Data Collection Modernization Initiative: Get Ready for Implementation

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Publication type
Letter
Category
Supervisory Advisories
Date
Sector
Bank Holding Companies,
Banks,
Foreign Bank Branches,
Foreign Insurance Branches,
Life Insurance and Fraternal Companies,
Property and Casualty Companies,
Trust and Loan Companies
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The Data Collection Modernization (DCM) project (May 2023 to April 2028) aims to:

  1. modernize the regulatory data collection technology platform
  2. advance key data initiatives and improve data quality

Together these efforts will help better manage regulatory reporting workload over time.

The information below will help federally regulated financial institutions (institutions) and federally regulated pension plans (pension plans) prepare for the implementation of DCM.

Industry engagement to get ready

Industry engagement is critical to the success of DCM. We met with 34 senior leaders in the banking and insurance sectors in June 2025 to begin implementation planning and in November 2025 to discuss details of technology implementation plan.

Throughout 2026 (see Table 1), we will share the technology implementation plan details via small group discussions (with a diverse size of institutions) as well as industry-wide forums. This approach supports a smooth transition.

In early 2026, we will begin to engage with relevant federally regulated banks on data initiatives.

Table 1: Active DCM Engagement Chart with Timelines
When Active Engagements Engagement size Who Banking Insurance Private Pension Plans
November 2025 Survey 1200 private pension plans Plan administrators not applicable not applicable True✓
November 2025 Strategic Council Forums (virtual) 34 participantsTable 1 Footnote *

Senior Leaders

Industry associations

 True✓ True✓ not applicable
December 2025 Technology Forum (virtual) 46 participantsTable 1 Footnote ** Technology leaders True✓ True✓ not applicable
February 2026

Industry Day
DCM Orientation (virtual)

 Interested regulatory reporting team membersTable 1 Footnote *** Self-identified regulatory reporting team members True✓ True✓ True✓
February 2026 Open Door Forums (virtual) All interestedTable 1 Footnote *** Self-identified subject matter experts True✓ True✓ True✓
Spring 2026 Industry webinar (virtual) All

Filers and plan administrators

Vendors

Others

 True✓ True✓ True✓
Summer 2026 Training to support Step 1 (virtual) TBC Filers and plan administrators True✓ True✓ True✓

Table 1 Footnotes

Table 1 Footnote *

Identified by the industry associations.

Return to table 1 footnote * referrer

Table 1 Footnote **

Identified by members of the Strategic Council Forum.

Return to table 1 footnote ** referrer

Table 1 Footnote ***

Interested banks, insurers and plans who would like to provide feedback on the DCM technology implementation plan.

Return to table 1 footnote *** referrer

Technology transition

The new platform is designed for ease of use, including during peak filing periods. While institutions and pension plans will need to learn how to use the new platform, they can continue to use legacy file format to file returns. We are taking a phased approach to onboard the industry between fall 2026 to spring 2028 (see Figure 1):

  • step 1 (fall 2026 system is live): establish credentials, validate corporate profile, and file corporate data (all sectors)
  • steps 2 to 4: begin filing regulatory returns starting with banks, followed by insurers then pension plans

Ahead of each step, we will communicate and train. The step 1 training schedule will be available by late spring 2026.

Figure 1: A Phased Approach to Transition to the New Platform (provisional timeline)
Figure 1. Phased Approach to Transition to the New Platform. Text version below.
Figure 1 - Text version
We are using a four-step approach over 22 months (starting in August of 2026 and ending in May 2028) to transition regulated institutions and pension plans to the new platform. We will communicate, train, and get institutions and pension plans ready to file. Step 1 involves all industry segments while steps 2-4 are separated by banking, insurance and pension plans respectively.

Data

We are taking a thoughtful, balanced, and collaborative approach to advance data priorities. In collaboration with the industry, we can drive fit-for-purpose datasets, higher data quality, and enhance processes.

We previously identified three strategic priorities to:

  1. transition securities holdings to structured data collection return
  2. transition real estate secured lending to structured data collection return
  3. refine the collection and quality of non-retail credit risk data

Once these strategic initiatives are implemented, we will identify future areas to streamline data requests.

In 2026, we will launch the Data Forum and share a roadmap, outlining timelines for industry engagements on strategic data initiatives, and refining potential existing returns.

Visit the DCM webpage or email Shaheena Mukhi (email: dcm-mcd@osfi-bsif.gc.ca) to stay connected.

Wishing you a healthy and safe holiday season!

We look forward to collaborating with you and your teams.

Regards,

Andrew Miller, Chief Data Officer

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