Culture Risk Management Guideline – Update

In May 2022, the consultation closed on an OSFI letter seeking comments on how culture risks can affect federally regulated financial institutions (FRFIs) and federally regulated pension plans (FRPPs). OSFI received a total of 22 submissions, including 3 submissions from pension plan stakeholders.

In consideration of the feedback received, OSFI has decided to develop a draft guideline that will only apply to FRFIs. OSFI expects to publish this draft guideline for consultation in early-to-mid 2023.