Canada: Closed OSFI consultation on digital risk management in the financial sector
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Description
Closed OSFI consultation on digital risk management in the financial sector
On 15 December 2020, the Canadian Office of the Superintendent of Financial Institutions (OSFI) closed its consultation on the discussion paper titled “Developing Financial Sector Resilience in a Digital World”. The paper focused on new risks from rapidly developing digital technologies and their potential impact on Canada’s financial sector. Risk areas identified include cybersecurity, advanced analytics (artificial intelligence and machine learning), and the use of third-party services such as cloud computing.
Original sourceScope
Policy Area
Data governance
Policy Instrument
Cybersecurity regulation
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies), other service provider
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body
Complete timeline of this policy change
Hide details
2020-09-15
in consultation
2020-12-15
processing consultation
2021-11-09
in consultation
2022-02-09
processing consultation
2022-07-13
adopted