Federally Regulated Financial Institutions: OSFI Compliance
Federally Regulated Finance Sector Industry Participants
ISO 9001:2015 Integrated Risk-Based Quality Management Systems Solutions
What does MortgageQuote's ISO 9001:2015 integrated Quality Management Systems technology do for an FRFI?
Beyond the empirical proof of benefits [available to Registered Users Only], given MortgageQuote's certification to Canada's National Standard for Quality Management, MortgageQuote's technology is certified to operate in a statutory, regulatory and process compliant manner. In short: MortgageQuote's technology enables your FRFI to earn money, while ensuring that your Official Representative to OSFI is able to 'sleep well at night'.
After Implementation of a Quality Management System
OSFI-Compliant ISO 9001:2015 Quality Management Solutions for Canadian FRFI's
(OSFI compliant services are require a high degree of customization depending on how your FRFI is structured.)
"Work with the system, easier than ever before because of technology". MortgageQuote's technology integrates within Regulatory Supervisory Frameworks for both Federally Regulated Financial Institutions non-Federally Regulated Financial Entities (OSFI-, OCC- and Other Regulatory bodies). Learn more.
Corporate Governance Solutions
OSFI expects Boards and Senior Management of FRFIs to be proactive, and to be aware of best practices related to corporate governance that are applicable to their institution. Where appropriate, FRFIs should adopt these best practices. Learn more.
E-13 Regulatory Compliance Management (RCM) Solutions
OSFI expects FRFIs to establish and maintain an effective enterprise-wide RCM framework. RCM controls should include oversight by individuals or oversight functions that are independent of the activities they oversee. Learn more.
B-20 & B-21 Residential Mortgage (Insurance) Underwriting Practices and Procedures Solutions
OSFI expects lenders and mortgage insurers to verify that their mortgage operations are well supported by prudent underwriting practices, and have sound risk management and internal controls that are commensurate with these operations. Learn more.
B-10 Outsourcing of Business Activities, Functions and Processes Solutions
Prudent Person Approach
By law, the board of directors of a financial institution is required to establish, and the financial institution is required to adhere to, "investment and lending policies, standards and procedures that a reasonable and prudent person would apply in respect of a portfolio of investments and loans to avoid undue risk of loss and obtain a reasonable return." Learn more.