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The Third-Party Risk Management Guideline B-10 is a guideline issued by the Office of the Superintendent of Financial Institutions (OSFI), which is the primary regulator of banks and insurers in Canada. The guideline provides direction to financial institutions on how to manage and mitigate the risks associated with using third-party service providers.
To comply with Guideline B-10, businesses must establish and maintain a risk management program that includes policies, procedures, and controls for identifying, assessing, monitoring, and mitigating third-party risks. The program must also include due diligence processes for selecting and monitoring third-party service providers, as well as contractual requirements for data security, confidentiality, and the protection of customers' personal information.