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Canada's OSFI Issues Culture Risk Management Guideline

Canada's OSFI Issues Culture Risk Management Guideline

by Starling Insights

Starling Insights Editorial Board

Mar 31, 2023

Observations

Canada's Office of the Superintendent of Financial Institutions (OSFI) recently published a draft guideline that sets principles-based expectations for financial institutions to oversee their culture and manage behavioral risks. 

In the guideline, OSFI stresses the importance of culture to shaping behavior — and thus to safety, soundness, and reputation. As such, the regulator expects firms to define their desired culture, continually improve culture to support purpose and strategy, and evaluate and respond to behavioral risks. 

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