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

  • Securities - OSFI Image

Mar 28, 2023

On February 28, 2023, the Of­fice of the Su­per­in­ten­dent of Fi­nan­cial In­sti­tu­tions (OSFI) released a draft Culture and Behavior Risk Guideline for consultation. The consultation period will run to May 31, 2023. Following the public consultation period, OSFI will assess the comments and feedback received before issuing a final guideline by the end of 2023.

The draft Culture and Behavior Risk Guideline was developed in light of feedback to OSFI’s 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 Behavior Risk guideline complements OSFI’s existing guidance, including the Corporate Governance Guideline.

Re­view the press re­lease and the Draft Guideline on OSFI's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.