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 principles to assist Federally Regulated Entities (FREs) with preparing background screening processes sufficiently robust to pass potential future audits. As of January 31, 2009, FREs must perform robust background checks on directors, principal officers, chief agents, and senior management.
Per Guideline E-17, all Responsible Persons, most notably members of boards of directors and senior management, 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 can walk you through the necessary screening steps and help ensure that your screening processes and packages for Responsible Persons are all compliant with the new Guideline E-17.
Next Steps
Contact Jeff Sutton, Director Business Development, at our Canadian Background Screening headquarters in Toronto:
888 or 416 956 5000
jeff.sutton@kroll.com