Issues highlighted in banking watchdog’s first-ever risk outlook
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The threat of cyber-attacks and a housing market downturn are among the biggest risks to the financial system, according to the Office of the Superintendent of Financial Institutions’ first ever annual risk outlook.
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The report, which aims to promote transparency by providing a yearly snapshot of the most pressing systemic threats and how regulators are responding to them, noted that cyber security threats have become more sophisticated and severe. This concern was heightened following Russia’s invasion into Ukraine, leading OSFI to stress to federally regulated financial institutions the importance of putting security measures in place to ward off such attacks.
There has been a rise…
