Overview of the 2021 Financial Institutions Survey Findings

In the spring of 2021, the Office of the Superintendent of Financial Institutions (OSFI) commissioned The Strategic Counsel, an independent research firm, to conduct a confidential survey with executives of the financial institutions that OSFI regulates. The primary objective was to provide a high-level assessment of OSFI's performance on a series of core measures over time. The last Financial Institutions Survey (FIS) was conducted in the fall of 2018.

Overall satisfaction of OSFI as a regulator and supervisor has increased since 2018. Consistent with previous results, the highest positive ratings in the 2021 survey pertain to satisfaction with OSFI's effectiveness in supervising financial institutions. Equally positive ratings were received in regard to OSFI's effectiveness in supervising under COVID-19 circumstances. In addition, there has been slight improvement in developing guidance that balances prudential considerations and the need for institutions to compete which was identified as an area for improvement in the 2018 survey.

Areas of improvement identified in 2021 relate to OSFI's response time to market developments or industry suggestions that guidance needs updating and the extent to which it considers the nature, size and complexity of financial institutions. While Cyber risk and IT security continues to be a priority, environmental risks and natural disasters were also areas in which institutions would like to see OSFI focus in the next few years.

OSFI appreciates the feedback provided by respondents to this survey. In addition to the FIS, which is conducted approximately every two years, we will continue undertaking in-depth, industry sector consultations to augment monitoring of our performance and implement improvements, as required.

Created in 1987 by an Act of Parliament, OSFI is the primary regulator and supervisor of federally regulated deposit-taking institutions, insurance companies, and federally regulated private pension plans. OSFI's mandate is to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.

For further information about the study methodology or the results, please send an e-mail to information@osfi‑bsif.gc.ca.

October 2021