Diversity, Equity and Inclusion Strategy Infographic

Diversity, Equity and Inclusion Strategy Infographic
Text version - Infographic

OSFI’s Diversity Equity Inclusion (DEI) Strategy

A sense of belonging for every employee

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 Blueprint asserts the basic moral imperative of DEI – we do it not just because it’s good for the organization, but because it’s the right thing to do. 

It’s about us

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. 

D, E and I for systemic change

Diversity, Equity and Inclusion aren’t end points or tasks that we can check off a to-do list. 

They 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: The unique combination of qualities, characteristics, and dimensions which individuals bring into the workplace, enriching and strengthening it. 

Equity: Fairness and fair treatment, access, and opportunity for all people. 

Inclusion: The state of belonging, where we value and leverage diversity to create a healthy and high-performing culture. 

Our Values

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. 

Areas of focus and action plan

Over the next 3 years, OSFI will take actions in three areas: culture, career and commitment. 

Culture: Encouraging every employee feel included, driving better decision-making, stimulating innovation, and increasing organizational agility. 

  • Provide DEI-related training, tools and resources, to support employees and leaders.
  • Provide forums for increased dialogue on diversity, equity, inclusion and anti-racism.

Career: Hiring, retaining, and developing a workforce that is representative of the diversity of Canada. 

  • Broaden recruitment and outreach activities, and provide tools and training for recruitment
  • Increase developmental support for employment equity and equity-seeking groups.

Commitment: Removing systemic barriers and creating an inclusive workplace through continuous review and improvement of OSFI’s policies and processes. 

  • Review and refine policies, processes, and best practices.
  • Close representation gaps of employment equity and equity-seeking groups.

Measuring our success

OSFI is using the Centre for Global Inclusion DEI Maturity Index as a benchmark for measuring its success. 

As of March 2022, OSFI’s level of maturity is between levels 2 and 3 (reactive and proactive). Our objective is to achieve a Level 4 (progressive) of the Maturity Index by 2025

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.