Notice – OSFI Offices (Update)

March 13, 2020 – All OSFI staff asked to work remotely for a temporary period

OSFI has decided to fully implement its Business Continuity Plan (BCP) across the organization. This means all staff in OSFI’s four offices (Montreal, Ottawa, Toronto, Vancouver) have been asked to begin teleworking until April 5, 2020. OSFI’s total workforce is approximately 860 people.

The decision to implement our BCP ensures continuity of OSFI operations. It provides stability to the organization and allows us to mobilize our workforce to maintain our agility and responsiveness.

On March 12, OSFI disclosed that one of its Ottawa employees is undergoing testing for the COVID-19 virus, and that as a precautionary measure Ottawa staff were asked to work from home temporarily. Note that the employee being tested is still not a presumptive or confirmed case. OSFI has taken appropriate steps to clean affected areas of its Ottawa offices, and has informed Public Services and Procurement Canada, as well as property and building management of the situation.

The health and well-being of employees is a priority for OSFI and we continue to monitor developments.

Operational resilience for OSFI and regulated entities is essential and OSFI will continue to deliver on our mandate of protecting depositors, policyholders, creditors of financial institutions and pension plan beneficiaries as we work with institutions and regulatory partners to contribute to the stability of the Canadian financial system.

OSFI is an independent federal government agency that regulates and supervises banks, insurance companies and private pension plans in Canada to determine whether they are in good financial condition and meeting their regulatory and supervisory requirements.