Consultation on proposed guidance on Operational Risk and Resilience

Thank you for providing your feedback on FSRA’s proposed Operational Risk and Resilience.

We appreciate the comments and questions received to date.

The request for submissions is now closed. The final guidance was release on August 18, 2023.

The Financial Services Regulatory Authority of Ontario (FSRA) is releasing proposed guidance that sets out the requirements for credit unions to effectively manage operational risk and demonstrate resilience that will ultimately better protect credit union members and their deposits.

Operational Risk is the risk of loss resulting from inadequate or failed internal processes, people, and systems, or from external events. Improvements in the sector’s ability to monitor its current internal and external environments, anticipate future threats, and respond effectively to stress events, will strengthen credit unions in Ontario.

The consultation period for the Operational Risk and Resilience Guidance for Credit Unions is now open and we encourage all interested stakeholders to provide feedback by March 31st, 2023.

Useful links:

• Operational Risk and Resilience final Guidance
• FSRA takes steps to better protect credit union members and their deposits

Before we begin, please make sure you do not include any personal or private financial information. If your inquiry does require this information be shared with us, please call us at 1-800-668-0128 or email us at [email protected] for instructions.

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