Office of the Superintendent of Financial Institutions
Welcome to the first OSFI Diversity, Equity and Inclusion (DEI) Strategy.
While we’ve made some strides in the past toward creating a more inclusive culture at OSFI, this Strategy represents an important step forward in our thinking, self-awareness and — most importantly — in our actions. The Strategy lays the groundwork to transform OSFI into an organization that truly embodies DEI at every level, in everything we do.
We must pursue DEI because it is the right thing to do. But our risk environment also demands this commitment. If we do not put diverse mindsets to work on our risks, OSFI will not fulfill its mandate successfully. DEI is both a moral imperative and a strategic one.
While this document details the key components of the Strategy, it’s important to remember that Diversity, Equity and Inclusion aren’t just tasks to check off a to-do list. Rather, they are fundamental traits of a culture that empowers people to thrive, be themselves, bring their best to their work every day, and feel motivation and satisfaction in return.
As a living document, this Strategy will necessarily grow and evolve over time. We are excited to share this first iteration, and look forward to continually measuring, adjusting, and improving OSFI’s DEI practices in the months and years to come.
OSFI’s Blueprint 2020-2025 sets the direction for OSFI’s transformation; one of the keystones of this vision is to ensure that “at the core of all we do is a culture of curiosity that fosters acceptance of diverse mindsets, where it is safe to be different and safe to fail”.
OSFI’s first-ever Diversity, Equity and Inclusion (DEI) Strategy lays the groundwork to transform OSFI into an organization that embodies DEI at every level, in everything we do. DEI is a key building block of OSFI’s Blueprint for transformation to support the demands of the emerging risk environment.
The key elements of this Strategy were co-created by an internal group of OSFI stakeholders who worked together to determine the areas of focus, strategic objectives and outcomes as well as the priority items in the action plan.
Each of us is an intrinsic part of our culture. Every OSFI employee needs to consider how we work, our systems, processes, and how we make decisions. The success of our Strategy relies on all of us to embed it in our day-to-day work life, contributing to an inclusive environment, translating strategies to action and creating cultural change together.
The internationally recognized Centre for Global Inclusion’s Diversity, Equity and Inclusion Benchmarks (GDEIB) will form the basis of the KPIs that will help us track our progress against our broader vision for DEI at OSFI.
As of March 2022, we have mapped OSFI’s current DEI maturity at a level 2. Our overall objective is to achieve Level 4 of this maturity model by 2025, and continue our efforts toward Level 5 to become an industry leader in diversity, equity and inclusion.
The image contains the Centre for Global Inclusion’s DEI Maturity Model and their five ascending levels of maturity. The image maps OSFI’s level of maturity to between levels 2 and 3 in March 2022.
The description of each level is as follows:
Level 1: Inactive
No DEI work has begun; diversity, equity, and inclusion are not part of organizational goals
Level 2: Reactive
A compliance-only mindset; actions are taken primarily to comply with relevant laws and social pressures. Doing the bare minimum.
Level 3: Proactive
A clear awareness of the value of DEI; starting to implement DEI systemically. This is what is required and expected of all organizations.
Level 4: Progressive
Implementing DEI systemically and showing improved results and outcomes beyond what is required or expected. Integrated.
Level 5: Best practice
Demonstrating current global best practices in DEI; exemplary. Sustainable.
Diversity, Equity and Inclusion are distinct traits of a culture that empowers people to thrive, be themselves, bring their best to their work, and enjoy motivation and satisfaction in return.
Diversity refers to the unique combination of qualities, characteristics, and dimensions that every individual possesses, and brings into the workplace, enriching and strengthening it. For OSFI to successfully navigate future risk environments, we need diversity of thought and a wealth of diverse experiences.
Equity refers to a state of fairness and justice. To achieve equity, we have to identify and deliberately remove barriers and obstacles in the workplace that hinder people’s opportunities and disrupt their well-being.
Inclusion is a dynamic state of belonging, feeling, and operating where we value and leverage diversity to create a fair, healthy, and high-performing culture. It ensures that people feel they have a valuable – and valued – contribution to make at work.
This image contains three icons:
The first icon is an image of multi-coloured dots organized randomly in a cluster to represent diversity.
The second icon is an image of multi-coloured dots placed across a horizontal line to represent equity.
The third icon is an image of multi-coloured dots forming a circle to represent inclusion.
Our values of Respect, Curiosity and Stewardship guide our actions and decision-making and are embedded as an essential part of OSFI’s DEI Strategy.
Respect: We empower diversity of thought, promote inclusion and collaboration and behave with authenticity and professionalism.
Curiosity is at the core of all we do. We foster diverse mindsets and make it safe to be different and even to fail.
Stewardship: We act with integrity and take accountability, we make decisions in an informed, transparent, and balanced manner, and we uphold the credibility and reputation of OSFI.
OSFI is committed to building a culture of inclusion and recognizes that diverse mindsets are key to our collective success.
We will work collaboratively to dismantle systemic barriers and replace them with new ways of thinking, doing and being that create a truly diverse, safe, and inclusive environment where every individual feels heard and valued, and feels like they belong.
Culture, Career, and Commitment are the 3 main areas of focus in our action plan. They represent the key dimensions that will guide our efforts in DEI and shape the actions OSFI takes toward becoming a more equitable and inclusive organization.
OSFI is a workplace where every employee feels included, driving better decision-making, stimulating innovation and increasing organizational agility.
OSFI develops a workforce that is representative of the diversity of Canada, through thoughtful hiring and retention.
OSFI reviews and improves OSFI policies and processes in order to remove systemic barriers and create an inclusive workplace.
We will embody the vision for cultural transformation at OSFI, where curious, diverse, high integrity colleagues are safe to bring their true and best selves to work everyday
DEI is embedded in organizational culture as a core value, a source of innovation, and a means to belonging, sustainability and success.
We will hire, retain, and develop a workforce that is representative of the diversity of Canada.
The organization’s attraction and hiring processes result in measurable, transparent, and equitable recruitment.
We will remove systemic barriers and create an inclusive workplace; we will continuously review and improve our policies and processes.
The Centre for Global Inclusion – a key global resource – regularly publishes, updates, and promotes the Global Diversity, Equity and Inclusion Benchmarks (GDEIB), a set of benchmarks that establishes a baseline for understanding diversity, equity and inclusion, and gives us resources we can use to build and measure our own DEI Strategy at OSFI.
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