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OSFI invites stakeholder feedback on update to E-23: Model Risk Management Guideline

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December 12, 2023

The Office of the Superintendent of Financial Institutions is proposing an update to the E-23: Model Risk Management Guideline that will apply to all analytical models used by Federally Regulated Financial Institutions (FRFIs) and federally regulated private pension plans (FRPPs).

The revised guideline includes forecasting economic conditions, estimating financial risks, pricing products and services and optimizing business strategies. It also includes models used for non-financial risks such as climate, cyber, tech and digital innovation.

Stakeholder feedback on the updates is invited until March 22, 2024, with an industry session scheduled for January 17, 2024.

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