OTTAWA, ON, April 29, 2022 /CNW/ - Today, the Office of the Superintendent of Financial Institutions (OSFI) published its 2022-2025 Strategic Plan which outlines OSFI's plan to transform itself to fulfill its mandate in the face of new and challenging risks that face Canada's financial institutions. It not only sets out our goals and priorities for the next three years, but it also outlines the concrete actions that we will take to ensure that we contribute to confidence in Canada's financial system.
While OSFI has gained knowledge from past financial crises and bouts of financial volatility, the Office must adapt to emerging risks facing the financial sector. This transformational Strategic Plan will position OSFI, in a deliberate and methodical manner, to respond to new and enduring risks. It will also help enhance OSFI's ability to identify risks early, and to respond quickly and authoritatively to the most urgent issues facing the Canadian financial system.
The degree of complexity and interconnectedness of the risk-environment also means that our institution's role is becoming more visible to Canadians. As our involvement in public policy matters intensifies, the Strategic Plan will help OSFI develop effective, fit for purpose, prudential responses to emerging and developing risk areas facing Canada's financial system.
OSFI's 2022-2025 Strategic Plan sets out the organization's goals and priorities for the next three years and outlines concrete actions it will take to ensure it continues to contribute to confidence in Canada's financial system.
The Strategic Plan is built on three foundational elements:
- Mandate – refocus the delivery of the mandate to place greater emphasis on contributing to public confidence in the Canadian financial system
- Risk Appetite – expand and fortify risk management capabilities and risk appetite to support strategic and operational management
- Culture – embed corporate values so that individuals can flourish within an operating environment of increasing uncertainty
The Strategic Plan also provides objectives and initiatives that describe what success in achieving these goals will look like.
Quote
"OSFI has an impressive record of accomplishment in helping to keep Canada's financial system resilient. To sustain that record of service, we must be prepared and well positioned to not only react, but also adapt urgently to a changing risk environment."
-Superintendent Peter Routledge
Quick facts
- OSFI regulates more than 400 financial institutions and 1200 pension plans.
- OSFI monitors systemic vulnerabilities such as household indebtedness and elevated housing-related asset imbalances, which are among the key risks to federally regulated financial institutions.
- The focus of the Strategic Plan includes six transformation initiatives: culture initiatives, risk, strategy and governance, strategic stakeholder and partner engagement, policy innovation, supervisory framework, and data management and analytics.
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About OSFI
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks. OSFI supervises more than 400 federally regulated financial institutions and 1,200 pension plans to determine whether they are in sound financial condition and meeting their prudential requirements.
SOURCE Office of the Superintendent of Financial Institutions
Media Contact: OSFI - Public Affairs, [email protected], 343-550-9373
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