OSFI Guideline E-17
Are you compliant with Guideline E-17?
The Canadian Office of the Superintendent of Financial Institutions (OSFI) Guideline E-17 sets forth principles to assist Federally Regulated Entities (FREs) with establishing policies and procedures regarding their assessments of the suitability and integrity of their directors, principal officers, chief agents, and senior management (“Responsible Persons”). As of January 31, 2009, the background checks conducted by FREs on their Responsible Persons must be in compliance with Guideline E-17.
Per Guideline E-17, all Responsible Persons must be subject to a thorough background check upon initial appointment to their position. These individuals must likewise undergo routine, ongoing assessments during the tenure of their positions. Such assessments are used to gauge the continued suitability and integrity of these Responsible Persons. OSFI expects every FRE to have a written policy regarding the performance of assessments of their Responsible Persons.
Which entities may be affected by E-17?
Guideline E-17 applies to all FREs, including:
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Banks and bank holding companies
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Insurance companies and insurance holding companies
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Trust and loan companies
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Co-operative credit associations
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Retail associations
More detailed definitions may be found in the full text of OSFI Guideline E-17.
Kroll Background Screening can assist you in identifying the necessary screening steps so that your screening processes and packages for Responsible Persons are compliant with Guideline E-17.
Next Steps
Contact our Canadian Background Screening headquarters in Toronto:
kbasalesteam@kroll.com
888 or 416 956 5000