OSFI Sets Out Plan for Future Guidance on Managing Technology Risk
OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans. This follows an OSFI discussion paper on a range of technology risk areas such as cyber security, advanced analytics, and third-party technology ecosystem. The feedback period on the paper ended on December 15, 2020, with respondents expressing broad support for emerging principles-based and technology-neutral perspectives on technology risk management.
In the feedback, the respondents indicated that OSFI should first leverage its existing guidance and align any additional guidance with existing international and information technology standards. In light of the feedback received on the discussion paper, OSFI plans to release draft guidance and industry letters as per the following schedule:
- OSFI plans to publish an industry letter on operational resilience and a new draft guideline on technology and cyber risk in the third and fourth quarters of 2021, respectively.
- In the first quarter of 2022, OSFI plans to publish a draft of the revised guideline on third-party risk and an industry letter on advanced analytics and model risk.
- In 2022-23, OSFI plans to publish the revised Guideline E-21 on operational risk management and the revised guidance on model risk.
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Keywords: Americas, Canada, Banking, Insurance, Technology Risk, Operational Risk, Operational Resilience, Third-Party Risk, Cyber Risk, Regtech, OSFI
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