The Risk Assessment Questionnaire For Banks is a critical tool for financial institutions operating in the Canadian banking sector. It is designed to meet the regulatory requirements set forth by the Office of the Superintendent of Financial Institutions (OSFI) and other Canadian regulatory bodies. The questionnaire should be completed periodically, typically annually or when significant changes occur in the bank's operations, products, or services. It encompasses comprehensive assessment sections covering various risk categories, from strategic and operational risks to specific areas such as AML/CTF and cybersecurity. The document helps banks demonstrate compliance with Canadian banking regulations while providing a structured approach to identifying, assessing, and managing risks. It serves as both a regulatory compliance tool and a practical risk management instrument, supporting banks in maintaining sound risk management practices aligned with Canadian and international banking standards.
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1. Institution Information: Basic details about the bank including name, registration number, address, key contacts, and regulatory licenses
2. Assessment Context: Purpose of the assessment, scope, date, and assessor information
3. Risk Assessment Methodology: Explanation of the risk rating system, scoring methodology, and assessment approach
4. Strategic Risk Assessment: Evaluation of risks related to business strategy, market position, and competitive environment
5. Credit Risk Assessment: Analysis of lending practices, credit portfolio quality, and credit risk management processes
6. Market Risk Assessment: Evaluation of trading activities, interest rate risk, and market exposure
7. Operational Risk Assessment: Analysis of internal processes, systems, and external events risks
8. Compliance Risk Assessment: Evaluation of regulatory compliance and internal control systems
9. AML/CTF Risk Assessment: Assessment of money laundering and terrorist financing risks
10. Cybersecurity Risk Assessment: Analysis of IT security, data protection, and cyber threat preparedness
11. Risk Mitigation Measures: Current and proposed risk control measures
12. Overall Risk Profile: Summary of risk ratings and aggregate risk level determination
13. Action Items and Recommendations: Specific actions required to address identified risks
1. Foreign Exchange Risk Assessment: For banks with significant foreign exchange operations
2. Investment Banking Risk Assessment: For banks offering investment banking services
3. Wealth Management Risk Assessment: For banks providing wealth management services
4. Cross-Border Activities Risk Assessment: For banks with international operations
5. Environmental Risk Assessment: For banks with significant exposure to environmental risks or ESG considerations
6. Third-Party Risk Assessment: For banks with significant outsourcing or third-party relationships
7. New Products/Services Risk Assessment: For banks planning or recently launched new products/services
1. Schedule A - Risk Rating Matrix: Detailed risk rating criteria and scoring methodology
2. Schedule B - Risk Assessment Worksheets: Detailed worksheets for each risk category assessment
3. Schedule C - Control Assessment Templates: Templates for evaluating control effectiveness
4. Schedule D - Key Risk Indicators: List of KRIs and their thresholds
5. Schedule E - Historical Risk Data: Historical risk events and trends analysis
6. Appendix 1 - Regulatory Requirements Reference: Summary of relevant regulatory requirements and guidelines
7. Appendix 2 - Risk Assessment Tools: Documentation of risk assessment tools and systems used
8. Appendix 3 - Reporting Templates: Standard templates for risk reporting to management and regulators
Relevant legal definitions
Acceptable Risk Level
Assessment Period
Basel Capital Requirements
Business Line
Control Effectiveness
Control Environment
Credit Risk
Critical Systems
Cybersecurity Event
Enterprise Risk Management
Financial Crime Risk
Governance Framework
Inherent Risk
Internal Control Systems
Key Performance Indicator (KPI)
Key Risk Indicator (KRI)
Likelihood Rating
Market Risk
Material Risk
Operational Risk
OSFI
Residual Risk
Risk Appetite
Risk Assessment
Risk Category
Risk Control
Risk Event
Risk Impact
Risk Matrix
Risk Mitigation
Risk Owner
Risk Profile
Risk Rating
Risk Register
Risk Tolerance
Risk Treatment
Significant Event
Strategic Risk
Stress Testing
Systemic Risk
Target Risk Level
Threat Assessment
Three Lines of Defense
Value at Risk (VaR)
Vulnerability
Assessment Period
Basel Capital Requirements
Business Line
Control Effectiveness
Control Environment
Credit Risk
Critical Systems
Cybersecurity Event
Enterprise Risk Management
Financial Crime Risk
Governance Framework
Inherent Risk
Internal Control Systems
Key Performance Indicator (KPI)
Key Risk Indicator (KRI)
Likelihood Rating
Market Risk
Material Risk
Operational Risk
OSFI
Residual Risk
Risk Appetite
Risk Assessment
Risk Category
Risk Control
Risk Event
Risk Impact
Risk Matrix
Risk Mitigation
Risk Owner
Risk Profile
Risk Rating
Risk Register
Risk Tolerance
Risk Treatment
Significant Event
Strategic Risk
Stress Testing
Systemic Risk
Target Risk Level
Threat Assessment
Three Lines of Defense
Value at Risk (VaR)
Vulnerability
Clauses
Confidentiality
Data Protection
Risk Assessment Methodology
Regulatory Compliance
Risk Rating Criteria
Reporting Requirements
Documentation Requirements
Review and Update Procedures
Governance Structure
Risk Categories
Control Assessment
Risk Mitigation
Monitoring Requirements
Escalation Procedures
Stakeholder Responsibilities
Assessment Frequency
Information Security
Record Retention
Regulatory Disclosure
Internal Controls
Risk Tolerance Levels
Assessment Criteria
Scoring Methodology
Due Diligence
Quality Assurance
Audit Requirements
Risk Reporting
Emergency Response
Business Continuity
Change Management
Data Protection
Risk Assessment Methodology
Regulatory Compliance
Risk Rating Criteria
Reporting Requirements
Documentation Requirements
Review and Update Procedures
Governance Structure
Risk Categories
Control Assessment
Risk Mitigation
Monitoring Requirements
Escalation Procedures
Stakeholder Responsibilities
Assessment Frequency
Information Security
Record Retention
Regulatory Disclosure
Internal Controls
Risk Tolerance Levels
Assessment Criteria
Scoring Methodology
Due Diligence
Quality Assurance
Audit Requirements
Risk Reporting
Emergency Response
Business Continuity
Change Management
Relevant Industries
Banking
Financial Services
Investment Banking
Retail Banking
Commercial Banking
Corporate Banking
Wealth Management
Treasury Services
Payment Services
Credit Services
Relevant Teams
Risk Management
Compliance
Internal Audit
Legal
Operations
Finance
Treasury
Information Technology
Cybersecurity
Credit Risk
Market Risk
Operational Risk
Strategic Planning
Regulatory Reporting
Corporate Governance
Relevant Roles
Chief Risk Officer
Risk Manager
Compliance Officer
Internal Auditor
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Risk Analyst
Compliance Analyst
Banking Operations Manager
Chief Compliance Officer
Risk Assessment Specialist
Regulatory Reporting Officer
Financial Control Manager
Banking Operations Director
Risk Control Officer
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