The foundations of our supervisory approach
While our supervision reduces risk, it doesn’t eliminate it
We recognize that management, boards of directors, and pension plan administrators are ultimately responsible for risk decisions and that financial institutions can fail, and pension plans can experience financial difficulties resulting in the loss of benefits.
We are principles-based
We communicate our expectations and avoid being prescriptive, where possible. Our expectations are set out in guidelines and other policy documents.
Through our supervisory work, we assess alignment with our expectations and take corrective action when necessary. Supervisors use their judgment to understand the effectiveness of risk oversight and controls.
We need to be open with the institutions and pension plans we regulate
Open and transparent communication with regulated institutions and pension plans helps us to achieve our objectives. When necessary, we’re ready to have difficult conversations with institutions and pension plans to achieve sound outcomes.
We protect the confidentiality of information and follow all applicable legal requirements. This, in turn, supports our ability to engage with regulated institutions and pension plans to promote our goals.
We’re good stewards for regulatory oversight
We’re accountable to the public and act with independence and integrity.
In a fast-changing environment, we plan for uncertainty. This means we approach our work with curiosity and are always looking for ways to improve and innovate.