OSFI announces new guideline to manage third-party risk

  • OSFI Regulation Image

Apr 24, 2023

On April 24, 2023, the Office of the Superintendent of Financial Institutions (OSFI) published its final Third-Party Risk Management Guideline which sets out associated risk management expectations for Federally Regulated Financial Institutions (FRFIs).

Third-party arrangements can support efficiency, innovation, and service. FRFIs are increasingly relying on third parties in ways that can impact operations and financial resilience.

OSFI expects FRFIs to manage these risks by adhering to this updated Guideline, which emphasizes governance and risk management programs and includes six new, clear expected outcomes associated with effective third-party risk management.

Re­view the news release and the guideline on OSFI's website.

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