Office of the Superintendent of Financial Institutions’ 2023-2024 Departmental results report: At a glance

Key priorities

The Office of the Superintendent of Financial institutions (OSFI)'s top priorities for 2023–24 were as follows:

In 2023-24, we began to implement our expanded mandate, ensuring that institutions manage risks to their integrity and security responsibly. We also focused on delivering and accomplishing work set on the six priority transformation initiatives outlined in our Blueprint for OSFI's Transformation and 2022-25 Strategic Plan.

The six initiatives of focus are:

• Culture and Enabler Initiatives: Being a workplace where curious, diverse, high integrity colleagues are safe to bring their true and best selves to work everyday and are safe to fail and then adapt.
• Risk, Strategy and Governance: Making risk-intelligent decisions every day that reflect our transparent and revealed risk appetite via leadership and governance that delegates out decision-making, from the top to the leaders best positioned to make decisions.
• Strategic Stakeholder and Partner Engagement: Integrating and aligning with key stakeholders and partners inside and outside of the federal financial safety net in a manner that maximizes our influence and preserves its integrity in fulfilling our purpose and mandate.
• Policy Innovation: Becoming a global leader in prudential supervision by making policy to support operational and financial resilience of its regulated entities in the face of climate-related, digitalization, and other yet-to-be foreseen risks.
• Supervision Renewal: Enabling a work environment that empowers our supervisors to more effectively and efficiently manage their portfolio of federally regulated financial institutions (institutions) and federally regulated pension plans (pension plans), builds capacity, creates a collective responsibility for risk assessments and management, and enhances use of data and analytics to meet our supervision mandate.
• Data Management and Analytics: Enabling the vast majority of analytical research and insight-generation while simultaneously eliminating the necessity of most ad-hoc data requests made to regulated entities with our data platform.

Highlights

In 2023-24, total actual spending (including internal services) for OSFI was $311.5 million and total full-time equivalent staff (including internal services) was 1,315. For complete information on OSFI's total spending and human resources, read the Spending and human resources section of the full report.

The following provides a summary of the department's achievements in 2023–24 according to its approved Departmental Results Framework. A Departmental Results Framework consists of a department's core responsibilities, the results it plans to achieve and the performance indicators that measure progress toward these results.