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What is OSFI b10?

Today, the Office of the Superintendent of Financial Institutions (OSFI) begins consultations on revised Draft Guideline B-10 \u2013 Third-Party Risk Management , which sets out enhanced third-party risk management expectations for federally regulated financial institutions (FRFIs).

What is OSFI responsible for?

The Office of Financial Sanctions Implementation (OFSI) helps to ensure that financial sanctions are properly understood, implemented and enforced in the United Kingdom.

What does outsourcing mean?

: to procure (something, such as some goods or services needed by a business or organization) from outside sources and especially from foreign or nonunion suppliers : to contract for work, jobs, etc., to be done by outside or foreign workers decided to outsource some back-office operations Some services and aspects of ...

How many employees does OSFI have?

OSFI employs more than 500 people in offices located in Ottawa, Montréal, Toronto and Vancouver. We strive to ensure a balance of industry and public sector experience among employees, especially in the risk assessment and supervision functions.

What is material outsourcing?

material outsourcing, for an authorised firm, means the outsourcing of a function of such importance that weakness or failure in the exercise of the function would cast serious doubt on\u2014 (a) the firm's ability to comply with\u2014 (i) any Regulations, Rules or Principles; or.

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