OSFI B-10 — Third-Party Exit and Contingency

Overview

Draft exit and contingency plans for third-party arrangements under OSFI B-10 (triggers, playbooks, review).

Getting Started

Add your source materials to the project workspace, then activate the OSFI B-10 — Third-Party Exit and Contingency skill. The agent will guide you through the process step by step.

Example conversation

You: We need exit and contingency plans for our critical third parties—playbooks for stressed and non-stressed exit and triggers.

Agent: I’ll draft the exit and contingency planning document using the skill reference. I’ll define the contingency plan (actions to maintain critical operations during unplanned disruption at a critical third party) and the exit plan (actions for planned exit—e.g. commercial, performance, strategic—and for unplanned exit—e.g. failure, insolvency), with triggers for invoking each. For high-risk and critical arrangements I’ll include playbooks with sufficient detail (alternative options or providers, timelines, costs, resourcing, interim workarounds), reference to contractual exit provisions, and scenarios for severe but plausible prolonged or multiple disruptions. I’ll state that plans are reviewed regularly and more frequently on material changes. I’ll align with B-10 Section 2.3.5.

Output excerpt

Contingency plan — A series of actions for the FRFI to maintain critical operations in the event of unplanned disruption at a critical third party. For high-risk and critical arrangements, the plan addresses severe but plausible scenarios (prolonged and multiple disruptions) and includes sufficient detail (e.g. alternative options or providers, timelines, costs, resourcing, revenue impacts, interim workarounds) to allow rapid execution.

Exit plan — A series of actions for the FRFI in the event of planned (non-stressed) exit (e.g. commercial, performance, strategic) or unplanned (stressed) exit (e.g. failure or insolvency of the provider), along with triggers for invoking the plan. The plan references contractual provisions that could impact exit (e.g. notification requirements, obligations to provide services for a period after notice). Activities for planned exit and for stressed exit are documented (playbooks). Contingency and exit strategies are reviewed regularly and more frequently on material changes to third-party arrangements.

Extension and validation

validate_exit_contingency — Validates the exit and contingency document for contingency plan elements, exit plan (stressed and non-stressed), triggers for invoking plans, and playbook detail (alternatives, timelines, workarounds). Flags missing content or placeholders. Run after drafting or updating exit and contingency plans.