OSFI E-13 — RCM Monitoring

Overview

Draft independent RCM monitoring and testing procedures (CCO-led) and IA validation for federally regulated financial institutions under OSFI E-13.

Getting Started

Add your source materials to the project workspace, then activate the OSFI E-13 — RCM Monitoring skill. The agent will guide you through the process step by step.

Example conversation

You: We need to document our independent RCM monitoring and testing and how Internal Audit validates compliance oversight.

Agent: I’ll draft the RCM monitoring procedures using the skill reference. I’ll document the CCO’s independent oversight of day-to-day compliance procedures using a risk-based approach; enterprise-wide consistency where appropriate so results can be aggregated to identify patterns or weaknesses; verification of key information used in compliance reporting; and validation by Internal Audit (or equivalent) on a rotational or regular, risk-based basis, including testing of both operational and independent oversight levels. I’ll align with OSFI E-13 expectations for independence, skills, and knowledge.

Output excerpt

Independent monitoring and testing (CCO) — The adequacy of, adherence to, and effectiveness of day-to-day compliance procedures are independently overseen by the CCO using a risk-based approach. Where appropriate to the FRFI’s circumstances, independent monitoring and testing is sufficiently consistent enterprise-wide to enable aggregation of information and identification of patterns, themes, or trending that may indicate weaknesses. Compliance control processes include verification of key information (including significant remediation activities) used in compliance reporting.

Validation by Internal Audit — The adequacy of, adherence to, and effectiveness of compliance oversight are validated by Internal Audit (or other independent review function) on a rotational or other regular basis using a risk-based approach. The scope includes testing of both operational and independent oversight levels. The review function is independent of the activities it reviews and has appropriate skills and knowledge of the business and regulatory environments.

Extension and validation

validate_rcm_monitoring — Validates the RCM monitoring document for monitoring scope, aggregation of results, and IA (or independent review) validation. Flags missing content or placeholders. Run after drafting or updating the monitoring procedures.