OSFI discussion paper: Developing Financial Sector Resilience in a Digital World - results of consultation

On September 15, 2020, OSFI issued a discussion paper on Developing financial sector resilience in a digital world (PDF, 5,754 KB). OSFI sought feedback on a range of technology-related risk areas, with a focus on cyber security, advanced analytics, and the technology third party ecosystem.

In response to the consultation, which closed on December 15, 2020, OSFI received over 50 submissions from a diverse group of respondents including federally regulated financial institutions, industry associations, technology companies and consulting firms.

There was broad support for OSFI’s emerging principles-based and technology-neutral perspectives on technology risk management, as presented in the discussion paper. Respondents indicated that OSFI should first leverage its existing guidance and align any additional guidance with existing international and IT standards. Their input will help inform OSFI's regulatory and supervisory approaches to technology risks that meet our mandate of protecting private pension plan beneficiaries while recognizing that plan administrators are ultimately responsible for risk decisions.

The Private Pension Plans Division (PPPD) will review any draft guidance to determine if it is appropriate for federally regulated private pension plans. Pension plan administrators and stakeholders will be apprised of any draft guidance issued for pension plans and given an opportunity to provide feedback on specific OSFI proposals prior to the issuance of any final guidance.