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A wider lens: OSFI publishes third party risk management guideline

OSFI announces new guideline to manage third-party risk / Le BSIF annonce la parution d’une nouvelle ligne directrice sur la gestion du risque lié aux tiers

Le texte français suit l’anglais.

Posted on OSFI’s website:

Today, the Office of the Superintendent of Financial Institutions (OSFI) published its final Third-Party Risk Management Guideline which sets out associated risk management expectations for Federally Regulated Financial Institutions (FRFIs).

Third-party arrangements can support efficiency, innovation, and service. FRFIs are increasingly relying on third parties in ways that can impact operations and financial resilience. 

OSFI expects FRFIs to manage these risks by adhering to this updated Guideline, which emphasizes governance and risk management programs and includes six new, clear expected outcomes associated with effective third-party risk management.

OSFI will hold an information session for members of industry on May 18, 2023 from 1 p.m. to 2:30 p.m. ET. To register visit: Information session B-10 before May 17 at noon ET.

Categories: Guidance OSFI Updates Risk Management Third Party Risk Management


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