On February 27, 2019, Ben Gully, Assistant Superintendent, Risk Support Sector, participated in a panel with other regulators about Regtech and Regulators: New Tools for Age-Old Challenges at the Global Association of Risk Professionals 20th Risk Convention in New York City.
During the panel, Mr. Gully discussed how innovative technologies including Artificial Intelligence and Machine Learning are quickly being developed and adopted by financial institutions. He also spoke to the continued evolution of OSFI's tools and skills to ensure that it can provide effective supervision of institutions in an environment of frenetic technological change.
In brief, OSFI remains focussed on a supervisory approach that relies on well-informed judgements. The promises of Technology (Regtech and Suptech) provide opportunities to increase the scope and efficiency of our assessments and the focus of our interventions.
To make the most of these technologies requires more than just a software solution. That is why OSFI is looking at its talent management strategy, supervisory process and data structures to be sure that our supervisors continue to have the right tools to oversee institutions effectively.
Mr. Gully closed his comments by saying:
"The adoption of new technologies is not without risk for institutions or for regulators. Implementing changes in an already effective regime needs to be undertaken with an eye to the potential risks and with the goal of maintaining confidence in the financial system. "
About OSFI
The Office of the Superintendent of Financial Institution (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.
Media Contact
Annik Faucher
OSFI – Public Affairs
annik.faucher@osfi-bsif.gc.ca
613-949-8401