EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
Recent Searches
Co-authored by: Vishal Gossain, EY Risk Analytics and Balance Sheet Management Leader | EY Canada
Haithem Kaabi, Senior Manager, Wholesale Credit Risk Lead | EY Canada
Wankun Li, Senior Manager, Wholesale Credit Risk Specialist | EY Canada
Lina Wang, Manager, Financial Services Risk Management | EY Canada
Yi Zhu, Manager, Financial Services Risk Management | EY Canada
Arthur Gerbé, Senior Consultant, Financial Services Risk Management | EY Canada
In the face of a heightened risk environment that increases the probability of global commercial real estate credit losses, the Office of the Superintendent of Financial Institutions (OSFI) has put forth interim guidance. This new guidance emphasizes specific focus areas in the commercial real estate sector and outlines fresh expectations on its risk management. All federally regulated financial institutions should anticipate more detailed directives and in-depth reviews from OSFI in response to these changing circumstances.
Acknowledging the seriousness and the urgency of this outlook, we undertook a comprehensive inquiry into the potential repercussions of these new expectations on small and medium-sized banks and domestic systemically important banks. This publication scrutinizes crucial risk management aspects such as governance, data handling, risk assessments and account management. These fundamental areas of the banking operation landscape form the cornerstone of maintaining the stability and resilience of these financial entities, especially in an increasingly stringent regulatory environment.
The publication further demonstrates EY’s deep knowledge, experience, approaches and readiness to support these entities in navigating this time of change.
Explore part 1 of our two-part series on commercial real estate risk management.
Download now
Summary
The perspective offered illuminates EY's analysis of the impact areas OSFI’s new expectations on commercial real estate risk management could have on Canadian financial institutions. It also showcases EY’s strength and readiness to provide support as a trusted advisor.