Chapter 2: Key accomplishments

Publication type
Annual report
Date

In 2025-26, we translated risk awareness into practical action. Across our responsibilities for financial institutions and pension plans, we sharpened oversight, clarified expectations, focused attention on the most material risks, and strengthened preparedness and operational resilience through a risk-based, proportional and judgement-driven approach.

Aligned with OSFI’s 2025-26 Departmental Plan and Strategic Plan 2024-27, we made substantial progress across six strategic priorities:

  • Integrity and security regime
  • Supervisory renewal
  • Critical functions
  • Data management and analytics
  • Operational resilience
  • Culture

We delivered these results amid sustained uncertainty and rising risks, while operating within budgetary constraints through deliberate trade-offs, internal reallocations, efficiency gains, and disciplined use of resources.

Strategic priority: Integrity and security regime

This year, we strengthened our integrity and security oversight and advanced our national security regime by placing greater emphasis on identifying and assessing integrity risks, and by applying intelligence to better understand how financial integrity, governance, and national security risks intersect.

We further integrated integrity and security considerations into our assessment of regulatory approvals and across our supervisory work, including planning, risk assessments, examinations, and ongoing monitoring. We also deepened collaboration with domestic partners and increased direct engagement with financial institutions to strengthen situational awareness, preparedness, and accountability.

Key achievements in 2025-26:

  • Advanced a common supervisory approach to integrity and security oversight while clarifying roles, governance, and interaction models to support more consistent and scalable supervision of related risks.
  • Built anti-money laundering knowledge and capacity and contributed to broader Government of Canada efforts to strengthen Canada’s anti-money laundering regime.
  • Strengthened the assessment of integrity and security risks through targeted reviews, including privacy and data governance reviews.
  • Developed tailored intelligence products to support supervisory activities, regulatory approvals, and assessments of integrity and security risks, including risks related to foreign interference and high-risk jurisdictions.
  • Implemented legislative amendments to enhance our integrity and security authorities and deepened collaboration with FINTRAC and other security and intelligence partners to enhance situational awareness and supervisory assessments.
  • Advanced the tools, systems, authorities, secure infrastructure, and classified information-handling processes needed to support intelligence integration, oversight, and engagement with security and intelligence partners.
  • Expanded engagement with financial institutions through targeted threat briefings and information sharing.

Strategic priority: Supervisory renewal

This year, our supervisory work was shaped by a risk environment marked by heightened uncertainty, greater interconnectedness, and faster transmission of stress. Evolving market risks, including trade and tariff uncertainty, increased pressure on financial institutions’ financial strength and resilience. In response, we enhanced our monitoring and engagement to assess potential impacts on cash flows, asset values, liquidity, and confidence.

We also continued to renew our supervisory approach by strengthening the foundations for effective, consistent, and risk-based oversight. We advanced our Supervisory Framework and aligned our supervisory activities proportionally to the nature, size, complexity, and risk profile of institutions.

Key achievements in 2025-26:

  • Strengthened the Supervisory Framework and the Guide to Intervention for Federally Regulated Deposit-Taking Institutions by clarifying expectations for proportionality, integrating integrity and security considerations, and improving how risk assessments translate into intervention.
  • Built supervisory capacity by clarifying ratings, introducing new tools, and articulating escalation pathways. This improved consistency across teams, strengthened the integration of financial and non-financial risks, and supported earlier engagement when vulnerabilities emerged.
  • Advanced capital supervision through the Holistic Capital Plan and new methodologies and tools for interest rate risk in the banking book and credit concentration risk, strengthening our ability to assess banks’ internal risk measurement frameworks and governance.
  • Prioritized liquidity supervision and institutional stress preparedness by delivering key milestones under the Holistic Liquidity Plan, including the Internal Liquidity Adequacy Assessment Process discussion paper and the final 2026 Liquidity Adequacy guideline.
  • Enhanced systems to better track internal resource allocation, including a standardized resource allocation model and new system capabilities to track and report on monitoring outcomes.

Supervisory Framework Post-Implementation Review

A post-implementation review of the renewed Supervisory Framework, completed in 2025-26, confirmed improvements in the clarity, transparency, and proportionality of supervisory outcomes. Findings released in the November 2025 Summary report: Supervisory Framework post-implementation review will inform targeted refinements to guidance, training, and internal processes throughout 2026-27 to strengthen supervisory consistency across teams.

Supervisory capability building

This year, we also strengthened our capabilities to support effective supervision, including analytics, monitoring tools, intervention processes, and engagement with boards and senior management.

Key achievements in 2025-26:

  • Expanded supervisory analytics by advancing the liquidity risk score, launching centralized bilingual supervisory dashboards and tools, and developing a standardized glossary of metrics to support consistent interpretation and use of supervisory data.
  • Updated training for monitoring, applied post-implementation review findings, and developed a second-line approach to assessing supervisory effectiveness.
  • Advanced the use of technology in supervision by developing and piloting a generative AI tool designed to streamline quarterly monitoring activities.
  • Strengthened supervisors’ ability to incorporate integrity and security risks and considerations into day-to-day supervisory oversight by providing targeted intelligence tools and advisory support to inform risk assessments, monitoring, and supervisory planning.
Table 1: Supervisory activities of financial institutions
Measures 2022-23 2023-24 2024-25 2025-26
Number of supervisory reviews completed Over 130 140 174 161
Number of supervisory letters issued 375 368 744Table 1 Footnote 1 859Table 1 Footnote 2
Number of supervisory colleges hosted by OSFI 7 3 5 6
Note: There were 14 staged institutions, as of March 31, 2026.

Table 1 Footnotes

Table 1 Footnote 1

The increase in 2024-25 supervisory letters is attributed to several thematic reviews, including a cross-sector review in relation to our new integrity and security mandate, which resulted in letters to more financial institutions. Additionally, annual supervisory letters were extended to branches.

Return to table 1 footnote 1 referrer

Table 1 Footnote 2

The increase in 2025-26 supervisory letters was driven by a rise in thematic reviews, as insights from these reviews were shared more broadly with industry.

Return to table 1 footnote 2 referrer

Policy modernization

Building on the most comprehensive Modernization review of our guidance library to date, throughout 2025-26 we streamlined and consolidated guidance to improve coherence across the regulatory framework, reduce unnecessary burden, and reinforce a more agile, risk-based approach.

Key achievements 2025-26:

  • Scaled back planned releases and consolidated guidance where appropriate so institutions could focus on the most material risks. This initiative modernized, consolidated, or removed more than 50 guidance documents representing more than 600 pages of content in both English and French, reducing duplication and improving clarity during a period of heightened economic uncertainty.
  • Strengthened policy planning and delivery by improving sequencing and placing greater emphasis on clear communication and implementation readiness, supported by executive oversight of the two-year policy release plan.

New guidance and key publications

This year, we continued regular quarterly releases and industry days, with releases in May, September, November 2025, and January 2026, as well as an ad hoc July 2025 release on capital requirements for federally regulated life insurers. These releases remain an important part of our focused and transparent policy approach, helping us engage industry on critical risks. We also used the Annual Risk Outlook and Semi-Annual Risk Outlook to signal and sequence priorities and support predictable, risk-focused implementation across the financial sector.

This year, we have issued eight new and/or updated guidance documents and completed four consultations, as outlined below. Additional information on our guidance library, consultations, and policy releases and announcements schedule is available on our website.

Table 2: New guidance and key publications issued in 2025-26
Date Issued Guidance / Publications Current Status  (as of March 31, 2026)
May 22, 2025 Life Insurance Capital Adequacy Test Guideline (2025)—Letter Regulatory notice on adjustments; effective immediately. Provided timely targeted guidance for life insurers by removing the limit on deductions from available capital for certain stop-loss reinsurance arrangements and aligning the treatment of unregistered reinsurance of segregated fund guarantees with the underlying risk exposure.
July 3, 2025 Update on Capital Requirement for Federally Regulated Life Insurers—Letter Policy update; effective immediately; next broader revision deferred to post-2028. Reduced capital requirements for qualifying domestic infrastructure debt and equity and provided greater policy predictability by deferring the next broad revision to the Life Insurance Capital Adequacy Test guideline, while allowing targeted interim adjustments if needed.
September 11, 2025 Capital Adequacy Requirements— Guideline (2026) Final guidance; effective November 1, 2025 or January 1, 2026Table 2 Footnote 1. Updated capital rules for banks, trust companies, and loan companies to improve clarity and consistency and better align requirements with underlying risks, including targeted clarifications on combined loan products, certain United States government-sponsored entities, residential real estate classification, and selected market risk rules.
September 11, 2025 Small and Medium-Sized Deposit-Taking Institutions Capital and Liquidity Requirements— Guideline (2026) Final guidance; effective November 1, 2025 or January 1, 2026. Provided a proportionate prudential framework for small and medium-sized deposit-taking institutions by linking their capital, leverage, and liquidity requirements to the broader Capital Adequacy Requirements and Liquidity Adequacy Requirements guidelines, while tailoring expectations to institution size and complexity.
September 11, 2025 Guideline E-23—Model Risk Management (2027) Final guidance; effective May 1, 2027, with an 18-month transition period. Established a principles-based, risk-based framework for managing model risk across financial institutions, including risks associated with AI and machine learning, while allowing institutions time to implement the guidance proportionately.
September 2025 Guideline E-15: Appointed Actuary: Legal Requirements, Qualifications and Peer Review — Backgrounder Backgrounder published. Explained updates to Guideline E-15 related to appointed actuary legal requirements, qualifications, and peer review expectations.
November 20, 2025 Minimum Capital Test— Guideline (2026) Final guidance; effective January 1, 2026. Improved clarity and consistency in the capital framework for federally regulated property and casualty insurers by simplifying the unexpired coverage formula, clarifying treatment for insurance receivables in foreign branches, updating user-fee capital confirmation requirements, and publishing supporting reporting materials.
January 29, 2026 Liquidity Adequacy Requirements— Guideline (2026) Final guidance; effective May 1, 2026. Clarified how evolving funding products should be treated in liquidity metrics, especially structured notes and partnership deposits sourced through non-bank financial intermediaries, helping improve consistency in liquidity measurement while reflecting market innovation and supporting prudent liquidity planning.

Table 2 Footnotes

Table 2 Footnote 1

Effective November 1, 2025, or January 1, 2026, for financial institutions with a fiscal year ending October 31 or December 31, respectively.

Return to table 2 footnote 1 referrer

Draft guidance issued for consultation

Throughout the year, we advanced a focused consultation agenda to strengthen prudential guidance on capital, liquidity, credit risk, and governance and accountability. Our draft guidance process gathers stakeholder input before guidance is finalized or revised, helping improve clarity, effectiveness, and proportionality.

Table 3: Draft guidance issued for consultation in 2025-26
Launch Date Draft Guidance Current Status (as of March 31, 2026)
May 22, 2025 Internal Liquidity and Funding Risks: Designing an Internal Liquidity Adequacy Assessment Process for Canadian Deposit-Taking Institutions— Discussion Paper Closed on August 22, 2025. Launched a 90-day consultation on Pillar 2 liquidity and funding risks for Canadian deposit-taking institutions, seeking feedback on a potential Internal Liquidity Adequacy Assessment Process and on proportional implementation, including reporting requirements.
November 20, 2025 Capital Adequacy Requirements—Guideline (2027) Closed on February 18, 2026; effective November 2026 or January 2027.Table 3 Footnote 1 Proposed targeted changes to make capital requirements more risk-sensitive and easier to apply, including revisions affecting land acquisition, development and construction exposures, exposures to small and medium-sized enterprises, exposures to investment-grade corporates, and selected market risk requirements.
January 29, 2026 Credit Risk Management—Consultative document Open as of March 31, 2026; feedback due July 29, 2026. Began work to consolidate and modernize OSFI’s credit risk expectations into a single framework, with the goal of improving regulatory and supervisory efficiency, reducing complexity, and better addressing emerging credit risks such as private credit and non-bank financial intermediation.
January 29, 2026 Proposed senior leader regime—Consultative document Open as of March 31, 2026; feedback due October 31, 2026. Sought input on modernizing suitability and accountability expectations for senior leaders of federally regulated financial institutions, with the aim of strengthening governance, resilience, and public trust in a more complex risk environment.

Table 3 Footnotes

Table 3 Footnote 1

Effective November 1, 2025, or January 1, 2026, for financial institutions with a fiscal year ending October 31 or December 31, respectively.

Return to table 3 footnote 1 referrer

Strategic priority: Critical functions

This year, our critical functions focused on maintaining resilience in a more uncertain and interconnected risk environment. We maintained the Domestic Stability Buffer at 3.5% to ensure capital remains available in a stress event,Footnote 1 sharpened our monitoring of housing-related vulnerabilities, and continued to deliver timely and predictable approvals. We also advanced supervisory and policy work across financial institutions and pension plans to support resilience, clarity, and operational effectiveness.

The Domestic Stability Buffer

The Domestic Stability Buffer is additional capital that Canada’s six Domestic Systemically Important Banks must hold. It is intended to be used in periods of stress, allowing banks to absorb losses and continue lending. The buffer is set within a range, currently from 0 to 4%, based on our assessment of systemic vulnerabilities and risks, and is adjusted when conditions materially change.

In June and December 2025, we maintained the buffer at 3.5% of risk-weighted assets. This reflected our view that system-wide vulnerabilities remained elevated but stable, and that the buffer continued to be proportionate to the risks.

Banks’ capital remains strong. Average Common Equity Tier 1 ratios were approximately 13.6%, above the 11.5% supervisory expectation. If vulnerabilities increase materially, the buffer could rise. If risks begin to materialize into financial system stress or have sufficiently dissipated, the buffer could be lowered to support lending.

“OSFI uses the Domestic Stability Buffer tool to ensure Canada’s six systemically important banks hold capital that is appropriate for the level of risk in the financial system. This underpins the resilience of Canada’s financial sector. Today, Canada’s six largest banks hold capital levels well above supervisory expectations. This enables them to provide core banking services to the Canadian economy throughout the business cycle.”

Peter Routledge, Superintendent of Financial Institutions

Targeted new entrants

To support innovation and competition in the Canadian financial system, we are modernizing how targeted new entrants access the federal financial system. As business models and technologies evolve, we are making the path to a federal license faster, clearer, and more predictable, while maintaining prudential standards and public confidence.

The streamlined approvals framework will support more tailored reviews of eligible applications and aligns with broader federal policy direction.Footnote 2 It is expected to launch in 2026 for eligible applicants and is designed to create efficiencies while maintaining service standards for other applications.

“OSFI intends to launch the streamlined framework in June 2026 to test our approach. The initial scope will focus on credit unions and entities with technologically innovative or emerging banking models, such as fintechs and crypto custodians.”

Peter Routledge, Superintendent of Financial Institutions

International Monetary Fund Financial Sector Assessment Program

The International Monetary Fund’s (IMF) Financial Sector Assessment Program is a periodic, in-depth review of a country’s financial sector resilience and the effectiveness of its oversight and crisis-management frameworks. In July 2025, the IMF completed Canada’s 2025 Financial System Stability Assessment.

The IMF assessed Canada’s financial system as strong, well regulated, and generally resilient under severe solvency and liquidity stress scenarios. It highlighted the importance of continued monitoring of household debt and residential real estate exposures. It also emphasized the need for stronger federal-provincial cooperation and information sharing, particularly for monitoring risks in non-bank financial institutions and improving related data and stress testing. The IMF further noted that effective oversight depends on clear supervisory mandates, strong operational independence and budgetary autonomy, and adequate resources. We are incorporating these insights into our supervisory planning and policy work.

Financial institutions

This year, our supervision of deposit-taking financial institutions focused on credit and liquidity risks. Our work emphasized early risk identification of borrower stress, prudent underwriting, and stronger use of stress-testing in risk appetite and portfolio decisions.

Key achievements in 2025-26:

  • Implemented a quarterly monitoring approach for loan-to-income limits to track newly originated uninsured mortgages above a 4.5x loan-to-income ratio at each financial institution.
  • Deepened engagement with boards and senior leaders through three pilot onboarding sessions for Directors, including two virtual sessions attended by more than 200 board members, and through 360 assessments for 32 Supervision executives.

Residential mortgage lending and household leverage

Our supervisory work on residential mortgage lending and household leverage focused on whether underwriting standards and portfolio risk management were producing resilient outcomes under adverse conditions. Overall, the Canadian financial system remained resilient. Where vulnerabilities or weaknesses were identified, we took supervisory action to support timely remediation and strengthen risk management.

Key achievements in 2025-26:

  • Assessed the effectiveness of Guideline B-20: Residential Mortgage Underwriting Practices and Procedures with a focus on whether underwriting standards and portfolio practices supported resilience under stress, particularly for mortgage renewals, refinancing risk, and borrower-level monitoring.
  • Increased supervisory challenge on repayment capacity and renewal risk, and required remediation where governance, risk culture, or risk management weaknesses were identified.
  • Strengthened the use of stress-testing by challenging scenario severity and plausibility, and requiring clearer links between stress test results, risk appetite, capital and liquidity planning, and portfolio management actions.

Pension plans

Our work on pension plans in 2025-26 focused on improving the consistency and efficiency of pensions supervision and approvals through stronger processes, enhanced monitoring standards, and better analytics.

Key achievements in 2025-26:

  • Implemented our internal tool to standardize supervision and approvals processes, and to improve consistency and efficiency.
  • Enhanced pensions analytics through dashboard rationalization, including through performance improvements, standardization of key metrics, streamlined reporting, and automation that improved workflow efficiency.
  • Improved plan monitoring and follow-up on late contribution remittances by reinforcing expectations for timely reporting and accurate communication with plan custodians, including keeping contribution planners current to avoid preventable non-remittance reporting issues.

Pension Plans Survey 2025-26 Results

As part of our commitment to continuous improvement, we periodically seek feedback from pension plan administrators and other stakeholders, including third-party administrators, actuaries, lawyers, and industry associations. The 2025-26 Pension Plan Survey was administered by an independent third party. Key findings are as follows:

  • Strong confidence in OSFI’s oversight: Most plan administrators and professionals report high satisfaction with OSFI’s role as regulator and supervisor, with three-quarters of respondents agreeing that it focuses on the right areas of risk.

  • Continued improvement in performance: The overall perception of OSFI remains positive, with notable gains in clarity of expectations, more timely processing of regulatory approvals, and enhanced support for plan compliance, including clear written communication.

  • Positive reception of the Supervisory Framework: Nearly three-quarters of respondents found the new Supervisory Framework helpful, highlighting its value in supporting their work.

The final report on the Pension Plans Survey 2025-26 can be found on our website.

Office of the Chief Actuary

This year, the OCA continued to provide independent actuarial analysis and advice to support transparency and informed decision-making for key federal programs, including Canada’s social security arrangements. By providing objective analysis of demographic, economic, and investment trends, and reinforcing credibility through independent peer reviews, the OCA supports sound policymaking and contributes to confidence in the long-term financial stewardship of these programs.

Key achievements in 2025-26:

Actuarial Reporting on the Canada Pension Plan

The 32nd Actuarial Report on the Canada Pension Plan was tabled in Parliament and published on our website, providing independent analysis to support public understanding of Canada’s social security programs. The report concluded that statutory contribution rates are sufficient to sustain both the base and additional Canada Pension Plan over the long term, even as demographic pressures increase. It also projected that Canada Pension Plan assets would continue to grow, with investment income playing a larger role over time.

The 32nd report on the Canada Pension Plan is designed to support informed decision-making through transparent, expert analysis of long-term trends. To reinforce confidence in the credibility of the analysis, the OCA launched an independent external peer review process in June 2025, with the review expected to take place in 2026.

On June 8, 2026, the OCA published the 33rd Actuarial Report supplementing the Revised Actuarial Report on the Canada Pension Plan. The report assessed the effect of a proposed reduction in the statutory contribution rate for the base Canada Pension Plan.

"The findings of 32nd Actuarial Report on the Canada Pension Plan reaffirm that the Canada Pension Plan is on solid financial footing and will continue to provide reliable retirement income for Canadians for decades to come."

Assia Billig, Chief Actuary of the Government of Canada
Office of the Chief Actuary group

Strategic priority: Data management and analytics

Strong data foundations and secure digital tools are essential to effective, resilient supervision and reliable operations. In 2025-26, we strengthened data quality and expanded analytics to improve the timeliness and consistency of supervisory judgement, while advancing modernization of our data collection systems.

Key achievements in 2025-26:

  • Strengthened data quality capacity and tools to improve the reliability of key supervisory datasets, with efforts to continue focusing on real estate secured lending and non-retail data.
  • Improved data literacy and consistency by delivering a standardized glossary of metrics that supports a common set of definitions across supervisory monitoring.
  • Advanced data governance work and delivery for implementation of enterprise data governance policies in 2026-27.

Digital tools and artificial intelligence

Digital modernization

Digital modernization in 2025-26 supported secure operations and strengthened supervisory effectiveness through better tools, clearer workflows, and improved data infrastructure.

Key achievements in 2025-26:

  • Enhanced digital tools for supervisory monitoring by improving workflow, tracking, and reporting, supporting more consistent and data-informed oversight across teams.
  • Strengthened forward-looking supervision by developing data-driven liquidity risk scores that provide supervisors with comparable, objective metrics to support timely, targeted judgement.

Data Collection Modernization

With our partners the Bank of Canada and Canada Deposit Insurance Corporation, we advanced the tri-agency Data Collection Modernization initiative and met key milestones toward a modern, cloud-based supervisory technology platform. The initiative will support a phased transition to a new regulatory reporting platform between fall 2026 and spring 2028, while improving data quality and helping institutions and pension plans manage reporting requirements more efficiently.

Key achievements in 2025-26:

  • Completed vendor planning, beginning technical implementation, and meeting all 2025-26 implementation targets.

  • Finalized the solution architecture, provisioned the platform infrastructure, and implemented the base solution in the development environment.

  • Strengthened industry readiness and engagement through implementation planning meetings, technology forums, and broader engagement with institutions and plan administrators to support a smooth phased transition beginning in fall 2026.

Artificial intelligence

AI can sharpen insight and boost productivity, but it also introduces operational, integrity, and security risks. Our approach supports innovation while maintaining disciplined oversight. We engage regularly with industry to build an evidence-based view of emerging risks and help ensure AI adoption is grounded in strong governance, controls, and resilience.

Key achievements in 2025-26:

  • Strengthened enterprise governance and coordination by establishing an AI Working Group and advancing related initiatives to support responsible AI use across the organization.
  • Advanced our enterprise AI strategy and began using the latest Copilot-based AI model capabilities to support supervisors with quarterly monitoring activities and automate repetitive tasks. These tools are designed to augment—not replace—supervisory judgement, and supervisors remain accountable for validating output and making final decisions.

Financial Industry Forum on AI II: A Collaborative Approach to AI

In July 2025, with the Global Risk Institute, we co-led the second phase of the Financial Institutions Industry Forum on Artificial Intelligence. This collaborative initiative deepened our understanding of how AI is reshaping risks and opportunities across the financial system and supported the exchange of effective risk management practices.

Forum discussions highlighted several areas requiring continued attention, including strategic risk, AI-enabled security and cyber threats, third-party concentration, and AI supply chain vulnerabilities. To support safe and responsible AI adoption, the Forum set out a blueprint for resilience and growth in an AI-driven economy, grounded in continued awareness, strong guardrails, ongoing innovation and learning, stronger third-party oversight, regulatory clarity, and fortified system-wide defences.

Strategic priority: Operational resilience

Operational resilience enables us to deliver on our mandate and sustain trust in supervision and internal operations in a more uncertain, threat-intensive environment. This year, we strengthened readiness by prioritizing continuity of critical functions, enhancing crisis and threat response arrangements, and embedding security considerations more consistently into day-to-day operations.

Resilience also depends on reliable internal platforms, strong information management, and the capacity to sustain core services under pressure. This year, we improved our ability to anticipate disruption and deliver with consistency by reinforcing integrity and security practices and continuing to mature our cybersecurity posture.

Cybersecurity posture

Cyber risks remain key drivers of disruption, given reliance on technology, third-party dependencies, and evolving threat conditions. Our layered cyber security posture focuses on prevention, detection, and response, supported by clear escalation paths and senior oversight.

Key achievements in 2025-26:

  • Strengthened our readiness for critical operations by completing Business Continuity Plans and identifying all critical functions and systems.
  • Continued to mature our cybersecurity posture by investing in data protection capabilities, threat detection, vulnerability management, and overall compliance.

Operational risk management

Operational resilience also depends on the reliability of internal platforms, information management, and the ability to sustain core services under pressure. This year, we strengthened our ability to anticipate disruption and sustain reliable delivery.

Key achievements in 2025–26:

  • Strengthened enterprise access to reliable risk information by maturing the Internal Risk Dashboard into a business-as-usual decision support tool.
  • Reduced internal information complexity and improved platform stability by significantly streamlining intranet content and progressing migration to a modern intranet platform.
  • Enhanced organizational crisis readiness by formalizing and operationalizing national security event response capacity within the integrity and national security function.

Internal audit

Our Internal Audit group provides independent assurance and advice that strengthens organizational governance, controls, and risk management.

Key achievements in 2025–26:

Strategic priority: Culture

A strong organizational culture enables us to deliver our mandate effectively and sustainably. This year, we reinforced integrity and values, strengthened risk-aware behaviours through enterprise risk management, and invested in leadership and people.

Key achievements in 2025-26:

  • Continued to embed risk and security considerations into day-to-day behaviours by strengthening our internal security culture. Targeted communications and activities helped make an enhanced security posture business-as-usual, and we updated security screening processes to reflect a heightened risk environment.
  • Fostered a workplace culture grounded in integrity, learning, and leadership accountability, reinforcing a growth mindset and our critical success factors of grit, urgency, and integrity.
  • Strengthened organizational integrity by delivering mandatory Values and Ethics training and equipping leaders with tools to support meaningful conversations on accountability and public service values.
  • Advanced accessibility, equity, diversity, and inclusion through targeted actions, including addressing accessibility barriers in the hybrid workplace and initiating work on an employee service portal with a single accessibility catalogue. Representation of employees with disabilities also increased from 9.3% to 10.2%.

Legislative requirements

In addition to the activities described above, we are required under various federal statutes to carry out and report on specific supervisory, approval, and actuarial functions. These legislated reporting requirements are set out in Annex B of this report.

Wei Sun
Principal Analyst 
Insurance

David Turnbull
Director
Supervision Institute

Cynthia Ndayisaba 
Administrative Coordinator 
Supervision Central Office

Sylvain Lortie 
Classification Advisor
Workforce Organization, Resourcing, Learning and Development

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