Technology Risks And Resilience In The Financial Sector: OSFI Issues Digital Risks Discussion Paper – Technology – Canada

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OVERVIEW

Technology and digital innovation and transformation continues
to persistently proceed at an accelerated pace. While critical to
continued evolution and success in many business sectors,
technology and digitalization can present significant business and
operational risk.

Such risks remain particularly relevant to the financial
services sector and federally regulated financial institutions
(FRFIs), a fact that has been particularly underscored by the
COVID-19 pandemic, which has emphasized the need for resilient
technology and digital solutions.

In recognition that rapid technological advancement and
digitalization continue to shape both the global and Canadian
financial sector, on September 15, 2020, the Office of the
Superintendent of Financial Institutions (OSFI)
announced a three-month consultation on technology risks in the
financial sector with the publication of a discussion paper: Developing
Financial Sector Resilience In A Digital World: Selected Themes In
Technology And Related Risks.

The paper canvasses a number of questions across a spectrum of
themes related to the development of an understanding of technology
risk and its relationship to operational risk, and provides
OSFI’s perspective and guidance. This approach is in line with
OSFI’s strategic plan to ensure that financially regulated

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