Developed by the AMF and the Office of the Superintendent of the Financial Institutions (OSFI) following consultations, the SCSE is a tool for measuring financial institutions' potential exposures to climate-related risks.

The SCSE was implemented during the 2024-2025 fiscal year among more than 250 institutions across Canada. It was effective in advancing institutional capability to identify, assess, and quantify climate-related risks using standardized frameworks and methodologies. It may also used to assist financial institutions in achieving compliance with the Climate Risk Management Guideline (pdf - 421 KB)This link will open in a new windowUpdated on July 4, 2024

Since its implementation, the SCSE has produced a number of findings that are shared in the report Strengthening Climate Risk Financial Resilience: Insights from the Standardized Climate Scenario Exercise, published in September 2025. 

The AMF and OSFI will incorporate the findings of the report into their supervisory expectations and risk management guidance. Future work will focus on assessing financial institutions’ ability to measure and adequately price catastrophic and climate-related financial risks using robust data-driven approaches.

Insights from the Standardized Climate Scenario Exercise

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