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The Economic Club of Canada (ECC) hosted a conversation with Peter Routledge from the Office of the Superintendent of Financial Institutions (OSFI) on April 27th in Toronto. Routledge discussed OSFI’s Annual Risk Outlook (ARO) and the current economic landscape, STAY Magazine was in attendance.
“The will to act is OSFI’s True North” – Peter Routledge
The Office of the Superintendent of Financial Institutions (OSFI) is an independent federal government agency that regulates and supervises federally regulated financial institutions and pension plans to determine whether they are in sound financial condition and meeting their requirements. Peter Routledge, superintendent of financial institutions, was appointed in June of 2022 for a seven-year term.
Routledge says that his primary mandate is to “reassert OSFI's will to act” throughout his tenure and that the need to act early—the will to act—is at the heart of OSFI’s reason for being. From the will to act comes the impetus for leadership to activate that will across financial systems.
The risks facing financial systems have shifted and heightened…
CASE STUDY:
OSFI's constructive response to the Silicon Valley Bank collapse and the Credit Suisse crisis was a reminder for Canadian creditors how it would respond should a Canadian viability event happen here. Remaining transparent about risks to the financial sector, taking steps to enhance confidence in supervision and seeking to shine a light on how OSFI would respond through its Annual Risk Outlook (ARO).
OSFI’s Annual Risk Outlook – Fiscal Year 2023-2024:
Read the full report concerning the current risk environment as well as OSFI’s supervisory and regulatory actions: https://www.osfi-bsif.gc.ca/Documents/WET5/ARO/eng/2023/aro.html
The Economic Club of Canada is owned and operated by Big Picture Conferences, the parent company of BPNM, owners of STAY Magazine.
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