will run from February 28 to May 31, 2023. Industry and stakeholders can comment on the draft Culture and Behaviour Risk guideline by contacting [email protected].

Following the public consultation period, OSFI will assess the comments and feedback received before issuing a final guideline by the end of 2023.

Quick Facts

• The draft Culture and Behaviour Risk Guideline was developed in light of feedback to our March 2022 Culture Risk Management Letter, and is clearer with defined terminology that improves on the approach proposed in 2022.
• OSFI will provide a self-assessment tool with the final guideline to help FRFIs review the design and effectiveness of their practices and further support compliance with the guideline.
• The draft Culture and Behaviour Risk guideline complements OSFI's existing guidance, including the Corporate Governance Guideline.

Associated Links

• Culture and Behaviour Risk Guideline
• Information session registration page
• Cover Letter

About OSFI

The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.

SOURCE Office of the Superintendent of Financial Institutions

Media Contact: OSFI - Public Affairs, [email protected], 343-550-9373