OSFI releases first Annual Risk Outlook

The 2022-2023 Annual Risk Outlook describes risks to the financial system ranging from cyber attacks and digital innovation to housing-related considerations, climate change and more. This is not an exhaustive list but rather the risks that OSFI considers most critical. Each risk is viewed through our prudential mandate and is accompanied by the supervisory and regulatory actions that we are taking. A table providing the timing and topics of consultations and guidance is included to help institutions and Canadians know how to best engage with us.

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. OSFI 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 we thrive in intensifying uncertainty so that public confidence in a sound financial system remains unwavering.

With our inaugural Annual Risk Outlook, we are providing transparency to Canadians about the financial system risks facing our country and our supervisory and regulatory responses to those risks. In so doing, we commit ourselves to strengthening the prudential oversight framework for Canada’s federally regulated financial institutions and pension plans which, in turn, will add to financial system resilience.

- Peter Routledge, Superintendent​