C-OSFI 2024-2027 Strategic Plan

On Apr. 9, C-OSFI released 2024-2027 strategic plan and its priorities.

  • C-OSFI released 2024-2027 strategic plan, which outlines integrity and security, critical functions, operational resilience, supervision, culture, data management and analytics.
  • Integrity and Security Regime
  • Expanded the mandate for integrity and security regime, increased oversight, following CAN GVT Jun. 2023 royal assent of Budget implementation act, C-47, see #170452.
  • Financial institutions have adequate policies and procedures to protect themselves against threats to their integrity or security, including from foreign interference.
  • Tools, systems, authorities and required classified infrastructure available to support integrity, security and national security, effective process to apply intervention powers.
  • Supervisory Renewal
  • Will standardize and simplify C-OSFI supervisory methods, practices, and processes.
  • Focus on training, building capacity, managing talent which reinforces the ability to effectively undertake principles-based supervision, apply sound supervisory judgment.
  • Supervisory skills developed through robust onboarding, comprehensive technical development, mature/respected apprenticeship model and supervisory framework.
  • Other Priorities
  • Prioritize grit, integrity, shared values and ethics as well as urgency and proactivity.
  • Employees will thrive in dynamic environment, embrace these critical success factors.
  • OSFI strives to have leading-edge data management, data quality, collection, and analytical capabilities/systems, to proactively regulate the dynamic risk environment.
  • Will conduct effective supervisory actions on financial institutions and pensions plans.
  • Provide legislative and approvals advice, effective regulatory guidance and response to disclose, mitigate current/emerging risk, give quality actuarial services to CAN GVT.
  • Focus on operational resilience and effective risk management to provide critical services and support to business lines in day-to-day operations and in disruption.
  • Promote effective enterprise risk management and governance function to oversee and monitor top external and internal risks, coordinated partner/stakeholder engagement.

Regulators C-OSFI
Entity Types Bank; BHC
Reference Lt, Rp 2818-131X, 4/9/2024;
Functions Actuarial and Valuation; BCS; Compliance; C-Suite; Financial; Legal; Operations; Reporting; Risk
Countries Canada
Category National Regulator
Products Banking
Regions Am
Rule Type Guidance
Rule Date 4/9/2024
Effective Date 4/9/2024
Rule Id 207855
Linked to N/A
Reg. Last Update 4/9/2024
Report Section International

Last substantive update on 04/12/2024