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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