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OSFI issues new guidance on climate risk management

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April 11, 2023

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Office of the Superintendent of Financial Institutions (OSFI) released new guidance in early March on climate risk management for federally-regulated financial institutions (FRFIs) — Guideline B-15: Climate Risk Management.

The Canadian government says the threats climate change pose can potentially jolt the status quo of the country’s financial system. Guideline B-15 establishes OSFI’s expectations related to FRFI management of climate-related risks. It aims to support FRFIs in developing greater resilience to, and management of, these risks. Guideline B-15 discusses several principles related to governance, risk management and climate-related financial disclosure.

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