Gender-based analysis plus for 2023-2024 Departmental results report

Publication type
Departmental results report
Date

Introduction

In 2018, Parliament passed the Canadian Gender Budgeting Act. The departmental plans and departmental results reports are being used to fulfill the President of the Treasury Board’s obligations to make public, every year, analysis on the impacts of expenditure programs on gender and diversity.

Each organization is responsible for conducting their own Gender-based Analysis Plus (GBA Plus).

The Policy on Results indicates that Program officials, as designated by Deputy Heads, are responsible for ensuring data collection for meeting policy requirements.

Applicability

All organizations must complete GBA Plus supplementary information tables in departmental plans and departmental results reports on an annual basis.

Section 1: institutional GBA Plus governance and capacity

Governance

OSFI is a prudential financial regulator, focused on financial stability and the solvency, liquidity, safety, and soundness of federally regulated financial institutions (FRFIs) and private pension plans (FRPPs). OSFI's focus is on controlling and managing risks to FRFIs and FRPPs to ensure such institutions can continue to provide services and maintain market confidence.

OSFI does not provide services or benefits to individual Canadians. Its clientele is restricted to federally regulated entities, which include all banks in Canada, and all federally incorporated or registered trust and loan companies, insurance companies, cooperative credit associations, fraternal benefit societies, and private pension plans. OSFI's scope of regulation does not include consumer or consumer-related issues or the securities sector, which are the responsibility of other agencies, both federal and provincial.

Actions have been taken to advance the OSFI Diversity, Equity, and Inclusion Strategy and Action Plan that support the goals of GBA Plus, including: the continuation of the development of the Pay Equity Plan as required by the Pay Equity Act, the establishment of a governance framework to oversee the implementation of the Accessibility Plan 2023-2026, and the conduct of an employment systems review.

Capacity

OSFI is one of the agencies under the Finance portfolio. In the context of its legislative and regulatory work, including statutory amendments and regulatory amendments, work is normally led by the Department of Finance where OSFI's role in this regard is typically a supporting role.

For the 2023-24 reporting period, GBA Plus was not measured. However, a new Culture, Diversity, Equity, and Inclusion (CDEI) unit was created in 2021-22 and subsequently, a DEI Strategy and 3-year Action Plan were developed with positive implications for GBA Plus work. During the 2023-24 reporting period, OSFI is continuing to implement key activities of the DEI plan. The development of a Pay Equity Plan is well underway. In addition, work has begun on the Employment Systems Review with the goal of developing an Employment Equity Plan for the 2024-2027 period. Diversity, equity, and inclusion continue to be core OSFI values.

There are future plans to promote GBA Plus training to all managers offered through Women and Gender Equality Canada. In addition, consideration will be given to how to apply GBA Plus to the OSFI reporting framework and program inventory, as well as to internal policies that impact OSFI employees.

Human resources (full-time equivalents) dedicated to GBA Plus

For the 2023-24 reporting period, OSFI did not have any Full-Time Employee Equivalents (FTE) dedicated to GBA Plus implementation, However, the Diversity, Equity, and Inclusion team (5 full-time equivalents) continued to work on initiatives that are related to GBA Plus through the implementation of the DEI Strategy and Action Plan.

Section 2: gender and diversity impacts, by program

Core responsibility: Financial Institution and Pension Plan Regulation and Supervision

Program name: Federally Regulated Private Pension Plans

  • Program goals: Not available
  • Target population: Specific regions or sectors of the economy: Financial and Insurance Sectors
  • Distribution of benefits: Not available
  • Specific demographic group outcomes: Not available
  • Key program impacts* on gender and diversity: Not available

  • Other key program impacts: These responses apply to all OSFI programs and core responsibilities as presented in the current reporting framework.

    In its regulatory and supervisory role, the OSFI’s primary interactions and clientele are federally regulated financial institutions and pension plans and the scope of regulation does not include consumer or consumer-related issues or the securities sector. Given its mandate, OSFI does not provide direct services or benefits to individual Canadians. OSFI's programs, supporting its first core responsibility, align with the "Economic Participation and Prosperity" pillar of the Gender Results Framework.

  • GBA Plus data collection plan: In reporting year 2023-2024, the OSFI was not in a position to quantify the distribution of benefits by gender, income level, or age group. Similarly, no program indicators identified impacts on these sub-populations.

Program name: Regulatory Approvals and Legislative Precedents

  • Program goals: Not available
  • Target population: Specific regions or sectors of the economy: Financial and Insurance Sectors
  • Distribution of benefits: Not available
  • Specific demographic group outcomes: Not available
  • Key program impacts on gender and diversity: Not available
  • Supplementary information sources: Not available
  • GBA Plus data collection plan: Nothing to report for 2023-24. Same response as above.

Program name: Regulation and Guidance of Federally Regulated Financial Institutions

  • Program goals: Not available
  • Target population: Specific regions or sectors of the economy: Financial and Insurance Sectors
  • Distribution of benefits: Not available
  • Specific demographic group outcomes: Not available
  • Key program impacts* on gender and diversity: Not available
  • GBA Plus data collection plan: Nothing to report for 2023-24. Same response as above.

Program name: Risk Assessment and Intervention – Federally Regulated Financial Institutions

  • Program goals: Not available
  • Target population: Specific regions or sectors of the economy: Financial and Insurance Sectors
  • Distribution of benefits: Not available
  • Specific demographic group outcomes: Not available
  • Key program impacts* on gender and diversity: Not available
  • Key program impact statistics: Not available
  • GBA Plus data collection plan: Nothing to report for 2023-24. Same response as above.

Core responsibility: Actuarial Services to Federal Government Organizations

Program name: Actuarial Valuation and Advice

  • Program goals: Not available
  • Target population:
    • Specific regions or sectors of the economy: Public Sector (Federal Departments and Agencies; Members of Parliament)
    • All Canadians: General Public
  • Distribution of benefits: Not available
  • Specific demographic group outcomes: Not available
  • Key program impacts* on gender and diversity - Key program impact statistics: Not available

  • Other key program impacts: Demographic trends are considered in actuarial analyses, and the Office of the Chief Actuary performs an enabling function to other government organizations through the provision of actuarial services. It provides checks and balances on future costs of pension plans under its responsibility and performs statutory actuarial valuations of various programs, including the Canada Student Loans Program.

    At a high level, the Actuarial Valuation and Advice program align with the "Economic Participation and Prosperity", "Education and Skills Development", and "Poverty Reduction, Health and Well-Being" pillars of the Gender Results Framework.

  • GBA Plus data collection plan: Nothing to report for 2023-24. Same response as above.

Core responsibility: Internal Services

Program name: Internal Services

  • Program goals: Not available
  • Target population: All OSFI Employees
  • Distribution of benefits: Not available
  • Specific demographic group outcomes: Not available
  • Key program impacts* on gender and diversity - Key program impact statistics: Not available

  • Other key program impacts: In 2023-24, OSFI continued to implement its Diversity, Equity, and Inclusion Strategy and 3-year Action Plan, and a number of ongoing activities have positive implications for GBA Plus work in 2023-2024. These included:

    • Use of self-identification information to support staffing activities.
    • Corporate commitment of “inclusion” added to performance management agreements for all employees.
    • Posting of first Accessibility Report.
    • Participation in Government of Canada’s Information Technology (IT) Apprenticeship Program for Indigenous Peoples with the aim of removing barriers for Indigenous employees to enter IT positions at entry level.
  • GBA Plus data collection plan: In 2023-2024, the OSFI did not collect data specifically for GBA Plus analysis. However, it did acquire data from the annual organizational Self-identification Campaign (June 2023) and onboarding of new employees. The campaign collects voluntary identity data such as gender, race, disability, ethnicity, religion, etc. These data will assist in future integration into programs and for our employment systems review (currently in progress).
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