The Blueprint is a transformation plan that will guide OSFI’s overall direction through to 2025. Multiple operational plans will ensure that our transformation is reflected in specific and tangible goals set for each sector and the organization as a whole.
Why the transformation?
The risk environment in which we operate has fundamentally changed.
As risks evolve, we too, must transform our strategy and culture in order to continue meeting the needs of Canadians.
OSFI’s mandate and an increasingly complex risk environment is the reason for our transformation.
Our vision for transformation
We are transforming OSFI to ensure that we thrive in intensifying uncertainty so that the public’s confidence in a sound financial system remains unwavering.
We will achieve this by:
- Ensuring 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
- Increasing our personal and organizational agility
- Being courageous and bold in making decisions that are driven by our risk appetite and informed by exceptional analysis and insights
- Taking actions that are timely, well understood in terms of the risk trade-offs involved, and result in followership and influence
- Being more deliberate in influencing policy-making to strengthen public confidence in the Canadian financial system
3 foundational elements of our Blueprint
Refocus the delivery of our mandate to place greater emphasis on contributing to public confidence in the Canadian financial system
2. Risk appetite
Expand and fortify risk management capabilities and risk appetite to support strategic and operational management
Embed our corporate values to enhance our culture so that individuals can flourish within an operating environment of increasing uncertainty
6 initiatives to support OSFI’s transformation
1. Culture Initiatives
OSFI is a workplace where curious, diverse, high integrity colleagues are safe to bring their true and best selves to work every day and are safe to fail and then adapt.
2. Risk, Strategy and Governance
OSFI makes 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.
3. Strategic Stakeholder and Partner Engagement
OSFI integrates and aligns with key stakeholders and partners inside and outside of the federal financial safety net in a manner that maximizes its influence and preserves its integrity in fulfilling its purpose and mandate.
4. Policy Innovation
OSFI becomes a global leader in prudential supervision by making policy to ensure operational and financial resilience of its regulated entities in the face of climate-related, digitalization, and other yet-to-be foreseen risks.
5. Supervisory Framework
OSFI’s Supervisory Framework guides supervisors to efficiently manage their portfolio of regulated entities, liberating them for true, value-added tasks and eliminating unnecessary burdens.
6. Data Management and Analytics
OSFI’s data platform enables the vast majority of analytical research and insight-generation while simultaneously eliminating the necessity for most ad-hoc data requests made to regulated entities.