The OSFI Diversity, Equity and Inclusion Strategy 2022-2025

Context

A crucial part of OSFI’s transformation

OSFI’s Blueprint 2020-2025 sets the direction for OSFI’s transformation; one of the keystones of this vision is to ensure that “at the core of all we do is a culture of curiosity that fosters acceptance of diverse mindsets, where it is safe to be different and safe to fail”.

OSFI’s first-ever Diversity, Equity and Inclusion (DEI) Strategy lays the groundwork to transform OSFI into an organization that embodies DEI at every level, in everything we do. DEI is a key building block of OSFI’s Blueprint for transformation to support the demands of the emerging risk environment.

The key elements of this Strategy were co-created by an internal group of OSFI stakeholders who worked together to determine the areas of focus, strategic objectives and outcomes as well as the priority items in the action plan.

It’s about us

Each of us is an intrinsic part of our culture. Every OSFI employee needs to consider how we work, our systems, processes, and how we make decisions. The success of our Strategy relies on all of us to embed it in our day-to-day work life, contributing to an inclusive environment, translating strategies to action and creating cultural change together.

How we will measure success

The internationally recognized Centre for Global Inclusion’s Diversity, Equity and Inclusion Benchmarks (GDEIB) will form the basis of the KPIs that will help us track our progress against our broader vision for DEI at OSFI.

As of March 2022, we have mapped OSFI’s current DEI maturity at a level 2. Our overall objective is to achieve Level 4 of this maturity model by 2025, and continue our efforts toward Level 5 to become an industry leader in diversity, equity and inclusion.

Diversity, Equity and Inclusion: What they are

Diversity, Equity and Inclusion are distinct traits of a culture that empowers people to thrive, be themselves, bring their best to their work, and enjoy motivation and satisfaction in return.

Diversity refers to the unique combination of qualities, characteristics, and dimensions that every individual possesses, and brings into the workplace, enriching and strengthening it. For OSFI to successfully navigate future risk environments, we need diversity of thought and a wealth of diverse experiences.

Equity refers to a state of fairness and justice. To achieve equity, we have to identify and deliberately remove barriers and obstacles in the workplace that hinder people’s opportunities and disrupt their well-being.

Inclusion is a dynamic state of belonging, feeling, and operating where we value and leverage diversity to create a fair, healthy, and high-performing culture. It ensures that people feel they have a valuable – and valued – contribution to make at work.

The focus of our DEI Strategy

Our values

Our values of Respect, Curiosity and Stewardship guide our actions and decision-making and are embedded as an essential part of OSFI’s DEI Strategy.

Respect: We empower diversity of thought, promote inclusion and collaboration and behave with authenticity and professionalism.

Curiosity is at the core of all we do. We foster diverse mindsets and make it safe to be different and even to fail.

Stewardship: We act with integrity and take accountability, we make decisions in an informed, transparent, and balanced manner, and we uphold the credibility and reputation of OSFI.

Our DEI vision: A sense of belonging for every employee

OSFI is committed to building a culture of inclusion and recognizes that diverse mindsets are key to our collective success.

We will work collaboratively to dismantle systemic barriers and replace them with new ways of thinking, doing and being that create a truly diverse, safe, and inclusive environment where every individual feels heard and valued, and feels like they belong.

Our areas of focus

Culture, Career, and Commitment are the 3 main areas of focus in our action plan. They represent the key dimensions that will guide our efforts in DEI and shape the actions OSFI takes toward becoming a more equitable and inclusive organization.

Culture

Where are we going?

We will embody the vision for cultural transformation at OSFI, where curious, diverse, high integrity colleagues are safe to bring their true and best selves to work everyday

What are we doing?

• Increase understanding of the concepts of diversity, equity, and inclusion, as well as provide practical tools and resources to support individuals in creating an inclusive workplace
• Modify behaviours to support and improve inclusivity through continued monitoring and self-assessment
• Provide employees with forums to share lived experiences and increase dialogue on diversity, equity, inclusion, and anti-racism

What does success look like?^{Footnote 1}

DEI is embedded in organizational culture as a core value, a source of innovation, and a means to belonging, sustainability and success.

• The organization has examined its organizational culture and created strategies to eliminate inequities and reduce barriers to inclusion.
• The leadership team is diverse, engaged in DEI issues, and accountable for achieving the DEI strategy.
• DEI content is easily and quickly located on the organization’s websites. Information is thorough, regularly updated, and fully accessible.
• Diversity networks are recognized as credible, influential, and valued resources to the organization.
• DEI learning programs result in behaviour change that advances the organization’s strategy and enhances inclusion and equity.

Career

Where are we going?

We will hire, retain, and develop a workforce that is representative of the diversity of Canada.

What are we doing?

• Address representation gaps for designated EE and equity seeking groups through recruitment and hiring practices.
• Address representation gaps for designated EE and equity seeking groups through employee development.

What does success look like?^{Footnote 1}

The organization’s attraction and hiring processes result in measurable, transparent, and equitable recruitment.

• The organization’s strategy includes representation goals resulting in equitable representation of systemically excluded groups across functions and levels.
• The organization’s reputation for quality DEI efforts enhances its ability to attract diverse and underrepresented employees.
• There are clear measures of success throughout the recruitment process, such as the percentage of diverse and underrepresented applicants at each stage
• The organization has established mentoring and/or coaching processes to help support advancement and retention.

Commitment

Where are we going?

We will remove systemic barriers and create an inclusive workplace; we will continuously review and improve our policies and processes.

What are we doing?

• Ensure HR policies, processes and practices align with and promote the concepts of diversity, equity and inclusion.
• Gather Employment Equity data and information on DEI-related activities taking place at OSFI, and report out in a timely manner.
• Close representation gaps of designated EE and equity-seeking groups.

What does success look like?^{Footnote 1}

• Integrated, multiple approaches to monitoring and evaluating DEI goals are implemented to track their impact, outcomes, and effectiveness.
• Employee performance management includes DEI goals.
• DEI is integrated into core organizational structures, policies, systems, and practices.
• Diverse employees hold positions at all levels and functions to ensure equitable representation.
• The organization regularly reports and reviews progress against benchmarks and consistently demonstrates significant improvements in meeting DEI goals.