In its 2017-2020 planning document, the Office of the Superintendent of Financial Institutions (OSFI) declared that one of its three top priorities was to enhance its ability “to assess how risk culture and other drivers of behaviour support or undermine effective risk management across a range of institutions.”1
The agency reiterated that same priority in its 2018-2019 Departmental Plan. Superintendent Jeremy Rudin, who is also the Chair of the FSB’s Working Group on Governance Frameworks, explained in his accompanying message that OSFI needed to focus on strengthening its ability to “anticipate and respond to severe but plausible risks to the Canadian financial system.”2
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