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Canada Banks Told Relying on Rules Doesn't Equal Risk Management
Canada’s lenders need to assume responsibility for managing risks in lending to households and shouldn’t rely on regulators to avoid hazards, the head of regulation at the country’s banking watchdog said.
Lenders must “make sure they have the financial resources to manage those risks and the institutional capacity to manage those risks,” Mark Zelmer, assistant superintendent in charge of regulation, said in an interview. “Anybody that was just simply running the business and managing to OSFI expectations is putting a lot of faith in the regulatory framework.”
Source: BusinessWeek