In the fall of 2018, the Office of the Superintendent of Financial Institutions (OSFI) commissioned Phoenix Strategic Perspectives, an independent research firm, to conduct a confidential survey with executives of the financial institutions that OSFI regulates. The primary objective was to provide a high-level assessment of OSFI's performance as a prudential regulator and supervisor. A further objective was to compare the 2018 results from the previous study conducted in 2016.
Overall satisfaction of OSFI as a regulator and supervisor remains strong. The highest positive ratings in the 2018 survey pertain to satisfaction with OSFI's effectiveness in supervising financial institutions, consistent with previous results. In addition, there has also been a notable improvement in the scaling in guidance and supervisory activities, which was identified as an area for improvement in the 2016 survey.
Areas of improvement identified in 2018 relate to OSFI's response time to market developments or industry suggestions that guidance needs updating, and developing guidance that balances prudential considerations and the need for institutions to compete. As well, Cyber risk and IT security continues to be an area that the institutions would like to see OSFI focus on in the coming years. OSFI will continue to build on the work it has undertaken in these areas to address these concerns.
OSFI appreciates the feedback provided by respondents to this survey. In addition to the Financial Institutions Survey, which is conducted every two years, we will continue undertaking in-depth, industry sector consultations to augment monitoring of our performance and implement improvements, as required.
Created in 1987 by an Act of Parliament, OSFI is the primary regulator and supervisor of federally regulated deposit-taking institutions, insurance companies, and federally regulated private pension plans. OSFI's mandate is to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.
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