In recent past years, the Office of the Superintendent of Financial Institutions (OSFI) has emerged as a global leader in the regulation of culture and conduct concerns in the financial sector — innovating in ways few other agencies are. For example, in February 2023, OSFI published its “Culture and Behaviour Risk Guideline,” a principles-based, outcomes-focused set of guidance for how firms can manage the risks associated with culture and behavior more effectively.1
Given the importance of culture to shaping behavior, and thus to safety, soundness, and reputation, OSFI wrote that it expects firms to define their desired culture, to work continually to improve culture in support of organizational purpose and strategy, and to evaluate and respond to behavioral risks. The Guideline set forth three principal outcomes towards which firms should aim:
This content is available to both premium Members and those who register for a free Observer account.
If you are a Member or an Observer of Starling Insights, please sign in below to access this article.
Members enjoy full access to all articles and related content from past editions of the Compendium as well as Starling's special reports. Observers can access a limited number of articles and may purchase articles on an ala carte basis.
You can click the 'Join' button below to become a Member or to register for free as an Observer.
Join The Discussion