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Canada: Closed OSFI consultation on digital risk management in the financial sector

Policy overview

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 source

Scope

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

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2020-09-15
in consultation

On 15 September 2020, the Canadian Office of the Superintendent of Financial Institutions (OSFI) pu…

2020-12-15
processing consultation

On 15 December 2020, the Canadian Office of the Superintendent of Financial Institutions (OSFI) clo…

2021-11-09
in consultation

On 9 November 2021, the Canadian Office of the Superintendent of Financial Institutions (OSFI) rele…

2022-02-09
processing consultation

On 9 February 2022, the Canadian Office of the Superintendent of Financial Institutions (OSFI) clos…

2022-07-13
adopted

On 13 July 2022, the Canadian Office of the Superintendent of Financial Institutions (OSFI) release…

2024-01-01
in force

On 1 January 2024, Guideline B-13 on Technology and Cyber Risk Management issued by the Canadian Of…