Summary of remarks by Assistant Superintendent at Responsible Investment Association Conference

On June 7, 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 panel discussion at the Responsible Investment Association Conference in Toronto, Ontario.

The panel was moderated by Marie-Justine Labelle, Head of Responsible Investment, Retail, Desjardins. The other panelists were Hugo Lacroix, Superintendent Securities Markets, Autorité des marchés financiers, Quebec, and Alexandra Williams, Senior Vice-President, Member Regulation and Corporate Strategy, New Self-Regulatory Organization of Canada.

During his opening remarks, Assistant Superintendent Yalkin explained how OSFI is preparing for climate-related risks by establishing a Climate Risk Hub and issuing Guideline B-15. This guideline aims to enhance financial institutions’ readiness to manage climate-related risks.

The Assistant Superintendent also participated in a moderated panel discussion and discussed the development of Guideline B-15, incorporating climate risk into OSFI’s supervisory framework, OSFI’s role in assessing transition plans, and how disclosure requirements and standardization initiatives facilitate the work of supervising financial institutions. 

Climate-related risks have the potential to significantly impact the safety and soundness of federally regulated financial institutions, and the financial system more broadly. That’s why OSFI is remaining vigilant and keeping a watchful eye on the financial landscape.

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