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Annual Risk Outlook

Annual Risk Outlook

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The Annual Risk Outlook sets out BCFSA’s view of the most significant risks to B.C.’s financial services sector. It covers eight industries regulated by BCFSA and outlines the more impactful risks for each, along with the activities and supervisory focus areas we will prioritize over the year ahead.  

Read the 2026 Annual Risk Outlook (will open in a new tab)

Industry Risks

BCFSA has identified the following top risks in each of the industries we regulate. These risks reflect our perspective on where vulnerabilities, pressures, or emerging challenges are most pronounced. Read the full Annual Risk Outlook for more information on the specific regulatory activities and supervision we will undertake to help protect consumers and support a thriving financial services sector in an environment characterized by rapid change and reduced capacity to absorb shocks. 

  • Credit Unions

    The top risks most relevant to credit unions include:

    1. Strategic relevance and execution capability  
    2. Operational resilience, technology, and cyber risk 
    3. Market volatility and interest-rate risk 
    4. Credit risk and borrower affordability pressure 

  • Insurance

    The top risks most relevant to insurance companies include:

    1. Natural catastrophe exposures 
    2. Evolving distribution models 
    3. Elevated investment and financial resilience risks 

  • Trusts

    The top risks related to trust companies include:

    1. Concentration and business model vulnerability  
    2. Operational resilience and technology risk

  • Pensions

    The top risks most relevant to pension plans include: 

    1. Governance and fiduciary competence 
    2. Operational resilience and third-party risk 
    3. Investment risk and asset liquidity pressure 

  • Real estate services

     The top risks most relevant to real estate services include: 

    1. Brokerage governance and business model sustainability 
    2. Legal and regulatory disruption 
    3. Cyber and fraud risk 

  • Real estate development marketing

    The top risk most relevant to real estate development marketing is:

    1. Distressed developments

  • Mortgage services 

    The top risk most relevant to mortgage services is:

    1. MSA regulatory framework adoption

  • Money services business 

    The Money Services Businesses Act (MSBA) received Royal Assent in May 2023, but is not yet implemented. Once in force, the MSBA will require money services businesses, which conduct defined activities, to register with BCFSA and meet all requirements set out under the legislation.