Regulatory Alerts2024-08-22
Operational Risk Management and Resilience Guideline (E-21)
The Office of the Superintendent of Financial Canada (OSFC) issued Guideline E-21 to require federally regulated financial institutions to integrate operational risk management with operational resilience. Institutions must establish robust governance, define risk appetites and limits, map critical operations with their internal and external dependencies, and set explicit tolerances for disruption. The guideline mandates continuous monitoring, regular scenario testing, and proportional application based on organizational size, complexity, and systemic interconnectedness to ensure critical services persist during severe events.
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