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OSFI’s Supervisory Assessment → Roles of BoD & Senior Mgmt
Board
Oversee mgmt
Understand regulatory env the company operates in
Senior Mgmt
Oversee operations
Implement BoD’s decisions
OSFI Supervisory Assessment → Key Oversight Functions
BoD
Senior Mgmt
Role of Corporate Governance in OSFI’S Supervisory Process
Protects policyholders
Reduce amt of supervisory resources OSFI needs
Changes to BoD or Senior Mgmt
Notify OSFI
Provide info on qualification of candidates
Risk Appetite Framework should contain:
Risk Appetite Statement
Reflects aggregate lvl & type of risks the entity is willing to accept
Forward looking
Risk Limits
Allocation of Risk Appetite Statement to risk categories, LOBs, etc.
Often quantitative
Risk Appetite Framework → Roles
Board → approve risk appetite framework
Senior Mgmt → implement risk appetite framework
Chief Risk Officer → assess risk appetite framework
Report to BoD & mgmt
Internal Audit → routinely assess compliance
Risk Appetite Statement
FATS
Reflects Aggregate level of risk
Reflects Type of risk FRFI’s willing to accept
Forward looking
Considers normal & stressed Scenarios