Rules / Canada

OSFI Guideline E-23 - Model Risk Management (2027)

Enacted, not yet in forceGuidelineBinding

Supervisory guideline setting enterprise-wide model risk management expectations, explicitly covering AI/ML models, across the model lifecycle (inventory, risk rating, validation, monitoring, governance). Applies to federally regulated banks, insurers and trust and loan companies.

Why it matters

Banks and insurers in Canada must bring AI/ML models under formal model-risk governance by 1 May 2027.

What it requires

Risk classificationData governanceHuman oversightImpact assessment
SourceOSFI: https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/guideline-e-23-model-risk-management-2027 Checked against the source on 4 Oct 2026. OSFI guidelines are supervisory expectations enforced through prudential supervision rather than statute.

Cite this record

OSFI Guideline E-23 - Model Risk Management (2027). Office of the Superintendent of Financial Institutions (OSFI). Status: Enacted, not yet in force. wheresthe.ai, https://wheresthe.ai/rule/ca-osfi-guideline-e23-model-risk-2027/ (verified 4 Oct 2026).

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