OSFI Identifies Risks

Cyber-attacks and digital innovation to housing-related considerations and climate change have been identified as among the risks facing Canada’s financial system, says the Office of the Superintendent of Financial Institutions (OSFI). Its ‘2022-2023 Annual Risk Outlook’ identifies the risks that OSFI considers most critical. Each risk is accompanied by the supervisory and regulatory actions that it is taking. In an uncertain and volatile economic environment, increasing transparency around the actions being taken to address developing risks leads to better risk management outcomes, especially when risks cross traditional boundaries within the financial sector, it says. OSFI says it approaches risk management in the financial sector in a deliberate, methodical, and transparent manner. The annual risk outlook series supports ‘A Blueprint for OSFI’s Transformation 2022-2025,’ which aims to transform OSFI to ensure it thrives in intensifying uncertainty so that public confidence in a sound financial system remains unwavering.