Final OSFI Corporate Governance Guideline – Proposal to Assist in Performing Self-Assessment by May 1, 2013
The Office of the Superintendent of Financial Institutions (“OSFI”) issued a final, updated, Corporate Governance Guideline on January 28, 2013 (the “Final Guideline”). The Final Guideline sets out OSFI’s requirements regarding corporate governance of federally regulated financial institutions.
OSFI expects every federally regulated financial institution to conduct a self-assessment of compliance with the Final Guideline and to establish a plan to address any deficiencies by May 1, 2013. Full implementation of the Final Guideline by federally regulated financial institutions is expected no later than January 31, 2014. Every financial institution should, therefore, be in a position to provide OSFI with the results of this self-assessment, if requested, by May 1, 2013.
Gillman Professional Corporation can assist your financial institution to perform the self-assessment by the May 1, 2013 deadline.
Our approach to accomplish this, is as follows:
- The first step would be to conduct a current state assessment by assisting your financial institution to inventory and review its current corporate governance-related documents, policies, practices and accountabilities, including, amongst others, Board and Committee Charters, internal policies and procedures, risk management systems and practices.
- We will identify the requirements of the Final Guideline and the changes that it has mandated.
- We will assist to develop a brief questionnaire and to conduct interviews with selected senior management and Board members to obtain their perspectives on the effectiveness of the current corporate governance practices and to solicit their views on modification or improvement to meet the requirements of the Final Guideline.
- We will assist to analyze the results of the current state assessment and the review of the Final Guideline to identify gaps between your current state and the desired/required future state.
- Finally, we will assist your financial institution to establish a plan to address any deficiencies.
We provide clients with superior service, depth of knowledge and extensive experience. The advantages we offer include:
- Experienced senior person with real expertise and judgment. You will receive the benefit of our personal attention and years of experience.
- Experience in developing comprehensive compliance, policy and governance frameworks that stand up to legal and regulatory scrutiny.
- A focus on the financial services sector and a deep understanding of compliance. In this regard, we specialize in financial services and legal and regulatory compliance matters, respectively.
- Practical, cost-effective business-oriented solutions and results. We are committed to providing hands-on practical advice which will enable you to develop an effective, compliance program.
- A collaborative and inclusive style that ensures appropriate and effective client involvement throughout the engagement.
For further information or to discuss your requirements, please contact us.