On October 13, 2023, the Office of the Superintendent of Financial Institutions (OSFI) released two draft guidelines for consultation, aimed at addressing non-financial risks for financial system resiliency:
This reflects the next step in OSFI’s continuing focus on non-financial risks, and will require federally regulated financial institutions (“FRFIs”) to develop new policies and procedures, and review existing policies and procedures.
Integrity and Security Guideline
The Integrity and Security Guideline sets out OSFI’s expectations regarding integrity and security of FRFIs. This is further to Bill C-47, the Budget Implementation Act, 2023, No. 1, which expanded OSFI’s mandate in relation to integrity and security and introduced a requirement for FRFIs to have and adhere to adequate policies and procedures to protect themselves from threats to their integrity and security, including foreign interference. OSFI will be examining the adequacy of the policies and procedures adopted by FRFIs and reporting to the Minister of Finance on these examinations.
The Integrity and Security Guideline applies to all FRFIs, including foreign branches to the…
