The Office of the Superintendent of Financial Institutions (OSFI) is consulting on the draft guideline B‑13 on technology and cyber risk management. The proposed guideline sets out expectations for sound technology and cyber risk management across five domains. Each domain is guided by a desired outcome and related technology-neutral principles that collectively contribute to operational resilience. The Annex to the consultation letter also sets out the feedback OSFI received as a result of the Fall 2020 discussion paper on technology and related risks. The comment period for this consultation ends on February 09, 2021.
The expectations outlined in the guideline aim to support federally regulated financial institutions in developing greater resilience to technology and cyber risks in the areas of—
- Governance and Risk Management: Covers expectations for the formal accountability, leadership, organizational structure, and framework used to support risk management and oversight of technology and cyber security
- Technology Operations: Sets expectations for management and oversight of risks related to the design, implementation and management of technology assets and services.
- Cyber Security: Covers expectations for management and oversight of cyber risk
- Third-Party Provider Technology and Cyber Risk: Expands on he existing OSFI guidance for outsourcing and third-party risk, to set expectations for institutions that engage with third-party providers to obtain technology and cyber services and/or other services that give rise to cyber and/or technology risk
- Technology Resilience: Sets expectations for capabilities to deliver technology services through operational disruption
Comment Period: February 09, 2021
Keywords: Americas, Canada, Banking, Cyber Risk, Guideline B-13, Operational Resilience, Governance, Operational Risk, Regtech, OSFI
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