“OSFI to hear bank director beefs about ‘burdensome’ risk oversight expectations” by Barbara Shecter, The Financial Post.
The Financial Post quotes Toronto lawyer Stephen Clark in an article about Canadian banks being concerned about burdensome new rules on risk oversight.
Stephen Clark, co-chair of the financial institutions practice a law firm Fasken Martineau DuMoulin LLP in Toronto, said OSFI “raised the bar significantly” in 2013 with a stronger oversight role expected of boards in areas of risk management and compliance, and a higher degree of personal involvement required of directors.
“As of OSFI letter notes, directors have struggled with the expectations,” he said.