Regulatory deadline
OSFI Guideline E-23 — Model Risk Management (incl. AI/ML) effective
OSFI · Canada
Date
2027-05-01
Status
250 days away
Type
Deadline
Authority
OSFI
What changes
Federally regulated financial institutions must manage model risk across the lifecycle — inventory, risk-based materiality, independent validation, monitoring and human oversight — explicitly covering AI/ML models.
What to do
Stand up or extend a model risk-management framework and validation function covering AI/ML before 1 May 2027.
Who it applies to
use in Credit & financial scoring, Insurance pricing / risk