{
  "title": "Canada: Financial Sector Assessment Program-Basel Core Principles for Effective Banking Supervision-Detailed Assessment of Observance",
  "publication": "IMF Staff Country Reports, March 7, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/canada-financial-sector-assessment-program-basel-core-principles-for-effective-banking-41407",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/canada-financial-sector-assessment-program-basel-core-principles-for-effective-banking-41407",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/canada-financial-sector-assessment-program-basel-core-principles-for-effective-banking-41407/index.md",
  "summary": "This paper focuses on the IMF report on detailed assessment of observance of Basel Core Principles (BCP) for effective banking supervision in Canada.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Report focus: Detailed assessment of observance of Basel Core Principles (BCP) for effective banking supervision in Canada.\n- Key institutional focus: Office of the Superintendent of Financial Institutions (OSFI).\n- Supervisory approach described: OSFI adopts a close and cooperative approach that supports the close network of federal authorities in identifying and seeking to mitigate prudential risks to the federal system.\n- Expectation noted: As a world-leading regulator, OSFI could be expected to issue a comprehensive suite of risk management standards to be available to all banks, even if at a relatively high level or based largely on Basel Committee for Banking Supervision guidance.\n- Subjects covered: Banking, Credit risk, Financial institutions, Financial regulation and supervision, Foreign banks, Labor, Market risk, Operational risk."
    },
    {
      "heading": "Key findings and analysis",
      "content": "- Supervisory orientation:\n  - OSFI’s approach is characterized as close and cooperative with federal authorities to identify and mitigate prudential risks to the federal system.\n- Standard-setting expectation:\n  - Given OSFI’s status as a world-leading regulator, the report expects OSFI to issue a comprehensive suite of risk management standards for all banks, potentially at a relatively high level or based largely on Basel Committee guidance.\n- Risk areas highlighted (keywords retained as in source):\n  - corporate governance\n  - CR\n  - credit risk\n  - Credit risk\n  - Foreign banks\n  - Global\n  - internal audit\n  - ISCR\n  - Market risk\n  - Operational risk\n  - parent company\n  - risk appetite\n  - risk assessment\n  - risk management\n  - risk profile\n  - senior management"
    },
    {
      "heading": "Policy recommendations and implications",
      "content": "- Strengthen and publish comprehensive risk management standards applicable to all banks, drawing on Basel Committee for Banking Supervision guidance where appropriate.\n- Maintain and support close cooperative arrangements among federal authorities to identify and mitigate prudential risks across the federal banking system.\n- Ensure supervisory guidance covers key areas listed under keywords, including corporate governance, internal audit, risk appetite, risk assessment, and operational risk.\n\n---\n\n Content in this bundle\n\n- Financial Sector Structure, end 2012\n  - Financial Sector Structure, end 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Financial Sector Structure, end 2012 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/canada-financial-sector-assessment-program-basel-core-principles-for-effective-banking-41407/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/canada-financial-sector-assessment-program-basel-core-principles-for-effective-banking-41407/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/canada-financial-sector-assessment-program-basel-core-principles-for-effective-banking-41407/bundle-manifest.json)",
    "Published: March 7, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475523157.002",
    "Report focus: Detailed assessment of observance of Basel Core Principles (BCP) for effective banking supervision in Canada.",
    "Key institutional focus: Office of the Superintendent of Financial Institutions (OSFI).",
    "Supervisory approach described: OSFI adopts a close and cooperative approach that supports the close network of federal authorities in identifying and seeking to mitigate prudential risks to the federal system.",
    "Expectation noted: As a world-leading regulator, OSFI could be expected to issue a comprehensive suite of risk management standards to be available to all banks, even if at a relatively high level or based largely on Basel Committee for Banking Supervision guidance.",
    "Subjects covered: Banking, Credit risk, Financial institutions, Financial regulation and supervision, Foreign banks, Labor, Market risk, Operational risk.",
    "Supervisory orientation:",
    "Standard-setting expectation:",
    "Risk areas highlighted (keywords retained as in source):",
    "Strengthen and publish comprehensive risk management standards applicable to all banks, drawing on Basel Committee for Banking Supervision guidance where appropriate.",
    "Maintain and support close cooperative arrangements among federal authorities to identify and mitigate prudential risks across the federal banking system.",
    "Ensure supervisory guidance covers key areas listed under keywords, including corporate governance, internal audit, risk appetite, risk assessment, and operational risk.",
    "**Financial Sector Structure, end 2012**"
  ],
  "related": [
    {
      "title": "Financial Sector Structure, end 2012",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr1471.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr1471.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2014/_cr1471.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/canada-financial-sector-assessment-program-basel-core-principles-for-effective-banking-41407/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/canada-financial-sector-assessment-program-basel-core-principles-for-effective-banking-41407/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/canada-financial-sector-assessment-program-basel-core-principles-for-effective-banking-41407/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-13T22:51:01.89Z"
}