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Office of the Superintendent of Financial Institutions / Bureau du surintendant des institutions financières
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Fostering Public Confidence
Thriving in Uncertainty
Transforming for Tomorrow

2022-2025 Strategic Plan

In 2021, we developed the Blueprint for OSFI's Transformation 2022-2025. The Blueprint is an important self-examination articulating the direction for our transformation taking into account the rapidly changing risk environment.

OSFI's 2022-2025 Strategic Plan is the next step in our transformation. It not only sets out our goals and priorities for the next three years, it outlines the concrete actions that we will take to ensure that we continue to contribute to confidence in Canada's financial system. While the Strategic Plan largely focuses on our transformation, continuing our tradition of excellence through the delivery of our on-going business remains an important part of what we do.

At the heart of our transformation are three foundational elements. The work and initiatives we undertake are designed to support and ensure that these elements are not only fully realised but are the raison d'être for everything we do:

  1. Mandate – refocus the delivery of our mandate to place greater emphasis on contributing to public confidence in the Canadian financial system
  2. Risk Appetite – expand and fortify risk management capabilities and risk appetite to support strategic and operational management
  3. Culture – embed our corporate values so that individuals can flourish within an operating environment of increasing uncertainty

We invite you to watch a video message from our Superintendent, Peter Routledge and read the context for our Strategic Plan. The Blueprint and Strategic Plan has six transformation initiatives. Please click below to find out more about our commitment to each of them.

Message from the Superintendent

Video transcript


As the Superintendent of Financial Institutions, I am pleased to share with you today OSFI's 2022-2025 Strategic Plan. This Plan is our way forward and puts into action our ambitious transformation agenda.

In particular, the Strategic Plan outlines the path we will take to achieve the foundational changes we seek; including how we focus our mandate to increase public confidence; expand our risk appetite and management practices, as well as undertaking culture change. These fundamental changes are central to all we do. This Strategic Plan ensures that we concentrate our efforts towards bringing the Blueprint to life.

While OSFI has had an impressive record of accomplishment in helping to keep Canada’s financial system resilient, we know that going forward we need to be prepared and well positioned to not only react, but also adapt quickly to a changing risk environment.

OSFI's Blueprint set in motion our transformational journey, one that will ensure that we continue to thrive in intensifying uncertainty so that the public’s confidence in a sound financial system remains unwavering.

The Strategic Plan builds on this vision. As I have said before, the Blueprint is our “True North”, our compass - and the Strategic Plan is the map that will guide us.

Our ongoing work continues to be an integral part of what we do; however, this Plan focuses on our transformation. In it, you will find our goals and priorities for each of the six transformation initiatives and the criteria we will use to measure our success.

As we have done in the past, we will continue to report publicly on our progress throughout the duration of this Plan.

This is an exciting time for OSFI, one in which we will embrace innovation, agility as well as diversity, equity, and inclusion as we live our shared values. We will also refine the way that we approach and manage risk as we refocus the delivery of our mandate.

All of us will have a part to play in bringing this transformation to life. I look forward to sharing this journey with you.

Thank you.

A. Context

A rapidly changing risk environment

Over the first 20 years of this century, Canada's financial system has endured multiple bouts of volatility. In Canada, we weathered these periods well. Looking ahead, however, it is evident that the risks we face are now more complex and interrelated than ever before.

It is evident to us that volatility will arise from several identifiable sources. While we may not know their trajectory, known or emerged risks such as climate change and digitalization, are already shaping how we work, how we manage risk, and how we regulate and supervise. Going forward, we can fully expect that uncertainty will emerge from other, not yet identified sources. Our ability to identify risks early, to respond quickly and fulsomely to the most urgent ones, will be critical moving forward.

The degree of complexity and interconnectedness of the risk-environment also means that the boundaries of our role and influence are expanding. Now, more than ever before, our involvement on public policy matters is intensifying and Canadians expect that we should be part of effective responses to key macro-risk issues in the financial system.

The focus of our Strategic Plan

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Text description: The focus of our Strategic Plan

The Blueprint's 3 foundational elements:

  • Enhancing our Culture to thrive in increasing uncertainty
  • Re-focusing the delivery of OSFI's Mandate
  • Expanding and fortifying Risk Management

are supported by 6 transformative initiatives:

The Strategic Plan brings to life our transformation by providing a framework to build alignment and guide decision-making. While it concentrates on our transformation, OSFI will not divert our focus from our core business activities and our critical enabling functions, which need to continue to provide us with strong capabilities that we can confidently leverage to support our transformation.

The Blueprint lays-out three foundational elements and six transformation initiatives. The three foundational elements reflect the fundamental change and directional imperative for our transformation. They are truly our "North Star" and need to be at the heart of all we do. The Strategic Plan has been created so that each of the initiatives supports the realisation the foundational elements.

These elements include an outward facing dimension through our mandate; the direction and focus we have to help support continued resilience in the face of a complicated risk environment as well as a critical inward facing imperative; the need to ensure that a vibrant and dynamic culture steeped in our core values is at the heart of all we do.

Committing to the Transformation

The Strategic Plan articulates concrete actions and outcomes for our transformation agenda and signals the start of "new ways of working"; however, this has already begun. OSFI's Executive Committee asked a group of senior leaders to create OSFI's Strategic Plan, rather than develop it through a traditional "top down" approach. Trusting this group of leaders aligns with the spirit of the Blueprint and the new direction in which we are heading, allowing for broader inclusion in determining the future of OSFI.

Further, we also recognize the importance of setting the right foundation for executing on the Strategic Plan. This includes embedding strong leadership and thoughtful change management into our efforts. That is why we are establishing a new and empowered Transformation Office to oversee our transformation and coordinate enterprise-wide change management. In doing so, we are ensuring that our transformation becomes an integral function of our business going forward.

B. Our Strategic Initiatives

Culture Initiatives

Where are we going?

We will build a workplace where differences are embraced, where curiosity and innovation are celebrated, where people feel valued, and where leaders empower employees to take intelligent risks.

What are we doing?

Nurture a workplace where our desired values and culture thrive
Modernize how we work, hire, promote and incentivize our people
Empower leaders to support our transformation and take decisions

What does success look like?

Risk, Strategy and Governance

Where are we going?

We will establish an independent and well-resourced Chief Strategy and Risk Office to make risk-intelligent decisions informed by our risk appetite and delegated to those best positioned to make them.

What are we doing?

Make bold and courageous risk-intelligent decisions driven by our expanded risk program and risk appetite
Proactively influence policymaking to strengthen public confidence in the Canadian financial system by accelerating our understanding and risk response to macro risks and trends
Fully leverage our governance structure to support an agile risk response, delegation of decision-making authority and taking action within our risk appetite

What does success look like?

Strategic Stakeholder and Partner Engagement

Where are we going?

We will maximize our influence and contribute to public policy matters in a value-added way by taking a strategic approach with partners, stakeholders and the public.

What are we doing?

Develop a deliberate and coordinated approach to strategic stakeholder management
Partner and stakeholder engagement plans are part of our strategic risk response
Leverage the public role of the Superintendent and Chief Actuary

What does success look like?

Policy Innovation

Where are we going?

We will strengthen our strategic risk response through a policy architecture that embraces innovation and is informed by our risk appetite, while remaining principles based.

What are we doing?

Evolve our policy response to strategic risks based on our risk appetite
Embrace innovation through our policy tools
Enhance policy development processes to be more agile

What does success look like?

Supervisory Framework

Where are we going?

We will evolve our supervisory practices to promote public confidence in Canada's financial system through best in-class supervisory tools fit for evolving risks and for rapid transformation in the financial services sector.

What are we doing?

Modernize our Supervisory Framework to ensure it remains fit for purpose, today and tomorrow
Strive to achieve simplicity, standardization and greater use of data in our supervisory processes
Build greater risk appetite for earlier corrective actions

What does success look like?

Data Management and Analytics

Where are we going?

We will develop a future-proof, best-in-class “Vision 2030” data and analytics strategy that is business led, peer aware, and informed by our regulated entities’ data vision.

What are we doing?

Become a leading data and analytics driven regulator that makes well-informed decisions and is able to supervise and regulate pro-actively to changes in the risk environment
Continuously improve our data technology infrastructure to support leading-edge data and analytical capabilities
Make investments to build, support, and promote the development of leaders and staff in becoming agile, proficient, and forward-looking in data trends and analytics

What does success look like?