17:42:55 EDT Fri 17 May 2024
Enter Symbol
or Name
USA
CA



Bank of Montreal
Symbol BMO
Shares Issued 725,350,131
Close 2024-02-01 C$ 126.02
Market Cap C$ 91,408,623,509
Recent Sedar Documents

Globe says contrite BMO hears from OSFI on "culture"

2024-02-01 07:21 ET - In the News

The Globe and Mail reports in its Thursday edition that Canada's banking regulator has told banks they have one year to comply with new rules aimed at tamping down non-financial threats, including risks from culture and issues of bad employee behaviour. The Globe's Stefanie Marotta writes that the Office of the Superintendent of Financial Institutions' Tolga Yalkin unveiled the regulator's final guidelines Wednesday on integrity and security issues affecting the country's financial system. OSFI will oversee and enforce new regulations on how banks manage risks involving cybersecurity, technology, third party providers, culture and compliance. Bank of Montreal recently terminated four mining bankers in Toronto and another two resigned after allegations of bullying and harassment of a colleague. The regulator said it will bolster its assessments of the character of board members and senior executives, review how access and security are managed at offices and branches, and oversee how and when sensitive information is shared internally. As part of its integrity reviews, OSFI will also monitor the culture cultivated by senior leaders and the corporate governance structures that dictate how and when decisions are made.

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