FSRA aims to improve Credit Union operational risk management and resilience to better protect Ontario consumers
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.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness and choice for consumers.
Learn more at www.fsrao.ca.
For media inquiries:
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
Email: [email protected]