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On April 30, 2014, the Office of the Superintendent of Financial Institutions (OSFI) issued for comment a revised draft Guideline E-13 (renamed Regulatory Compliance Management [RCM], formerly Legislative Compliance Management [LCM]), representing the first update to the Guideline in eleven years. An update was deemed necessary to bring the Guideline into alignment with the revised Supervisory Framework, Corporate Governance Guideline, draft Operational Risk Guideline and other international guidance. Additionally, OSFI stated that it has, over the years, identified a number of issues within Federally Regulated Financial Institutions (FRFI’s) that is thought would be well served by additional and clarified guidance. The draft Guideline is out for industry comment until June 20, 2014.
This Financial Services Flash Report highlights the proposed key updates to the Guideline.