Culture risk management (May 2022)

In March 2022, OSFI published a letter to all federally regulated financial institutions (FRFIs) and federally regulated pension plans (FRPPs) seeking comments on how culture risks can affect FRFIs and FRPPs, to inform its prudential approach. While the letter refers to FRFIs throughout, FRPPs often face similar risks and the themes raised in the letter may apply to FRPPs as well.

One of the discussion questions is: How do culture risks influence the way FRPPs are managed and administered? What are the benefits of similar outcomes-focused guidance for FRPPs?

Stakeholders can submit comments to Culture@osfi-bsif.gc.ca by May 31, 2022.