Speech by OSFI Superintendent Peter Routledge at the Global Risk Institute Annual Summit: Check against delivery
Sep 26, 2023
On September 26, 2023, the Superintendent of the Office of the Superintendent of Financial Institutions (OSFI), gave a speech highlighting OSFI’s approach to integrity and security, which are at the core of the new changes to its mandate to promote confidence in Canada's financial system.
Here are some excerpts from the speech:
“These new changes to our mandate charged us with:
- Supervising federally regulated financial institutions (FRFIs) to determine whether they have adequate policies and procedures to protect themselves against threats to their integrity or security, including foreign interference
- As part of this supervision, examining FRFIs at least annually to determine whether they have adequate policies and procedures to protect themselves against threats to their integrity or security, including foreign interference
- And reporting to the Minister of Finance at least annually on these examinations.
Our role is to ensure federally regulated financial institutions manage risk responsibly, and our new mandate will be to determine whether the policies and procedures they put in place are adequate to protect themselves against those types of threats.”
Review the speech on OFSI's website.