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.
