Day: April 28, 2022

OSFI B10 Guideline

OSFI consults on third-party risks in updated B-10 GuidelineOSFI consults on third-party risks in updated B-10 Guideline

Yesterday, the Office of the Superintendent of Financial Institutions (OSFI) began a consultation on an updated Draft Guideline B-10 – Third-Party Risk Management. The draft guideline sets out enhanced third-party risk management expectations for federally regulated financial institutions such as banks, insurance companies, and some credit unions (FRFIs).

OSFI has provided guidance on outsourcing to FRFIs since 2001 in its B10- Outsourcing Guideline. That Guideline has evolved with revisions in 2003 and again in 2009. The guidance has shaped FRFI’s risk management processes and contractual terms with outsourcers since its inception.…