Canada’s Updated B-10 Guidance Becomes Reality: Mastering Supply Chain Regulatory Challenges

May 1, 2024
Dianna ONeill

Canadian financial institutions are grappling with stringent updated regulations governing third-party relationships. After years of development, the Office of the Superintendent of Financial Institutions (OSFI) formally implemented Guideline B-10: Third-Party Risk Management (TPRM) today.

Unlike its predecessor, B-10 adopts a nuanced risk-based approach spanning the entire lifecycle of supply chain risk, mandating broader accountability and N-tier visibility for organizations reliant on third-party vendors, suppliers, and partners.

B-10 reflects the broader transformation and maturity of TPRM, fueled by a wave of industry challenges:

  • Rising Cybersecurity Threats: Surging cyber-attacks on third-party applications pose serious threats to data and operations, with Gartner reporting 61% of all U.S. businesses were directly impacted by software supply chain attacks between 2022 and 2023.
  • Consequences of Noncompliance: Severe penalties, including fines, damage, and service interruptions, underscore the importance of compliance.
  • Financial Pressures and Digital Disruptions: digital disruptions ripple across interconnected digital supply chains, exposing organizations to unforeseen external shocks.

The TPRM threat landscape is constantly evolving. Organizations need to aggregate changing risk conditions, look for patterns, and prioritize vulnerabilities. Managing multi-tiered complexity at speed and scale is virtually impossible without next generation AI systems that transform systemic threats into strategic advantage.

Interos’ critical risk intelligence platform achieves this by continuously monitoring lifecycle supply chain risk to fortify critical capability.

  • Advanced Risk Identification: Interos customers can tailor their risk register to what matter to them, including critical compliance gaps, financial instability, cyber-attacks, and geopolitical threats – working with Interos’ platform, a top ten A&D customer identified compromised suppliers and alternative options within 24 hours of the initial signal highlight.
  • Continuous Monitoring: Real-time N-tier monitoring helps organizations pre-empt threats with actionable intelligence to get in front of emerging risk – a healthcare company used Interos’ catastrophic risk intelligence to pre-position inventory 24 hours before their vendor shut operations due to a hurricane.
  • Forward-looking Intelligence: Interos analyzes historical data and identifies patterns, speeding enterprise response and focus – one global financial used Interos to identify “repeat offenders” within their third-party network, gaining a 24-hour head start on a cyber vulnerability.
  • Efficiency and Scalability: Automation through AI streamlines due diligence, monitoring, and reporting – for onboarding alone, a leading global airline estimated a 40% efficiency improvement, projecting $250,000 in savings, using Interos.

Leveraging AI-powered third-party risk monitoring technologies is not just a competitive advantage but a critical necessity for global businesses seeking to safeguard operations, protect stakeholders, and ensure long-term profitability in an increasingly complex risk landscape.

Given the $3T annual economic impact of global supply chain disruption, companies cannot wait for the next crisis. Proactive strategies are the only way forward. Without real-time insight into N-tier supply chain lifecycle risk, shocks remain inevitable.

In the words of Interos Founder and Executive Vice Chair Jennifer Bisceglie, “Risk is a constant imperative. Companies must not overcomplicate their response; they can navigate fluid environments with forward risk intelligence that eliminates enterprise noise and empowers decisive action.”

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  • Uncover Financial Weaknesses and Indicators of Future Shocks
  • Ensure Compliance with Trade Restrictions and Sanctions Lists
  • Stop Disruption from Hurricanes, Floods, Wildfires, Infrastructure Failure, and Other Catastrophes
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