News & Updates
OSFI publishes 2023-2024 annual report, outlining updates to supervisory framework and new security guidelines
November 21, 2024
Canada’s Office of the Superintendent of Financial Institutions (OSFI) has published its 2023-2024 annual report.
Highlights canvassed in the report include:
- OSFI’s new Supervisory Framework — described as the most profound change to OSFI’s supervisory approach in 25 years — came into force on April 1, 2024. The new Supervisory Framework improves rating information about risk drivers, size, and complexity, and introduces new risk assessment categories that differentiate between financial and non-financial risks.
- OSFI’s final Integrity and Security guideline, which came into force in January of 2024, augments OSFI’s mandate beyond traditional prudential risk management, through recognizing that integrity and security are factors that can impact financial instability.
To read OSFI’s annual report, click on more information below:
