Original Source: OSFI (Office of the Superintendent of Financial Institutions)
“This is not a guideline. It is intended to communicate basic principles associated with reputation risk management, highlight observations from OSFI’s work in this area, and indicate issues that OSFI may focus on during supervisory reviews.
In 2004, OSFI reviewed reputation risk management practices at selected federally regulated financial institutions (FRFIs). The reviews were intended to enhance OSFI’s understanding of reputation risk management practices and the control systems used by FRFIs. This included, for example, a review of reputation risk management policies and procedures and the roles played by boards, senior management and other oversight functions in ensuring the policies were communicated and adhered to. The reviews focused on reputation risk management practices in the areas of structured financial transactions, trading in mutual and segregated funds, due diligence with respect to funding of brokered mortgages and financial reinsurance. The results referenced below reflect OSFI’s findings in the areas reviewed at the selected FRFIs and are not necessarily reflective of all financial institutions…”
Contributors: Open SourceCategories: Industry Articles, SIG U Resource
SRC Type: Risk Management, Sourcing Management, Third Party Management