The OSFI’s climate risk management requirements
The Canadian Office of the Superintendent of Financial Institutions (OSFI) released their final Guidelines on Climate Risk Management on March 7th, 2023. These new requirements set out expectations for how Canadian financial institutions should manage and disclose their climate-related impacts and risks to improve resilience of the financial system. All federally-regulated financial institutions will be required to publicly disclose their climate-related governance, risk management, strategy, and metrics and targets, following the TCFD (Task Force for Climate-related Financial Disclosures) framework.
