Summary of remarks by Assistant Superintendent at Canadian Life and Health Insurance Association event

On May 3, 2023 Tolga Yalkin, Assistant Superintendent of Policy, Innovation and Stakeholder Affairs at the Office of the Superintendent of Financial Institutions (OSFI), took part in a discussion with Stephen Frank, President and CEO of the Canadian Life and Health Insurance Association (CLHIA), at the CLHIA’s Compliance and Consumer Complaints Conference in Montreal.

During his opening remarks, Assistant Superintendent Yalkin highlighted OSFI’s recently published Annual Risk Outlook for 2023-2024. This document provides the organisation’s views on the most significant risks facing Canada’s financial system in the upcoming year, as well as details of the actions OSFI will take in response to these risks.

Assistant Superintendent Yalkin also spoke about OSFI’s transformational journey as set out in A Blueprint for OSFI’s Transformation: 2022-2025, including its focus on ensuring continued public confidence in the Canadian financial system, enhancing disclosure and transparency and evolving OSFI’s internal culture and risk appetite.

After providing those remarks, the Assistant Superintendent took questions from attendees on a variety of subjects including OSFI’s Policy Architecture Renewal initiative which is part of a Blueprint for OSFI’s Transformation, recent guidance from OSFI including the draft Culture and Behaviour Risk Guideline and the final Guideline B-10 on third-party risk management, and more.

While we at OSFI are proud of our track record as a regulator and prudential supervisor of Canada’s federally regulated financial institution, we are also excited and passionate about our transformation journey. I look forward to engaging even further with such stakeholders as the Canadian Life and Health Insurance Association as we continue this important work.

- Tolga Yalkin, Assistant Superintendent, Policy, Innovation and Stakeholder Affairs, OSFI