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Canada Regulations & Standards
OSFI – Operational Resilience – Letter and Proposed Revisions to Guideline E-21
On July 6, 2021, the OSFI issued an industry letter to federally regulated financial institutions (FRFIs) on operational resilience and received feedback from the FRFIs.
Based upon the feedback, the OSFI is considering revising Guideline E-21 to shift toward the concept of operational resilience, while also continuing to reinforce the OSFI’s expectations in relation to operational risk management. The revised Guideline E-21 would be principles based, include programs that are aligned to other global requirements, and would be expected to be proportionate to FRFIs of different size, nature, scope, and complexity of operations.
The OSFI notes that operational resilience should be viewed as an outcome of effective operational risk management, including the management of technology, cyber, third-party, model, business continuity, compliance, people, and process risks.