AMF announces Standardized Climate Scenario Exercise consultation

Insurance Deposit institutions

Montréal – The Autorité des marchés financiers (AMF) today announced a consultation with certain Québec financial institutions for a targeted Standardized Climate Scenario Exercise (SCSE).

The SCSE will be conducted in collaboration with the Office of the Superintendent of Financial Institutions This link will open in a new window (OSFI). The goals of the SCSE are to:

  • increase financial institutions' understanding of their potential exposures to climate-related risks;
  • build institutions' capacity to conduct climate scenario analysis and risk assessments; and
  • measure the potential financial exposures to climate-related risks across institutions.

The AMF, jointly with OSFI, is proposing a draft methodology and workbook with instructions, developed using feedback received by the OSFI from a first consultation phase held in the fall of 2023. A summary of the consultation feedback can be found in the report What we heard: Consultations on draft Standardized Climate Scenario Exercise Methodology This link will open in a new window.

The AMF-regulated financial institutions participating in the SCSE were selected by applying specific criteria based on their size, degree of exposure to climate-related risks and level of impact on the Québec financial system. They can submit their comments at [email protected] by June 7, 2024.

OSFI and the AMF will hold an information session on May 2 at 1:00 p.m. (ET). Interested stakeholders can register This link will open in a new window by May 1 at 12:00 p.m.

“Financial institutions are exposed to the consequences of climate change. The joint exercise we are launching today with our OSFI colleagues will help institutions be better prepared to manage climate change risks. It will also enable us to take the necessary actions to support financial market stability and the protection of Québec consumers,” said Yves Ouellet, AMF President and CEO.

"The Standardized Climate Scenario Exercise will encourage financial institutions to adopt sound climate risk management practices. We are proud to collaborate with our colleagues at the Autorité des marchés financiers. Expanding this exercise across Canadian supervisory jurisdictions will create a stronger financial system for all Canadians," added Peter Routledge, OSFI Superintendent of Financial Institutions.

Additional information

  • The AMF and OSFI will only receive comments from the respective financial institutions they regulate.
  • Participating Québec financial institutions can begin work on the sections of the methodology and instructions that are considered final:
    • industry and regional sector classification for transition risks
    • geocoding and regional scope for physical risks.

Useful links

About the Autorité des marchés financiers

In its role as regulator, the Autorité des marchés financiers acts to maintain a financial sector that is dynamic, operates with integrity and warrants public confidence. It regulates, in whole or in part, activities in the following sectors: insurance, deposit institutions, securities and derivatives, distribution of financial products and services, mortgage brokerage and credit assessment.


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