Modernizing our policies and guidance
We issue policy and guidance so industry knows our regulatory expectations. Policy Architecture Renewal seeks to improve the way we develop policy and to streamline and simplify these documents.
Benefits
Our modernized policy architecture will help:
- industry more easily understand and comply with our regulatory expectations
- us supervise industry and its activities more effectively and efficiently
These two benefits help us better advance our overall mandate of contributing to public confidence in the Canadian financial system.
Approach
We will do this by:
- removing redundancy and duplication
- re-organizing documents in a more understandable manner
- increasing consistency in how information is written and presented
New features
Our updated policy architecture will include:
- a Guidance Handbook that consolidates all guidelines in one location, with clear, consistent, and plain language regulatory expectations
- a Practices Handbook that includes supervisory expectations, industry best practices, and self-assessments
- new policy instruments that ensure we get the right information to industry at the right time to allow for better risk responses
No new requirements
This project won’t create new regulatory requirements for industry. Our intent is to reduce burden and improve the ease with which industry manages risks.
Upcoming consultation in summer of 2023
We plan to consult with our stakeholders on this initiative this summer.