For Immediate Release
April 25, 2019 ─ OTTAWA (Ontario) ─ Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) today released the OSFI Strategic Plan 2019-2022.
The decade since the global financial crisis has seen significant growth in Canada’s federally regulated financial sector, as well as remarkable change in how financial services are delivered. While Canada’s financial system has been stable, OSFI cannot be complacent and must be ever vigilant.
The OSFI Strategic Plan 2019-2022 released today sets out a framework for OSFI’s work; it provides a vision for the future; confirms OSFI’s purpose and values; and sets clear objectives. It identifies issues and challenges that require a response so OSFI can continue to perform its important role in keeping Canada’s financial system strong and resilient.
The plan’s key components are its four key goals:
- improve regulated entities’ preparedness and resilience to financial risk
- improve their preparedness to identify and develop resilience to non-financial risks
- improve OSFI’s agility and operational effectiveness through responsible stewardship of our resources
- preserve support from Canadians and cooperation from the financial services industry by being transparent and accountable
The strategic plan also provides objectives that describe what success in achieving these goals will look like. The plan will be used as a management tool and will be monitored and updated to reflect progress and changes to the risk environment.
“The Canadian financial sector is constantly undergoing change. Our strategic plan charts a path for the future that builds on past achievements, while focusing us on future challenges so OSFI can continue to provide strong prudential regulation and supervision.”
─ Superintendent Jeremy Rudin
- OSFI regulates more than 400 financial institutions and 1200 pension plans.
- Entities subject to OSFI regulation manage over $7 trillion in assets.
- Total assets of entities under OSFI oversight have grown almost 40% in last five years
- Deposits at Canada’s six largest banks rose more than 50% in last five years
- Household debt, asset imbalances, extreme weather events and cyber-attacks are among the key risks to federally regulated financial institutions
The Office of the Superintendent of Financial Institutions Canada (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 – Public Affairs