Office of the Superintendent of Financial Institutions
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This report highlights OSFI’s priorities for the 2014-2015 fiscal year. Anticipating and responding to risks emanating from the economy and the financial system is a key priority of OSFI, given our mandate. Thus we will continue to focus on the global economy, and the impact of interest rate conditions on the risk profile of financial institutions and pension plans, and closely monitor household debt levels and real estate lending in Canada. Also responding to external risks, we will focus on assessing institutions’ operational risks, including those related to cyber security and outsourcing.
We will continue to participate actively in ongoing peer reviews by the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (BCBS), as these are important barometers of how we are doing. As well, we will focus on any recommendations contained in the International Monetary Fund’s Financial Sector Assessment Program (FSAP) report, was published in 2014.
Another key priority is related to enhancing OSFI’s supervisory processes. For large complex federally regulated financial institutions in particular, we will focus on new areas, such as their risk culture. We will also continue to focus on early intervention.
We will monitor implementation of international regulatory reforms and consider appropriate actions for Canada. In the insurance sector, we will implement the reforms set out in the update to the Life Insurance Regulatory Framework and the proposed changes to property and casualty insurance capital requirements. In the pensions sector, we will support the licensing and registering of new Pooled Registered Pension Plans (PRPPs).
To continue fulfilling its mandate, OSFI will also look inward, to further strengthen its high performing and effective workforce, and make investments in corporate infrastructure, particularly in renewing IT systems.
Strong cooperation and communication with our federal partners, such as the Bank of Canada, the Department of Finance, Canada Deposit Insurance Corporation and the Financial Consumer Agency of Canada, will help us continue to achieve our mandate in 2014-15 and in the years to follow.
The contribution to public confidence OSFI has been able to make comes down - as always – to the individual contributions of our employees. Our people are the most important element of our effectiveness. When my term ends in June 2014, I know that my successor, and all Canadians, will be able to count on the ongoing dedication and professionalism of OSFI employees throughout 2014-2015 and beyond.