OSFI announces second phase of the Standardized Climate Scenario Exercise consultation

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Summary:

The Office of the Superintendent of Financial Institutions (OSFI) has announced the second phase of the Standardized Climate Scenario Exercise (SCSE) consultation. The goal of SCSE is to improve financial institutions' understanding of climate-related risks and their ability to conduct climate scenario analysis and risk assessments. OSFI has updated the draft methodology and created a draft workbook with instructions. Feedback from the first phase has been incorporated, and comments can be sent to OSFI until June 7, 2024. The Autoritu00e9 des marchu00e9s financiers (AMF) will also run the SCSE in parallel with Quebec-based financial institutions. OSFI and AMF will hold an information session on May 2, 2024, and interested stakeholders can register by May 1, 2024.