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Corporate Services

Strengthening Internal Communication

In 2009–2010, OSFI’s internal communication strategy continued to focus on engaging its employees. Regular town hall meetings and Superintendent Memos to all staff kept employees up-to-date on current issues. Employee orientation sessions, together with planning and budget presentations, informed new and existing staff about OSFI processes and procedures. Focus groups and a new survey tool were also used throughout the year to gain employee input on new initiatives and topics of strong interest.

Regular town hall meetings and Superintendent Memos to all staff kept employees up-to-date on current issues.

Enhancing Infrastructure

The Information Management/Information Technology (IM/IT) Division continued to support the achievement of OSFI’s long-term priorities in 2009–2010 through implementation of a new IM/IT Strategy and IM/IT Renewal program. Given the increasing trend to global information sharing and ongoing enhancements to financial reporting and risk assessment, the IM/IT division recognized a need for increased flexibility in its technology systems. The IM/IT Strategy and associated multi-year implementation plan will ensure that strategic and selective investments are made to modernize OSFI’s information technology and to renew ‘end of life’ technologies and applications.

The new IM/IT Strategy established a governance process to provide oversight and accountability for IM/IT investments, using a portfolio management approach to budgeting and planning. This will ensure that IM/IT investments are balanced and made with a view to total cost, expected benefits, and the obligation to maintain existing assets through their lifecycle.

The new IM/IT Strategy established a governance process to provide oversight and accountability for IM/IT investments.

The Tri-Agency Database System, built in 1998 in partnership with the Bank of Canada and the Canada Deposit Insurance Corporation, is the core system OSFI uses to collect, validate, manage and maintain financial returns. As this system has reached ‘end of life’, OSFI and the partners commissioned a review of its current state, to be undertaken in 2010–2011, and to recommend a replacement strategy.

In 2009–2010, IM/IT implemented a pension plan approval case management system for the Private Pension Plans Division and the development of enabling technology to support Pension Plan Supervisory processes is underway. Preparatory systems work was also completed in anticipation of the 2011 implementation of International Financial Reporting Standards (IFRS).

Managing Risks to the Working Environment

In response to the H1N1 global virus alert in 2009 and its potential impact on operations, OSFI reviewed and refined its existing pandemic plan, including how to address staff shortages, and revisited divisional business continuity plans. A formal reporting procedure was instituted to inform the Executive Committee on a regular basis of the impact of the virus world-wide, the potential impact on OSFI, and steps being taken to address it.

OSFI also conducted a half-day table-top exercise at its Toronto location to test the robustness of its business continuity plan. An action plan was drawn up to address identified gaps, and Business Continuity Planning Team Leaders are building on lessons learned to enhance OSFI’s overall response capabilities.

Managing HR Challenges

OSFI has an HR Strategy to place highly motivated people with the right skills in the right place to achieve our business goals. In 2009–2010, the three-year strategy was revised to address specific challenges, including targeting recruitment based on needs identified; ensuring our compensation structure remained competitive; reviewing and revising the HR program framework as required; continuing to apply our HR planning process across sectors to address capacity, skills and succession planning, as well as key learning, training and development plans; refining our performance management process; and reintroducing a 360-degree program for all managers with direct reports.

In 2009–2010, OSFI’s annual HR planning process identified several HR challenges as needing particular attention over the planned period and actions were taken to address them as follows:

  • Challenge: Maintaining our ability to recruit in critical skill areas and to maintain our targeted executive compensation strategy in light of the Government of Canada’s Expenditure Restraint Act
    Action
    : Supplementing staffing in such areas as such as capital, credit, and IM/IT; and continuing to balance the use of market premium salaries while reviewing our executive compensation strategy
  • Challenge: Ensure employees are adequately trained and developed to meet the changing landscape
    Action: Continuing the targeted development and training of employees in such areas as liquidity and capital adequacy
  • Challenge: Continuing to ensure that succession plans and knowledge transfer mechanisms are in place to deal with aging demographics
    Action: Developing individual learning plans and organizational changes that facilitate succession needs and key person risk
  • Challenge: Establishing a plan to address our headcount in light of evolving economic conditions in the financial services industry during the plan period
    Action: Developing a plan to assess changing skill requirements and implement staffing, training and organizational changes necessary to ensure appropriate capacity
Luc Morin: Access to Information and Privacy Coordinator, Security Services, Corporate Services Sector; Janet Harris-Campbell: Chief Information Officer, IM/IT, Corporate Services Sector

[L] Luc Morin
Access to Information and Privacy
Coordinator, Security Services,
Corporate Services Sector

[R] Janet Harris-Campbell
Chief Information Officer, IM/IT,
Corporate Services Sector