The Evolving Regulatory Landscape Facing Credit Unions

Summary:

OSFI's Assistant Superintendent, Regulatory Response Sector, Tolga Yalkin, delivered opening remarks at the Canadian Credit Union Association's panel discussion on the evolving regulatory landscape facing credit unions. Yalkin emphasized the complexity and interconnectedness of risks in today's rapidly changing environment, including digital innovation, economic shifts, and climate-related challenges. He highlighted OSFI's efforts to provide a framework for risk management, including the recently launched Supervisory Framework, the Annual Risk Outlook (ARO), and the Integrity and Security Guideline. Yalkin emphasized the importance of transparency and cooperation among financial institutions and regulators to maintain a secure and viable financial sector in Canada.