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.