In a published interview, Canada's Office of the Superintendent of Financial Institutions outlined a more focused supervisory and policy agenda centred on the risks highlighted in its Annual Risk Outlook, notably real estate secured lending, non-bank financial institutions, and liquidity and funding risks. Superintendent Peter Routledge said the response includes a consultation on a new Credit Risk Management Guideline, refinements to the liquidity framework, and earlier supervisory engagement with boards and senior management as risks become more complex and interconnected. Credit risk remains OSFI's central prudential concern, particularly as conditions change across portfolios, while monitoring of non-bank financial institutions is concentrating on leverage, interconnectedness, and concentration risks that are growing but currently appear more isolated than systemic. Routledge also said OSFI has narrowed its broader policy agenda, removed more than 600 pages of outdated or duplicative guidance across English and French, and is prepared to calibrate capital and liquidity requirements, including risk weights and the Domestic Stability Buffer, where evidence supports it. He added that OSFI benchmarks Canadian bank and insurer capital rules against international peers under CAR, LICAT, MCT, and MICAT, and recently issued a technical note finding Canadian banks hold capital well above supervisory expectations. On climate and financial innovation, OSFI said it is treating climate as a financial risk issue through scenario analysis, new climate risk regulatory returns, and supervisory expectations in Guideline B-15. For tokenization, stablecoins, and artificial intelligence, the approach remains measured and collaborative, with an emphasis on keeping activity within the regulated perimeter, strengthening governance and accountability, and avoiding premature regulation. Boards and senior management are expected to understand where AI is used and retain clear responsibility for outcomes, which Routledge linked to OSFI's consultation on senior leader accountability.
Office of the Superintendent of Financial Institutions 2026-04-28
Canada's Office of the Superintendent of Financial Institutions outlines priorities on credit non-bank and liquidity risks and signals targeted capital and liquidity calibration
The Office of the Superintendent of Financial Institutions is sharpening its supervisory and policy agenda around risks in its Annual Risk Outlook, including real estate secured lending, non-bank financial institutions, and liquidity and funding risks, supported by a new Credit Risk Management Guideline consultation, liquidity framework refinements, and earlier supervisory engagement with boards and senior management. OSFI has streamlined its policy suite, signalled willingness to recalibrate capital and liquidity requirements, and continues to benchmark Canadian capital rules internationally. On climate, tokenization, stablecoins, and artificial intelligence, OSFI is pursuing a measured, prudentially focused approach that emphasises governance, accountability, and keeping activity within the regulated perimeter.