What is OSFI b-10?

The OSFI B-10 Guidelines indicate that OSFI expects a financial institution to design a risk management program that applies to all of its outsourcing arrangements, with risk mitigation commensurate with the associated risks.

What does OSFI do?

The Office of the Superintendent of Financial Institutions (OSFI) is an independent federal government agency that regulates and supervises more than 400 federally regulated financial institutions and 1,200 pension plans to determine whether they are in sound financial condition and meeting their requirements.

Who regulates OSFI?

Office of the Superintendent of Financial Institutions
Introduction. The Office of the Superintendent of Financial Institutions (OSFI) regulates and supervises all banks and federally incorporated or registered trust and loan companies in Canada, as well as insurance companies and fraternal benefit societies.

What is OSFI cloud?

OSFI (Canada) The B-10 Outsourcing of Business Activities, Functions and Processes (“B-10 Guideline”) addresses OSFI’s expectations on regulated entities that outsource business activities to service providers, in particular the practices, procedures and standards that should be applied to the outsourcing arrangement.

What activities should an entity outsourced?

Lets look at 9 such business activities you can easily outsource and make more time for yourself to focus on growing your business.

• 1) Outsource Accounting & Bookkeeping.
• 2) Outsource Tax Preparation & Filing.
• 3) Outsource Payroll processing.
• 4) Outsource Your Creative work.
• 5) Social media marketing.
• 6) Hiring.

Are banks regulated by OSFI?

OSFI regulates and supervises domestic banks and foreign banks operating in Canada.

What organization regulates banks?

Office of the Comptroller of the Currency
National banks must be members of the Federal Reserve System; however, they are regulated by the Office of the Comptroller of the Currency (OCC). The Federal Reserve supervises and regulates many large banking institutions because it is the federal regulator for bank holding companies (BHCs).

How do I file a complaint with OSFI?

Service feedback and Complaints:

1. Via telephone, 8:30 a.m. to 5:00 p.m. Eastern time, Monday through Friday. 1-800-385-8647.
2. Via fax: 613-990-5591.
3. Via email:[email protected].
4. Via regular mail: Office of the Superintendent of Financial Institutions Canada. 255 Albert Street. Ottawa, Ontario, Canada K1A 0H2.

Is outsourcing always a good practice?

Outsourcing to nearshore or offshore agencies is especially good for small businesses as services cost much less than in the U.S. You can give people from developing countries jobs and get a profit from spending a little money on their work. Another positive effect of outsourcing is that you don’t have to pay taxes.

What is OSFI guideline B-10, outsourcing of business activities?

OSFI has released a final revised version of Guideline B-10, Outsourcing of Business Activities, Functions and Processes, which sets out OSFI’s expectations for federally regulated entities (FREs) that outsource or contemplate the outsourcing of one or more of their business activities to a service provider.

Are there any problems with the OSFI guideline?

• One problem that appeared to have been introduced into the Guideline is the requirement that if a Canadian branch of a foreign entity enters into an outsourcing arrangement with its head office, there is a need for an outsourcing agreement.

Which is included in the OSFI supervisory framework?

• OSFI directly references the Supervisory Framework, (Included in Materials) which it will use in applying its risk-based approach to assessing an FRE’s safety and soundness on a consolidated basis. 6McCarthy Tétrault LLP OSFI Guideline B-10 Section 1

What does OSFI mean by risk based approach?

As outlined in its Supervisory Framework, OSFI applies a risk-based approach to assessing an FRE’s safety and soundness on a consolidated basis. Resources are focused on areas of higher risk and information from other regulators is used as appropriate.