2022-11-30

Assurance on Capital, Leverage and Liquidity Returns

OSFI proposes enhanced assurance expectations for capital, leverage, and liquidity returns across federally regulated insurers and deposit-taking institutions. The framework mandates annual external audit opinions on key regulatory ratios, senior management attestations following internal reviews, and internal audit assessments to verify control effectiveness. These aligned requirements aim to improve risk assessment consistency, mitigate calculation errors from IFRS 17 and Basel III reforms, and strengthen supervisory confidence in institutional safety.

Canada

Office of the Superintendent of Financial Institutions

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