[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-243566-105":53,"doc-detail-243566-en":127},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":120,"head_meta":122,"extra_data":124,"updated_unix":126},105,"en","the-climate-journey-osfi-b-15-climate-risk-management-building-capacity-to-meet-new-regulations-while-managing-costs","The Climate Journey - OSFI B-15 Climate Risk Management: Building Capacity to Meet New Regulations While Managing Costs","","The publication summarizes OSFI’s Guideline B-15 on climate risk management and explains how financial institutions can meet evolving regulatory expectations. It outlines key disclosure expectations, required governance and risk management practices, scenario analysis, and capital, liquidity, and adequacy considerations. It also describes how Ernst & Young Canada and Carbonhound plan to support mid-market institutions with sustainability, risk, data, and technology capabilities to enhance resilience while controlling costs and improving transparency of climate-related risks.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":11,"@type":70,"position":76},"https://docshare.wps.com/template/presentations/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/the-climate-journey-osfi-b-15-climate-risk-management-building-capacity-to-meet-new-regulations-while-managing-costs/243566/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/the-climate-journey-osfi-b-15-climate-risk-management-building-capacity-to-meet-new-regulations-while-managing-costs/243566.png","ImageObject",442,249,{"name":88,"@type":89},"Chloe Bennett","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-19","2026-09-12",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",9,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"What is OSFI Guideline B-15 and what does it require?","Question",{"text":109,"@type":110},"OSFI Guideline B-15 sets out OSFI’s expectations for managing climate-related risks, including governance and risk management practices for FRFIs.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"When does Guideline B-15 become effective?",{"text":114,"@type":110},"It is effective at fiscal year-end 2024 for Domestic Systemically Important Banks (DSIBs) and Internationally Active Insurance Groups (IAIGs) headquartered in Canada, and at fiscal year-end 2025 for other in-scope FRFIs.",{"name":116,"@type":107,"acceptedAnswer":117},"How can data and technology help institutions meet B-15 expectations?",{"text":118,"@type":110},"Data and technology support scenario planning, improve data quality for scenario modeling validity, and help incorporate climate-related risks into processes such as ICAAP/ORSA and the ERM framework.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},243566,1791743278,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":40,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":141},962084925782,"https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc","The Climate Journey  \nOSFI B-15 Climate Risk Management: Building Capacity to Meet New Regulations While Managing Costs  \n• On March 7, 2023[2], OSFI published Guideline B-15: Climate Risk Management, which sets out OSFI’s expectations for the management of climaterelated risks.  \n• On March 20, 2024[4], OSFI has released updates to the Guideline B-15: Climate Risk Management. The updates align the disclosure expectations for FRFIs in Guideline’s Annex 2-2 with the International Sustainability Standards Board (ISSB)'s IFRS S2 standard, streamlining climate disclosures and enhancing transparency of climate-related risks.  \n• The Guideline will be effective fiscal year-end 2024 for Domestic Systemically Important Banks (DSIBs) and Internationally Active Insurance Groups (IAIGs) headquartered in Canada. For all other in-scope FRFIs, the Guideline will become effective at fiscal year-end 2025.  \nThe importance of climate risk management: from regulatory expectations to strategic actions  \n“The adoption of sound climate risk management practices at financial institutions will give OSFI confidence that those institutions have the necessary policies and procedures in place to manage financial risks.  \n-Peter Routledge, Superintendent of Financial Institutions [1]  \nIntroduction  \nThe Office of the Superintendent of Financial Institutions (OSFI) has issued a guideline on climate risk management that recognizes the need for action and the constantly changing nature of climate risk management: B-15. This strategic move aims to enhance the Canadian financial sector's resilience to climate-related risksand catalyze its role in climate change mitigation. The guideline underscores the importance of acknowledging and managing both transition and physical risks associated with climate change. These efforts align with a broader global trend where regulatory bodies are increasingly mandating comprehensive climate risk reporting and transparency.  \nOSFI expects financial institutions to achieve the following outcomes:  \n• Understand and mitigate against potential impacts of climate-related risks to its business model and strategy;  \n• Have appropriate governance and risk management practices to manage identified climate-related risks.  \n• Remain financially resilient through severe, yet plausible, climate risk scenarios, and operationally resilient through disruption due to climaterelated disasters.  \nWhat is the purpose of this paper?  \nThis paper highlights the key disclosure expectations from OSFI’s Guideline B-15:  \nClimate Risk Management, including key capabilities expected from institutions and market insights. Additionally, it will discuss how technology can enable new capabilities and streamline processes, in addition to how to get started on one's climate journey.  \nErnst & Young Canada (“EY”) and Carbonhound are forming a strategic relationship to assist financial institutions in the mid-market segments with enhancing their climate risk capabilities in line with OSFI requirements. This collaboration is set to provide a blend of deep EY subject matter experience in Sustainability, Risk Management, Data and Technology and Carbonhound's innovative technology solutions, emphasizing the delivery of value by showing how financial organizations can confidently meet the requirements of the B- 15 guideline while reducing their costs. The collaboration underscores a commitment to fostering a resilient and sustainable financial sector through advanced climate risk management and regulatory compliance practices.  \nEY Carbonhound Collaboration  \nSection 1.A: OSFI Guideline B-15 general requirements  \n Background and purpose   \nOSFI published Guideline B-15: Climate Risk Management, which aims to provide FRFIs with guidelines on promoting preparedness and resilience to climate-related risks for implementation of governance and risk management practices.  \nThe purpose of this guideline is for FRFIs to:  \n• Develop a comprehensive understanding of cl","cbCairdXFAiqmq0q","https://ap.wps.com/l/cbCairdXFAiqmq0q","pdf",2886534,"English","# Introduction\n## OSFI expectations and required outcomes\n# Purpose of the paper\n## EY and Carbonhound collaboration\n# OSFI Guideline B-15 general requirements\n## Governance\n## Scenario analysis\n## Capital and liquidity adequacy\n## Role of Data & Technology","[{\"question\":\"What is OSFI Guideline B-15 and what does it require?\",\"answer\":\"OSFI Guideline B-15 sets out OSFI’s expectations for managing climate-related risks, including governance and risk management practices for FRFIs.\"},{\"question\":\"When does Guideline B-15 become effective?\",\"answer\":\"It is effective at fiscal year-end 2024 for Domestic Systemically Important Banks (DSIBs) and Internationally Active Insurance Groups (IAIGs) headquartered in Canada, and at fiscal year-end 2025 for other in-scope FRFIs.\"},{\"question\":\"How can data and technology help institutions meet B-15 expectations?\",\"answer\":\"Data and technology support scenario planning, improve data quality for scenario modeling validity, and help incorporate climate-related risks into processes such as ICAAP/ORSA and the ERM framework.\"}]","The Climate Journey - OSFI B-15 Climate Risk Management: Building Capacity to Meet New Regulations While Managing Costs | PDF",1789205669,6]